TransGlobe Energy Corporation Announces Director/PDMR Shareholdings

AIM & TSX:  “TGL” & NASDAQ:  “TGA”

CALGARY, Alberta, June 26, 2020 (GLOBE NEWSWIRE) -- 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.

PDMRPositionTypeQuantity Previously AwardedQuantity VestedVesting Price ($Cdn)Number Held Following Vesting
Randy NeelyPresident and Chief Executive OfficerRSU11,61911,619$0.680
PSU738,60569,728$0.68668,877
Edward OkVice President Finance and Chief Financial OfficerRSU8,5328,532$0.680
PSU350,3658,532$0.68341,833

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.

DirectorTypeQuantity Previously AwardedQuantity VestedVesting Price
($Cdn)
Number Held Following Vesting
Ross ClarksonRSU21,87021,870$0.680
PSU298,841131,344$0.68167,497

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 NeelyEdward Ok
  1. Reason for the notification
    1. Position / status
President and Chief Executive OfficerVice President Finance and Chief Financial Officer
b)  Initial notification / amendmentInitial notificationInitial notification
  1. Details of the issuer
    1. Name
TransGlobe Energy CorporationTransGlobe Energy Corporation
b)  Legal Entity Identifier549300QMNS6BDY8UUB03549300QMNS6BDY8UUB03
  1. Details of transaction
    1. Description of financial instrument
Restricted Share UnitsRestricted Share Units
b)  Identification codeISIN for TransGlobe Energy Corporation Ordinary Shares: CA8936621066ISIN for TransGlobe Energy Corporation Ordinary Shares: CA8936621066
c)  Nature of the transactionVesting of RSUVesting 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 transactionMay 19, 2020May 19, 2020
g)  Place of TransactionOutside a trading venueOutside a trading venue


  1. Details of PDMR
    1. Name
Ross Clarkson
  1. Reason for the notification
    1. Position / status
Director
b)  Initial notification / amendmentInitial notification
  1. Details of the issuer
    1. Name
TransGlobe Energy Corporation
b)  Legal Entity Identifier549300QMNS6BDY8UUB03
  1. Details of transaction
    1. Description of financial instrument
Restricted Share Units
b)  Identification codeISIN for TransGlobe Energy Corporation Ordinary Shares: CA8936621066
c)  Nature of the transactionVesting 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 transactionMay 19, 2020
g)  Place of TransactionOutside 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 NeelyEdward Ok
  1. Reason for the notification
    1. Position / status
President and Chief Executive OfficerVice President Finance and Chief Financial Officer
b)  Initial notification / amendmentInitial notificationInitial notification
  1. Details of the issuer
    1. Name
TransGlobe Energy CorporationTransGlobe Energy Corporation
b)  Legal Entity Identifier549300QMNS6BDY8UUB03549300QMNS6BDY8UUB03
  1. Details of transaction
    1. Description of financial instrument
Performance Share UnitsPerformance Share Units
b)  Identification codeISIN for TransGlobe Energy Corporation Ordinary Shares: CA8936621066ISIN for TransGlobe Energy Corporation Ordinary Shares: CA8936621066
c)  Nature of the transactionVesting of PSUsVesting 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 transactionMay 19, 2020May 19, 2020
g)  Place of TransactionOutside a trading venueOutside a trading venue


  1. Details of PDMR
    1. Name
Ross Clarkson
  1. Reason for the notification
    1. Position / status
Director
b)  Initial notification / amendmentInitial notification
  1. Details of the issuer
    1. Name
TransGlobe Energy Corporation
b)  Legal Entity Identifier549300QMNS6BDY8UUB03
  1. Details of transaction
    1. 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 $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 transactionMay 19, 2020
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:

 
  
TransGlobe Energy   Via FTI Consulting
Randy Neely, President and Chief Executive Officer  
Eddie Ok, Chief Financial Officer 
   
Canaccord Genuity  (Nomad & Sole Broker) +44 (0) 20 7523 8000
Henry Fitzgerald-O'Connor  
James Asensio  
   
FTI Consulting  (Financial PR) +44 (0) 20 3727 1000
Ben Brewerton transglobeenergy@fticonsulting.com
Genevieve Ryan 
  
Tailwind Associates  (Investor Relations)  
Darren Engels darren@tailwindassociates.ca
http://www.tailwindassociates.ca
+1 403.618.8035

 

investor.relations@trans-globe.com
http://www.trans-globe.com
+1 403.264.9888

 

 


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