ABN69 009 196 810
(Incorporated in Western Australia)
Level 2, 30 Richardson Street
West Perth, WA 6005
PO Box 1786, West Perth WA 6872
T+61 8 9321 9886 F+61 8 9321 8161
8 March 2021
ASX Limited
Company Announcements Level 4, 20 Bridge Street SYDNEY NSW 2000
Prominence Energy NL - Performance Rights
Prominence Energy NL ACN 009 196 810 (PRM or Company) is pleased to announce the Company has agreed to issue a total of 17 million Performance Rights to the Directors subject to Shareholder approval.
Each Performance Right entitles the holder to acquire an ordinary fully paid share in the capital of the Company, subject to the applicable vesting conditions being satisfied.
The Performance Rights will be issued to the holders in two equal tranches (subject to receipt of the approval of Shareholders at the general meeting to be held in April 2021), and will include the relevant share price vesting conditions set out below:
Tranche | Number of Performance Rights that Vest | Vesting Condition | Expiry Date |
1 | 8.5 million (50%) | 10-day VWAP of Shares is equal to or greater than $0.025 | 3 years from date of grant |
2 | 8.5 Million (50%) | 10-day VWAP of Shares is equal to or greater than $0.035 | 3 years from date of grant |
Recipients
Recipient | Position | Total Performance Rights |
Ian McCubbing (or Nominee) | Chairman since 2017 | 5 million (2.5 million per tranche) |
Alexander Parks (or Nominee) | Managing Director Since 2017 | 8 million (4 million per tranche) |
Patric Glovac (or Nominee) | Non-executive Board Member since August 2019 | 3 million (1.5 million per tranche) |
Anna MacKintosh (or Nominee) | Company Secretary | 1 million (500,000 per tranche) |
As such, the performance rights to be issued to the participants will only vest and the holders will only be able to realise value from the grant of these performance rights, if there is a substantial appreciation in the Company's share price, thereby aligning the interests of the participants with the interests of the Company's shareholders.
The performance rights will be issued for nil cash consideration and no consideration is payable by the holder upon the vesting of a performance right. After the date that the relevant vesting condition is
Prominence Energy NL
ABN 69 009 196 810
satisfied, there is a three month general restriction on selling, transferring or otherwise disposing of the shares issued.
Any performance rights that have not vested on or before the date, that is, three years after the date of issue will automatically lapse and become incapable of vesting into shares. Performance Rights will lapse if holder resigns or is terminated for cause.
Mr Alexander Parks, Managing Director, has authorised this document to be given to the ASX.
Yours faithfully,
Prominence Energy NL
Anna Mackintosh Company Secretary
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Disclaimer
Prominence Energy NL published this content on 08 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 March 2021 08:38:08 UTC.