TIDMZEN
RNS Number : 8792J
Zenith Energy Ltd
05 April 2018
April 5, 2018
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon
publication of this announcement via a regulatory information
service ("RIS"), the inside information contained in this document
is now considered to be in the public domain.
ZENITH ENERGY LTD.
("Zenith" or the "Company")
AGM results, grant of stock options and announcement of entry
into loan agreement
Zenith Energy Ltd., ("Zenith" or the "Company"), (LSE: ZEN;
TSX.V: ZEE), the international oil & gas production company
operating the largest onshore oilfield in Azerbaijan, is pleased to
announce, in accordance with section 11.4 of National Instrument
51-102 - Continuous Disclosure Obligations, the matters voted upon
and the outcome of the votes held at the annual general meeting, (
the "AGM"), of Zenith shareholders on March 29, 2018 in Calgary,
Alberta.
The convening of the AGM for the year ending March 31, 2017, had
been communicated by the Company on February 28, 2018.
Summary of resolutions voted upon at the AGM:
1.) Election of the Board of Directors.
2.) Appointment of PKF Littlejohn LLP as auditor to the Company
until the next AGM.
3.) Ratification of the Advance Notice Policy proposed by the
Board of Directors on January 19, 2017.
4.) Approval of 2017 Salary Sacrifice Proposal submitted by
Andrea Cattaneo, Chief Executive Officer and President of the
Company.
5.) Approval of 2018 Salary Sacrifice Proposal submitted by
Andrea Cattaneo, Chief Executive Officer and President of the
Company.
6.) Approval of Stock Option Plan, pursuant to which
non-transferable option to purchase common shares of the
Corporation may be granted to directors, officers, consultants and
employees of the Corporation, exercisable for a period of up to 5
years from the date of grant, provided that the number of common
shares reserved for issuance under option will not exceed 10% of
the issued and outstanding common share capital of the Company.
Voting Results
All of the resolutions presented before shareholders at the
Company's AGM were passed. The resolutions presented received 99.98
percent of votes in favour with the exception of the Advance Notice
Policy which received 93.85 percent of votes in favour.
The audited financial statements of the Company for the
financial year ended March 31, 2017, evidencing the achievement of
an EBITDA profit of CAD$573.673 million primarily reflecting the
gain on business acquisition of the Company's Azerbaijan asset, as
well as the accompanying auditor report, were presented to
shareholders.
Granting of Stock Options
The Board of Directors resolved to grant its directors, certain
employees and consultants a total of 10,500,000 stock options (the
"Options"), in accordance with the Company's Stock Option Plan on
April 3, 2018. A total of 9,500,000 Options have been granted to
directors and persons discharging managerial responsibility
("PDMRs"). Further details of the Options awarded to directors and
PDMRs are outlined below.
The exercise price of the Options is equivalent to the Company's
TSXV closing price of March 26, 2018, being CAD$0.12 (approximately
GBP0.067). The Options are fully vested and have the duration of
five years from the date of granting.
The transaction is subject to regulatory approval from the TSX
Venture Exchange.
Entry into short-term loan agreement
The Company entered into a five-month non-convertible loan
agreement for the total amount of GBP230,000 on April 3, 2018. The
loan has a repayment schedule of five instalments commencing on May
6, 2018 with an interest rate of 7.5 percent and can be settled at
any time without penalty.
Mr Andrea Cattaneo has agreed to act as a third-party guarantor
in support of the Company by pledging a total of 3,571,428 common
shares in the Company, in which he has a direct beneficial
interest, as collateral to the lender.
José Ramón López-Portillo, Chairman of the Board of Directors,
commented:
"I am pleased to see such positive engagement and support from
shareholders at Zenith's AGM.
We are at an important juncture in the Company's development
with a number of opportunities that could easily propel us to the
next phase in our journey.
Our activities in Azerbaijan remain our primary operational
focus and I look forward to the team on the ground delivering
increased production, having understood the challenges presented by
the field's geology, against a backdrop of a highly encouraging
sustained resurgence in oil prices."
For further information please contact:
Zenith Energy Ltd.
Andrea Cattaneo
Chief Executive Officer
E-mail: info@zenithenergy.ca
Tel: +1 (587) 315 9031
Vigo Communications - PR Adviser
Patrick d'Ancona
Chris McMahon
Kate Rogucheva
Tel: +44 (0) 20 7830 9700
Daniel Stewart & Company Plc - (Joint Broker)
Robert Emmet- Corporate Broking
Nikhil Varghese- Corporate Finance
Tel: + 44 (0) 207 776 6550
Optiva Securities - (Joint Broker)
Christian Dennis
Tel: + 44 (0) 203 137 1903
Allenby Capital Limited - (Financial Adviser)
Nick Harriss
Nick Athanas
Tel: + 44 (0) 203 328 5656
Notes to Editors:
Zenith Energy Ltd. is an international oil and gas production
company, dual listed on the Toronto Stock Exchange and London Stock
Exchange.
