TransGlobe Energy Corporation Announces Director/PDMR Shareholdings

CALGARY, Alberta, June 04, 2019 (GLOBE NEWSWIRE) -- AIM & TSX:  “TGL” & NASDAQ:  “TGA” TransGlobe Energy Corporation (“TransGlobe” or the “Company”) announces that on May 20, 2019, Randy Neely (President and Chief Executive Officer), Lloyd Herrick (Executive Vice President), and Edward Ok (Vice President Finance and Chief Financial Officer), all persons discharging managerial responsibilities with the Corporation, had Performance Share Units (“PSUs”) vest. These were granted to each individual as part of the Company’s Long-Term Incentive Plan in May 2016.

As per the 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 received Board approval of the performance assessment on May 30, 2019.

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 2016 at the time of grant. As per the Plan, depending on the Company’s relative TSR as compared to the TSR of the PPG constituents, the vesting of the 2016 PSU grant would be assessed a performance rating within a range of 50% to 150% of the original grant (inclusive of dividends). For the 2016 grant, the Company achieved a performance rating of 150%. 

PDMRPositionTypeQuantity
Previously
Awarded
Quantity
Vested
Vesting
Price
($Cdn)
Number
Held
Following
Vesting
Randy NeelyPresident and Chief Executive OfficerPSU426,87398,445$2.38328,428
Lloyd HerrickExecutive Vice PresidentPSU457,861110,304$2.38347,557
Edward OkVice President Finance and Chief Financial OfficerPSU159,10312,643$2.38146,460

Prior to Ross Clarkson’s retirement as CEO on December 31, 2018, he was a participant in the Company’s Long Term Incentive Plan and as such was the recipient of PSUs.  On May 20, 2019 Ross Clarkson (Non-independent Director) had PSUs vest.

DirectorTypeQuantity
Previously
Awarded
Quantity
Vested
Vesting
Price
($Cdn)
Number Held
Following Vesting
Ross ClarksonPSU430,813139,069$2.38291,743

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 150% 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 $2.38.

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
a) Name
Randy NeelyLloyd HerrickEdward Ok
2)Reason for the notification
a) Position / status
President and Chief Executive OfficerExecutive Vice PresidentVice President Finance and Chief Financial Officer
 b) Initial notification / amendmentInitial notificationInitial notificationInitial notification
3)Details of the issuer
a) Name
TransGlobe Energy CorporationTransGlobe Energy CorporationTransGlobe Energy Corporation
 b) Legal Entity Identifier549300QMNS6BDY8UUB03549300QMNS6BDY8UUB03549300QMNS6BDY8UUB03
4)Details of transaction
a) Description of financial instrument

Performance Share UnitsPerformance Share UnitsPerformance Share Units
 b) Identification codeISIN for TransGlobe Energy Corporation Ordinary Shares: CA8936621066ISIN for TransGlobe Energy Corporation Ordinary Shares: CA8936621066ISIN for TransGlobe Energy Corporation Ordinary Shares: CA8936621066
 c) Nature of the transactionVesting of PSUsVesting of PSUsVesting of PSUs
 d) Price(s) and volume(s)Price: Cdn $2.38
Volume: 98,445
Price: Cdn $2.38
Volume: 110,304
Price: Cdn $2.38
Volume: 12,643
 e) Aggregated information:
    i) Price
    ii) Volume
Price: $2.38 Cdn per PSU
Volume: 98,445 PSUs
Price: $2.38 Cdn per PSU
Volume: 110,304 PSUs
Price: $2.38 Cdn per PSU
Volume: 12,643 PSUs
 f) Date of the transactionMay 20, 2019May 20, 2019May 20, 2019
 g) Place of TransactionOutside a trading venueOutside a trading venueOutside a trading venue


1)Details of PDMR
a) Name
Ross Clarkson
2)Reason for the notification
a) Position / status
Director
 b) Initial notification / amendmentInitial notification
3)Details of the issuer
a) Name
TransGlobe Energy Corporation
 b) Legal Entity Identifier549300QMNS6BDY8UUB03
4)Details of transaction
a) Description of financial instrument
Performance Share Units
 b) Identification codeISIN for TransGlobe Energy Corporation Ordinary Shares: CA8936621066
 c) Nature of the transactionVesting of PSUs
 d) Price(s) and volume(s)Price: Cdn $2.38
Volume: 139,069
 e) Aggregated information:
    i) Price
    ii) Volume
Price: $2.38 Cdn per PSU
Volume: 139,069 PSUs
 f) Date of the transactionMay 20, 2019
 g) Place of TransactionOutside 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:

Investor Relations
Telephone: +1 403.444-4787
mail: investor.relations@trans-globe.com
Web site:  http://www.trans-globe.com
  
   
TransGlobe Energy Via FTI Consulting
Randy Neely, President and Chief Executive Officer  
Eddie Ok, Chief Financial Officer 
   
Canaccord Genuity  (Nomad & Joint Broker) +44 (0) 20 7523 8000
Henry Fitzgerald-O'Connor  
James Asensio  
   
GMP First Energy (Joint Broker) +44 (0) 20 7448 0200
Jonathan Wright  
   
FTI Consulting (Financial PR) +44 (0) 20 3727 1000
Ben Brewerton transglobeenergy@fticonsulting.com
Genevieve Ryan 
  

PDF available: http://ml.globenewswire.com/Resource/Download/34dd98fe-4c5c-4a89-98da-6bc6b545ff47

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