TIDMTGL
RNS Number : 1536R
TransGlobe Energy Corporation
26 June 2020
TRANSGLOBE ENERGY CORPORATION ANNOUNCES
DIRECTOR/PDMR SHAREHOLDINGS
AIM & TSX: "TGL" & NASDAQ: "TGA"
Calgary, Alberta, June 26, 2020 - TransGlobe Energy Corporation
("TransGlobe" or the "Company") announces that on May 19, 2020,
Randy Neely (President and Chief Executive Officer), and Edward Ok
(Vice President Finance and Chief Financial Officer), both persons
discharging managerial responsibilities with the Corporation, had
Restricted Share Units ("RSUs") vest.
On May 19, 2020, Randy Neely and Edward Ok had Performance Share
Units ("PSUs") vest. These were granted to each individual as part
of the Company's Long-Term Incentive Plan in May 2017.
As per the PSU 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 settled all vested RSU and
PSU PDMR and Director awards on June 23, 2020.
PDMR Position Type Quantity Quantity Vesting Number
Previously Vested Price ($Cdn) Held Following
Awarded Vesting
President
and Chief
Executive
Randy Neely Officer RSU 11,619 11,619 $0.68 0
------------------ ------ ------------ --------- -------------- ----------------
PSU 738,605 69,728 $0.68 668,877
--------------------------------------- ------------ --------- -------------- ----------------
Vice President
Finance and
Chief Financial
Edward Ok Officer RSU 8,532 8,532 $0.68 0
------------------ ------ ------------ --------- -------------- ----------------
PSU 350,365 8,532 $0.68 341,833
--------------------------------------- ------------ --------- -------------- ----------------
Prior to Ross Clarkson's retirement as CEO on December 1, 2018,
he was a participant in the Company's Long Term Incentive Plan and
as such was the recipient of RSUs. On May 19, 2020 Ross Clarkson
(Non-independent Director) had RSUs vest.
On May 19, 2020, Ross Clarkson had Performance Share Units
("PSUs") vest. These were granted as part of the Company's
Long-Term Incentive Plan in May 2017.
Director Type Quantity Previously Quantity Vesting Price Number Held
Awarded Vested ($Cdn) Following
Vesting
Ross Clarkson RSU 21,870 21,870 $0.68 0
------ -------------------- --------- -------------- ------------
PSU 298,841 131,344 $0.68 167,497
---------------------- -------------------- --------- -------------- ------------
The vested RSUs were granted in accordance with the Restricted
Share Unit Plan.
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 2017 at the time of
grant. As per the PSU Plan, depending on the Company's relative TSR
as compared to the TSR of the PPG constituents, the vesting of the
2017 PSU grant would be assessed a performance rating within a
range of 0% to 200% of the original grant (inclusive of dividends).
For the 2017 grant, the Company achieved a performance rating of
200%.
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 200%
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 $0.68.
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 Randy Neely Edward Ok
a) Name
2) Reason for the President and Vice President
notification Chief Executive Finance and Chief
a) Position / status Officer Financial Officer
--------------------- ---------------------
b) Initial notification Initial notification Initial notification
/ amendment
--------------------- ---------------------
3) Details of the TransGlobe Energy TransGlobe Energy
issuer Corporation Corporation
a) Name
--------------------- ---------------------
b) Legal Entity 549300QMNS6BDY8UUB03 549300QMNS6BDY8UUB03
Identifier
--------------------- ---------------------
4) Details of transaction Restricted Share Restricted Share
a) Description of Units Units
financial instrument
--------------------- ---------------------
b) Identification ISIN for TransGlobe ISIN for TransGlobe
code Energy Corporation Energy Corporation
Ordinary Shares: Ordinary Shares:
CA8936621066 CA8936621066
--------------------- ---------------------
c) Nature of the Vesting of RSU Vesting of RSU
transaction
--------------------- ---------------------
d) Price(s) and Price: Cdn $0.68 Price: Cdn $0.68
volume(s) Volume: 11,619 Volume: 8,532
--------------------- ---------------------
e) Aggregated information:
i) Price Price: $0.68 Price: $0.68
ii) Volume Cdn per RSU Cdn per RSU
Volume: 11,619 Volume: 8,532
RSUs RSUs
--------------------- ---------------------
