TransGlobe Energy Corporation Announces Director/pdmr Shareholdings

Source Company Press Release
Company TransGlobe Energy Corporation
Tags Country: Canada, Sustainability: People
Date 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 Previously Awarded  Quantity Vested  Vesting Price ($Cdn)  Number Held Following Vesting 
Randy Neely  President and Chief Executive Officer  RSU  11,619  11,619  $0.68 
PSU  738,605  69,728  $0.68  668,877 
Edward Ok  Vice President Finance and Chief Financial Officer  RSU  8,532  8,532  $0.68 
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 Awarded  Quantity Vested  Vesting Price
($Cdn) 
Number Held Following Vesting 
Ross Clarkson  RSU  21,870  21,870  $0.68 
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
    1. Name
 
Randy Neely  Edward Ok 
  1. Reason for the notification
    1. Position / status
 
President and Chief Executive Officer  Vice President Finance and Chief Financial Officer 
b)  Initial notification / amendment  Initial notification  Initial notification 
  1. Details of the issuer
    1. Name
 
TransGlobe Energy Corporation  TransGlobe Energy Corporation 
b)  Legal Entity Identifier  549300QMNS6BDY8UUB03  549300QMNS6BDY8UUB03 
  1. Details of transaction
    1. Description of financial instrument
 
Restricted Share Units  Restricted Share Units 
b)  Identification code  ISIN for TransGlobe Energy Corporation Ordinary Shares: CA8936621066  ISIN for TransGlobe Energy Corporation Ordinary Shares: CA8936621066 
c)  Nature of the transaction  Vesting of RSU  Vesting of RSU 
d)  Price(s) and volume(s)  Price: Cdn $0.68
Volume: 11,619 
Price: Cdn $0.68
Volume: 8,532 
  1. Aggregated information:
    1. Price
    2. Volume
 

Price: $0.68 Cdn per RSU
Volume: 11,619 RSUs 

Price: $0.68 Cdn per RSU
Volume: 8,532 RSUs 
f)  Date of the transaction  May 19, 2020  May 19, 2020 
g)  Place of Transaction  Outside a trading venue  Outside a trading venue 
  1. Details of PDMR
    1. Name
 
Ross Clarkson 
  1. Reason for the notification
    1. Position / status
 
Director 
b)  Initial notification / amendment  Initial notification 
  1. Details of the issuer
    1. Name
 
TransGlobe Energy Corporation 
b)  Legal Entity Identifier  549300QMNS6BDY8UUB03 
  1. Details of transaction
    1. Description of financial instrument
 
Restricted Share Units 
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 
  1. Aggregated information:
    1. Price
    2. Volume
 

Price: $0.68 Cdn 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
    1. Name
 
Randy Neely  Edward Ok 
  1. Reason for the notification
    1. Position / status
 
President and Chief Executive Officer  Vice President Finance and Chief Financial Officer 
b)  Initial notification / amendment  Initial notification  Initial notification 
  1. Details of the issuer
    1. Name
 
TransGlobe Energy Corporation  TransGlobe Energy Corporation 
b)  Legal Entity Identifier  549300QMNS6BDY8UUB03  549300QMNS6BDY8UUB03 
  1. Details of transaction
    1. Description of financial instrument
 
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 
c)  Nature of the transaction  Vesting of PSUs  Vesting of PSUs 
d)  Price(s) and volume(s)  Price: Cdn $0.68
Volume: 69,728 
Price: Cdn $0.68
Volume: 8,532 
  1. Aggregated information:
    1. Price
    2. Volume
 

Price: $0.68 Cdn per PSU
Volume: 69,728 PSUs 

Price: $2.38 Cdn per PSU
Volume: 8,532 PSUs 
f)  Date of the transaction  May 19, 2020  May 19, 2020 
g)  Place of Transaction  Outside a trading venue  Outside a trading venue 
  1. Details of PDMR
    1. Name
 
Ross Clarkson 
  1. Reason for the notification
    1. Position / status
 
Director 
b)  Initial notification / amendment  Initial notification 
  1. Details of the issuer
    1. Name
 
TransGlobe Energy Corporation 
b)  Legal Entity Identifier  549300QMNS6BDY8UUB03 
  1. Details of transaction
    1. 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 $0.68
Volume:  131,344 
  1. Aggregated information:
    1. Price
    2. Volume
 

Price: $0.68 Cdn per PSU
Volume: 131,344 PSUs 
f)  Date of the transaction  May 19, 2020 
g)  Place of Transaction  Outside a trading venue 
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