The Company operates the largest onshore oilfield in Azerbaijan
following the signing of a 25-year REDPSA, (Rehabilitation,
Exploration, Development and Production Sharing Agreement), with
SOCAR, State Oil Company of the Azerbaijan Republic, in 2016.
The Company's primary focus is the development of its Azerbaijan
operations by leveraging its technical expertise and financial
resources to maximise low-cost oil production via a systematic
field rehabilitation programme intended to achieve significantly
increased revenue. Zenith also operates, or has working interests
in, a number of natural gas production concessions in Italy. The
Company's Italian operations produce natural gas, natural gas
condensate and electricity.
Zenith's development strategy is to identify and rapidly seize
value-accretive hydrocarbon production opportunities in the onshore
oil & gas sector. The Company's Board of Directors and senior
management team have the experience and technical expertise to
develop the Company successfully.
To find out more, visit www.zenithenergy.ca or follow Zenith on
Twitter @zenithenergyltd
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 Andrea Cattaneo
---- -------------------------------- -----------------------------
2 Reason for the notification
---- ---------------------------------------------------------------
a) Position/status
Chief Executive Officer
---- -------------------------------- -----------------------------
b) Initial notification/Amendment Initial Notification
---- -------------------------------- -----------------------------
3 Details of the issuer, emission allowance
market participant, auction platform,
auctioneer or auction monitor
---- ---------------------------------------------------------------
a) Name Zenith Energy Ltd.
---- -------------------------------- -----------------------------
b) LEI
213800AYTYOYD61S4569
---- -------------------------------- -----------------------------
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 Common Shares
the financial
instrument, type
of instrument
---- -------------------------------- -----------------------------
Identification CA98936C1068
code
---- -------------------------------- -----------------------------
b) Nature of the Pledging of common
transaction shares, in the capacity
of third-party guarantor,
as collateral for
short-term loan.
---- -------------------------------- -----------------------------
c) Price(s) and Price(s) Volume(s)
volumes(s)
---- -------------------------------- ------------- --------------
n/a 983,186
------------------------------------- ------------- --------------
n/a 591,131
------------------------------------- ------------- --------------
n/a 768,500
------------------------------------- ------------- --------------
n/a 1,025,000
------------------------------------- ------------- --------------
n/a 203,611
------------------------------------- ------------- --------------
d) Aggregated information
---- -------------------------------- -----------------------------
Aggregated volume 3,571,428
------------------------------------- -----------------------------
Aggregated price n/a
------------------------------------- -----------------------------
e) Date of the transaction(s) April 3, 2018
---- -------------------------------- -----------------------------
April 4, 2018
------------------------------------- -----------------------------
f) Place of the London Stock Exchange
transaction
---- -------------------------------- -----------------------------
1 Details of the person discharging
managerial responsibilities
/ person closely associated
---- -----------------------------------------------------------
a) Name Andrea Cattaneo
---- -------------------------------- -------------------------
2 Reason for the notification
---- -----------------------------------------------------------
a) Position/status
Chief Executive
Officer
---- -------------------------------- -------------------------
b) Initial notification/Amendment Initial Notification
---- -------------------------------- -------------------------
3 Details of the issuer, emission
allowance market participant,
auction platform, auctioneer
or auction monitor
---- -----------------------------------------------------------
a) Name Zenith Energy
Ltd.
---- -------------------------------- -------------------------
b) LEI
213800AYTYOYD61S4569
---- -------------------------------- -------------------------
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 Stock Options
the financial
instrument, type
of instrument
---- -------------------------------- -------------------------
Identification CA98936C1068
code
---- -------------------------------- -------------------------
b) Nature of the Granting of stock
transaction options
---- -------------------------------- -------------------------
c) Price(s) and Price(s) Volume(s)
volumes(s)
---- -------------------------------- ------------ -----------
CAD$0.12 5,221,429
-------------------------------------------------- -----------
d) Date of the transaction(s) April 3, 2018
---- -------------------------------- -------------------------
e) Place of the Toronto Stock
transaction Exchange
---- -------------------------------- -------------------------
1 Details of the person discharging
managerial responsibilities
/ person closely associated
---- -----------------------------------------------------------
a) Name Luca Benedetto
---- -------------------------------- -------------------------
2 Reason for the notification
---- -----------------------------------------------------------
a) Position/status
Chief Financial
Officer
---- -------------------------------- -------------------------
b) Initial notification/Amendment Initial Notification
---- -------------------------------- -------------------------
3 Details of the issuer, emission
allowance market participant,
auction platform, auctioneer
or auction monitor
---- -----------------------------------------------------------
a) Name Zenith Energy
Ltd.
