TransGlobe Energy Corporation Announces Director/PDMR Shareholdings
CALGARY, Alberta, June 04, 2019 (GLOBE NEWSWIRE) -- AIM & TSX: “TGL” & NASDAQ: “TGA” TransGlobe Energy Corporation (“TransGlobe” or the “Company”) announces that on May 20, 2019, Randy Neely (President and Chief Executive Officer), Lloyd Herrick (Executive Vice President), and Edward Ok (Vice President Finance and Chief Financial Officer), all persons discharging managerial responsibilities with the Corporation, had Performance Share Units (“PSUs”) vest. These were granted to each individual as part of the Company’s Long-Term Incentive Plan in May 2016.
As per the Plan, following the vesting date, the Company has 55 days to assess performance and to receive Board of Directors’ approval of the assessment. The Company received Board approval of the performance assessment on May 30, 2019.
The Company’s PSUs have a three-year performance period in which the Company’s total shareholder return (“TSR”) is measured against the TSR of the individual companies included in the performance peer group (“PPG”). The PPG was selected in May 2016 at the time of grant. As per the Plan, depending on the Company’s relative TSR as compared to the TSR of the PPG constituents, the vesting of the 2016 PSU grant would be assessed a performance rating within a range of 50% to 150% of the original grant (inclusive of dividends). For the 2016 grant, the Company achieved a performance rating of 150%.
PDMR
Position
Type
Quantity Previously Awarded
Quantity Vested
Vesting Price ($Cdn)
Number Held Following Vesting
Randy Neely
President and Chief Executive Officer
PSU
426,873
98,445
$2.38
328,428
Lloyd Herrick
Executive Vice President
PSU
457,861
110,304
$2.38
347,557
Edward Ok
Vice President Finance and Chief Financial Officer
PSU
159,103
12,643
$2.38
146,460
Prior to Ross Clarkson’s retirement as CEO on December 31, 2018, he was a participant in the Company’s Long Term Incentive Plan and as such was the recipient of PSUs. On May 20, 2019 Ross Clarkson (Non-independent Director) had PSUs vest.
Director
Type
Quantity Previously Awarded
Quantity Vested
Vesting Price ($Cdn)
Number Held Following Vesting
Ross Clarkson
PSU
430,813
139,069
$2.38
291,743
The PSUs were granted in accordance with the Performance Share Unit Plan of the Company. No shares will be issued upon exercise or vesting of any of the share units as the instruments are settled in cash. Total cash payable can be calculated by taking the total units vested multiplied by the performance rating of 150% multiplied by the Vesting Price. The Vesting Price is calculated as the 5-day volume weighted average share price of trading on the Toronto Stock Exchange prior to the vesting date. The Vesting Price of the shares of the Company was calculated at Cdn $2.38.
The notifications set out below are provided in accordance with the requirements of the EU Market Abuse Regulation.
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
1)
Details of PDMR a) Name
Randy Neely
Lloyd Herrick
Edward Ok
2)
Reason for the notification a) Position / status
President and Chief Executive Officer
Executive Vice President
Vice President Finance and Chief Financial Officer
b) Initial notification / amendment
Initial notification
Initial notification
Initial notification
3)
Details of the issuer a) Name
TransGlobe Energy Corporation
TransGlobe Energy Corporation
TransGlobe Energy Corporation
b) Legal Entity Identifier
549300QMNS6BDY8UUB03
549300QMNS6BDY8UUB03
549300QMNS6BDY8UUB03
4)
Details of transaction a) Description of financial instrument
Performance Share Units
Performance Share Units
Performance Share Units
b) Identification code
ISIN for TransGlobe Energy Corporation Ordinary Shares: CA8936621066
ISIN for TransGlobe Energy Corporation Ordinary Shares: CA8936621066
ISIN for TransGlobe Energy Corporation Ordinary Shares: CA8936621066
c) Nature of the transaction
Vesting of PSUs
Vesting of PSUs
Vesting of PSUs
d) Price(s) and volume(s)
Price: Cdn $2.38 Volume: 98,445
Price: Cdn $2.38 Volume: 110,304
Price: Cdn $2.38 Volume: 12,643
e) Aggregated information: i) Price ii) Volume
Price: $2.38 Cdn per PSU Volume: 98,445 PSUs
Price: $2.38 Cdn per PSU Volume: 110,304 PSUs
Price: $2.38 Cdn per PSU Volume: 12,643 PSUs
f) Date of the transaction
May 20, 2019
May 20, 2019
May 20, 2019
g) Place of Transaction
Outside a trading venue
Outside a trading venue
Outside a trading venue
1)
Details of PDMR a) Name
Ross Clarkson
2)
Reason for the notification a) Position / status
Director
b) Initial notification / amendment
Initial notification
3)
Details of the issuer a) Name
TransGlobe Energy Corporation
b) Legal Entity Identifier
549300QMNS6BDY8UUB03
4)
Details of transaction a) Description of financial instrument
Performance Share Units
b) Identification code
ISIN for TransGlobe Energy Corporation Ordinary Shares: CA8936621066
c) Nature of the transaction
Vesting of PSUs
d) Price(s) and volume(s)
Price: Cdn $2.38 Volume: 139,069
e) Aggregated information: i) Price ii) Volume
Price: $2.38 Cdn per PSU Volume: 139,069 PSUs
f) Date of the transaction
May 20, 2019
g) Place of Transaction
Outside a trading venue
About TransGlobe
TransGlobe Energy Corporation is a cash flow focused oil and gas exploration and development company whose current activities are concentrated in the Arab Republic of Egypt and Canada. TransGlobe’s common shares trade on the Toronto Stock Exchange and the AIM market of the London Stock Exchange under the symbol TGL and on the NASDAQ Exchange under the symbol TGA.
For further information, please contact:
Investor Relations Telephone: +1 403.444-4787 mail: investor.relations@trans-globe.com Web site: https://www.trans-globe.com
TransGlobe Energy
Via FTI Consulting
Randy Neely, President and Chief Executive Officer