f) Date of the transaction May 19, 2020 May 19, 2020
--------------------- ---------------------
g) Place of Transaction Outside a trading Outside a trading
venue venue
--------------------- ---------------------
1) Details of PDMR Ross Clarkson
a) Name
2) Reason for the notification Director
a) Position / status
----------------------
b) Initial notification Initial notification
/ amendment
----------------------
3) Details of the issuer TransGlobe Energy
a) Name Corporation
----------------------
b) Legal Entity Identifier 549300QMNS6BDY8UUB03
----------------------
4) Details of transaction Restricted Share
a) Description of financial Units
instrument
----------------------
b) Identification code ISIN for TransGlobe
Energy Corporation
Ordinary Shares:
CA8936621066
----------------------
c) Nature of the transaction Vesting of RSUs
----------------------
d) Price(s) and volume(s) Price: Cdn $0.68
Volume: 21,870
----------------------
e) Aggregated information:
i) Price Price: $0.68 Cdn
ii) Volume per PSU
Volume: 21,870 PSUs
----------------------
f) Date of the transaction May 19, 2020
----------------------
g) Place of Transaction Outside a trading
venue
----------------------
Notification of a Transaction pursuant to Article 19(1) of
Regulation (EU) No. 596/2014
1) Details of PDMR Randy Neely Edward Ok
a) Name
2) Reason for the President and Vice President
notification Chief Executive Finance and Chief
a) Position / status Officer Financial Officer
--------------------- ---------------------
b) Initial notification Initial notification Initial notification
/ amendment
--------------------- ---------------------
3) Details of the TransGlobe Energy TransGlobe Energy
issuer Corporation Corporation
a) Name
--------------------- ---------------------
b) Legal Entity 549300QMNS6BDY8UUB03 549300QMNS6BDY8UUB03
Identifier
--------------------- ---------------------
4) Details of transaction Performance Share Performance Share
a) Description of Units Units
financial instrument
--------------------- ---------------------
b) Identification ISIN for TransGlobe ISIN for TransGlobe
code Energy Corporation Energy Corporation
Ordinary Shares: Ordinary Shares:
CA8936621066 CA8936621066
--------------------- ---------------------
c) Nature of the Vesting of PSUs Vesting of PSUs
transaction
--------------------- ---------------------
d) Price(s) and Price: Cdn $0.68 Price: Cdn $0.68
volume(s) Volume: 69,728 Volume: 8,532
--------------------- ---------------------
e) Aggregated information:
i) Price Price: $0.68 Price: $2.38
ii) Volume Cdn per PSU Cdn per PSU
Volume: 69,728 Volume: 8,532
PSUs PSUs
--------------------- ---------------------
f) Date of the transaction May 19, 2020 May 19, 2020
--------------------- ---------------------
g) Place of Transaction Outside a trading Outside a trading
venue venue
--------------------- ---------------------
5) Details of PDMR Ross Clarkson
a) Name
6) Reason for the notification Director
a) Position / status
---------------------
b) Initial notification Initial notification
/ amendment
---------------------
7) Details of the issuer TransGlobe Energy
a) Name Corporation
---------------------
b) Legal Entity Identifier 549300QMNS6BDY8UUB03
---------------------
8) Details of transaction Performance Share
a) Description of financial Units
instrument
---------------------
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 $0.68
Volume: 131,344
---------------------
e) Aggregated information:
i) Price Price: $0.68 Cdn
ii) Volume per PSU
Volume: 131,344
PSUs
---------------------
f) Date of the transaction May 19, 2020
---------------------
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:
TransGlobe Energy Via FTI Consulting
Randy Neely, President and Chief
Executive Officer
Eddie Ok, Chief Financial Officer
Canaccord Genuity (Nomad & Sole
Broker) +44 (0) 20 7523 8000
Henry Fitzgerald-O'Connor
James Asensio
FTI Consulting (Financial PR) +44 (0) 20 3727 1000
Ben Brewerton transglobeenergy@fticonsulting.com
Genevieve Ryan
Tailwind Associates (Investor Relations)
Darren Engels darren@tailwindassociates.ca
http://www.tailwindassociates.ca
+1 403.618.8035
investor.relations@trans-globe.com
http://www.trans-globe.com
+1 403.264.9888
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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