13 April 2021
Enteq Upstream plc
(the "Company" or the "Group")
Awards under the Enteq Upstream plc Performance Share Plan ("PSP")
Enteq Upstream plc announces that its Remuneration Committee approved a further grant of awards under the Performance Share Plan ("PSP") that came into effect on 12 April 2021.
The awards pursuant to the PSP, combined with the on-going all employee share option scheme already in existence, will remain within the overall limits already approved by the Company's shareholders.
This further grant has a vesting date of 31 March 2023. The performance condition relates equally to the achievement of both a cumulative adjusted EBITDA and a total shareholder growth target. These targets are set and monitored by the Remuneration Committee. The consideration payable for these awards is 1p per ordinary share of 1p each in the capital of the Company ("Ordinary Shares").
Andrew Law (CEO) was provisionally granted, subject to the performance conditions and rules of the scheme, a maximum of 500,000 Ordinary Shares, taking the total granted to him under the PSP to date, to 1,040,387 Ordinary Shares.
For further information, please contact:
Enteq Upstream plc +44 (0)149 461 8739
Andrew Law, Chief Executive Officer
David Steel, Chief Financial Officer
Investec Bank plc (NOMAD and Broker) +44 (0)207 597 5970
Chris Sim, Patrick Robb, David Anderson
Details of the person discharging managerial responsibilities/person closely associated
1. Andrew Law
Reason for the notification
1. Chief Executive Officer
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
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
Options over ordinary shares of 1 pence each
Nature of the transaction
Issue of options
Price(s) and volume(s)
Not applicable - single transaction
Date of the transaction
12 April 2021
Place of the transaction
Outside a trading venue