Coro Energy PLC Issue of Equity, Director Shareholdings (8984X)
May 02 2019 - 5:53AM
UK Regulatory
TIDMCORO
RNS Number : 8984X
Coro Energy PLC
02 May 2019
2 May 2019
Coro Energy plc
("Coro Energy" or the "Company")
Director/PDMR Shareholdings/ Issue of Equity
Coro Energy, the Southeast Asian focused upstream oil and gas
company, announces that today it has issued to James Menzies
3,157,447 new ordinary shares and to Andrew Dennan 1,623,830 new
ordinary shares, both at a price of 2.35 pence per new ordinary
share in lieu of cash bonus payments relating to the 2018 financial
year.
In addition, and to be consistent with its policy of preserving
cash balances for operations, the Company has issued a total of
5,377,241 new ordinary shares in the Company at an effective issue
price of 2.218 pence per new ordinary share to various parties;
including employees in lieu of cash bonuses and to third parties in
settlement of fees for services provided.
Related party Transaction
The issue of shares in lieu of cash bonus payments to Mr Menzies
and Mr Dennan falls to be treated as a related party transaction
under Rule 13 of the AIM Rules for Companies. The independent
directors, being James Parsons, Marco Fumagalli and Fiona MacAulay,
consider, having consulted with the Company's nominated adviser,
that the terms of the transaction are fair and reasonable insofar
as its shareholders are concerned.
Following the issue of the new Ordinary Shares:
- Mr. James Menzies will be interested in 7,007,840 Ordinary
Shares in the Company, representing an interest of 0.89 per cent in
the total voting rights of the Company; and
- Mr Andrew Dennan will be interested in 3,123,830 Ordinary
Shares in the Company, representing an interest of 0.40 per cent in
the total voting rights of the Company.
Application has been made for the 10,158,518 new ordinary
Shares, which will rank pari passu with the Company's existing
ordinary shares, to be admitted to trading on AIM ("Admission").
Dealings in the new ordinary Shares are expected to commence at
8.00 a.m. on or around Thursday, 9 May 2019.
On Admission, the Company will have 789,585,604 Ordinary Shares
in issue. The figure of 789,585,604 may be used by the Company's
shareholders as the denominator in the calculations by which they
will determine if they are required to notify their interest in, or
a change to their interest in, the Company under the Financial
Conduct Authority's Disclosure Guidance and Transparency Rules.
Coro Energy plc Tel: 44 (0)20 3965 7917
James Menzies, Chief Executive Officer
Andrew Dennan, Chief Financial Officer
Grant Thornton UK LLP (Financial and Tel: +44 (0)20 383 5100
Nominated Adviser)
Colin Aaronson/Harrison J Clarke/Seamus
Fricker
Mirabaud Securities Ltd (Joint Broker) Tel: 44 (0)20 3167 7221
Peter Krens/Ed Haig-Thomas
Turner Pope Investments (TPI) Ltd Tel: +44 (0)20 3621 4120
(Joint Broker)
info@turnerpope.com
Ben Turner/James Pope
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
1 Details of the person discharging managerial
responsibilities / person closely associated
a) Name James Menzies
--------------------------- --------------------------------
2 Reason for the notification
-------------------------------------------------------------
a) Position/status Chief Executive Officer
--------------------------- --------------------------------
b) Initial notification Initial notification
/Amendment
--------------------------- --------------------------------
3 Details of the issuer, emission allowance market
participant, auction platform, auctioneer or
auction monitor
-------------------------------------------------------------
a) Name Coro Energy Plc
--------------------------- --------------------------------
b) LEI 2138004JXMD9YXLMKS49
--------------------------- --------------------------------
4 Details of the transaction(s): section to be
repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and
(iv) each place where transactions have been
conducted
-------------------------------------------------------------
a) Description of Ordinary shares of 0.1 pence
the financial instrument, each
type of instrument
Identification GB00BDCFP425
code
b) Nature of the transaction Acquisition
--------------------------- --------------------------------
c) Price(s) and volume(s) 3,157,447 shares at 2.35 pence
each
--------------------------- --------------------------------
d) Aggregated information
- Aggregated volume N/A
- Price
e) Date of the transaction 02/05/2019
--------------------------- --------------------------------
f) Place of the transaction London Stock Exchange's AIM
Market
--------------------------- --------------------------------
1 Details of the person discharging managerial
responsibilities / person closely associated
a) Name Andrew Dennan
--------------------------- --------------------------------
2 Reason for the notification
-------------------------------------------------------------
a) Position/status Chief Financial Officer
--------------------------- --------------------------------
b) Initial notification Initial notification
/Amendment
--------------------------- --------------------------------
3 Details of the issuer, emission allowance market
participant, auction platform, auctioneer or
auction monitor
-------------------------------------------------------------
a) Name Coro Energy Plc
--------------------------- --------------------------------
b) LEI 2138004JXMD9YXLMKS49
--------------------------- --------------------------------
4 Details of the transaction(s): section to be
repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and
(iv) each place where transactions have been
conducted
-------------------------------------------------------------
a) Description of Ordinary shares of 0.1 pence
the financial instrument, each
type of instrument
Identification GB00BDCFP425
code
b) Nature of the transaction Acquisition
--------------------------- --------------------------------
c) Price(s) and volume(s) 1,623,830 shares at 2.35 pence
each
--------------------------- --------------------------------
d) Aggregated information
- Aggregated volume N/A
- Price
e) Date of the transaction 02/05/2019
--------------------------- --------------------------------
f) Place of the transaction London Stock Exchange's AIM
Market
--------------------------- --------------------------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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