ADES LTIP Award - Dr. Mohamed Farouk
Updated : 07:05
ADES INTERNATIONAL HOLDING
("ADES" or the "Group")
Grant and Vesting of Awards under Long Term Incentive Plan
ADES International Holding Ltd. ("ADES" or the "Group"), a leading oil & gas drilling and production services provider in the Middle East and North Africa (MENA), is pleased to announce that, pursuant to the rules of the Ades Investments Long Term Incentive Plan ("LTIP"), conditional awards over a total number of 1,136,451 ordinary shares of US$1.00 in the capital of the Company each were made at nil cost on 1/1/2019 (the "Awards"), including an award to one Executive Director as follows:
Executive Director | Number of conditional shares awarded | Total conditional shares held under LTIPs |
Dr Mohamed Farouk | 875,878 | 875,878 |
The Awards have been granted in accordance with the LTIP rules and vesting is not conditional on the satisfaction of any performance conditions, but Awards will normally lapse and cease to vest on termination of employment.
In the case of Dr Farouk, his award has vested following grant as to 25% of the shares under award, with a further 25% scheduled to vest in January 2020 and the balance to vest in January 2021.
Pursuant also to the LTIP rules, upon vesting, Awards will be satisfied by the transfer to each participant of existing ordinary shares in the Company that are currently held by ADES Investments Holding Ltd. Awards will not be satisfied by the new issue of any shares in the Company.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1
| Details of the person discharging managerial responsibilities / person closely associated
| |
a)
| Name
| Dr Mohamed Farouk |
2
| Reason for the notification
| |
a)
| Position/status
| Dr Mohamed Farouk - CEO and PDMR
|
b)
| Initial notification /Amendment
| Initial notification |
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |
a)
| Name
| ADES INTERNATIONAL HOLDING LTD |
b)
| LEI
| 213800WADXE5U3ZY1K46 |
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 the financial instrument, type of instrument | Conditional award of shares under the ADES Investments Long Term Incentive Plan |
b) | Identification code | AEDFXA1EN018
|
c)
| Nature of the transaction
| Grant of Conditional Awards |
d)
| Price(s) and volume(s)
| £0.00 - 875,878
|
e)
| Aggregated information - Aggregated volume - Price |
N/A (Single transaction) Nil |
f)
| Date of the transaction | 1/1/2019 |
g)
| Place of the transaction
| Outside a trading venue |
Details of the person discharging managerial responsibilities / person closely associated
| |
Name
| Dr Mohamed Farouk |
Reason for the notification
| |
Position/status
| Dr Mohamed Farouk - CEO and PDMR
|
Initial notification /Amendment
| Initial notification |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |
Name
| ADES INTERNATIONAL HOLDING LTD |
LEI
| 213800WADXE5U3ZY1K46 |
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
| |
Description of the financial instrument, type of instrument | Ordinary shares of US$1.00 in the capital of the Company |
Identification code | AEDFXA1EN018
|
Nature of the transaction
| Vesting of Conditional Awards |
Price(s) and volume(s)
| £0.00 - 218,970
|
Aggregated information - Aggregated volume - Price |
N/A (Single transaction) Nil |
Date of the transaction | 3/1/2019 |
Place of the transaction
| Outside a trading venue |
For further information, please contact:
ADES International Holding
Hussein Badawy
Investor Relations Officer
ir@adesgroup.com
+2 (0)2527 7111
Instinctif
David Simonson
david.simonson@instinctif.com
+44 (0)20 7457 2020
George Yeomans
george.yeomans@instinctif.com
+44 (0)20 7457 2020
Sarah Hourahane
sarah.hourahane@instinctif.com
+44 (0)20 7457 2020
Notes for editors:
About ADES International Holding
ADES International Holding extends oil and gas drilling and production services through its subsidiaries and is a leading service provider in the Middle East and Africa, offering onshore and offshore contract drilling as well as workover and production services. It has over 3,400 employees serving clients including major national oil companies ("NOCs") such as Saudi Aramco, Kuwait Oil Company and Sonatrach as well as joint ventures of NOCs with global majors including BP and Eni. While maintaining a superior health, safety and environmental record, the Group currently has a fleet of twenty-six onshore drilling rigs, thirteen jack-up offshore drilling rigs, a jack-up barge, and a mobile offshore production unit ("MOPU"), which includes a floating storage and offloading unit. For more information, visit investors.adihgroup.com.
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.