---- -------------------------------- -------------------------
b) LEI
213800AYTYOYD61S4569
---- -------------------------------- -------------------------
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 Stock Options
the financial
instrument, type
of instrument
---- -------------------------------- -------------------------
Identification CA98936C1068
code
---- -------------------------------- -------------------------
b) Nature of the Granting of stock
transaction options
---- -------------------------------- -------------------------
c) Price(s) and Price(s) Volume(s)
volumes(s)
---- -------------------------------- ------------ -----------
CAD$0.12 1,312,858
-------------------------------------------------- -----------
d) Date of the transaction(s) April 3, 2018
---- -------------------------------- -------------------------
e) Place of the Toronto Stock
transaction Exchange
---- -------------------------------- -------------------------
1 Details of the person discharging
managerial responsibilities
/ person closely associated
---- -----------------------------------------------------------
a) Name Luigi Regis Milano
---- -------------------------------- -------------------------
2 Reason for the notification
---- -----------------------------------------------------------
a) Position/status
Executive Director
---- -------------------------------- -------------------------
b) Initial notification/Amendment Initial Notification
---- -------------------------------- -------------------------
3 Details of the issuer, emission
allowance market participant,
auction platform, auctioneer
or auction monitor
---- -----------------------------------------------------------
a) Name Zenith Energy
Ltd.
---- -------------------------------- -------------------------
b) LEI
213800AYTYOYD61S4569
---- -------------------------------- -------------------------
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 Stock Options
the financial
instrument, type
of instrument
---- -------------------------------- -------------------------
Identification CA98936C1068
code
---- -------------------------------- -------------------------
b) Nature of the Granting of stock
transaction options
---- -------------------------------- -------------------------
c) Price(s) and Price(s) Volume(s)
volumes(s)
---- -------------------------------- ------------ -----------
CAD$0.12 407,143
-------------------------------------------------- -----------
d) Date of the transaction(s) April 3, 2018
---- -------------------------------- -------------------------
e) Place of the Toronto Stock
transaction Exchange
---- -------------------------------- -------------------------
1 Details of the person discharging
managerial responsibilities
/ person closely associated
---- -----------------------------------------------------------
a) Name Dario E. Sodero
---- -------------------------------- -------------------------
2 Reason for the notification
---- -----------------------------------------------------------
a) Position/status
Non-Executive
Director
---- -------------------------------- -------------------------
b) Initial notification/Amendment Initial Notification
---- -------------------------------- -------------------------
3 Details of the issuer, emission
allowance market participant,
auction platform, auctioneer
or auction monitor
---- -----------------------------------------------------------
a) Name Zenith Energy
Ltd.
---- -------------------------------- -------------------------
b) LEI
213800AYTYOYD61S4569
---- -------------------------------- -------------------------
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 Stock Options
the financial
instrument, type
of instrument
---- -------------------------------- -------------------------
Identification CA98936C1068
code
---- -------------------------------- -------------------------
b) Nature of the Granting of stock
transaction options
---- -------------------------------- -------------------------
c) Price(s) and Price(s) Volume(s)
volumes(s)
---- -------------------------------- ------------ -----------
CAD$0.12 203,571
-------------------------------------------------- -----------
d) Date of the transaction(s) April 3, 2018
---- -------------------------------- -------------------------
e) Place of the Toronto Stock
transaction Exchange
---- -------------------------------- -------------------------
1 Details of the person discharging
managerial responsibilities
/ person closely associated
---- -----------------------------------------------------------
a) Name Erik Sture Larre
---- -------------------------------- -------------------------
2 Reason for the notification
---- -----------------------------------------------------------
a) Position/status
Non-Executive
Director
---- -------------------------------- -------------------------
b) Initial notification/Amendment Initial Notification
---- -------------------------------- -------------------------
3 Details of the issuer, emission
allowance market participant,
auction platform, auctioneer
or auction monitor
---- -----------------------------------------------------------
a) Name Zenith Energy
Ltd.
---- -------------------------------- -------------------------
b) LEI
213800AYTYOYD61S4569
---- -------------------------------- -------------------------
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 Stock Options
the financial
instrument, type
of instrument
---- -------------------------------- -------------------------
Identification CA98936C1068
code
---- -------------------------------- -------------------------
b) Nature of the Granting of stock
transaction options
---- -------------------------------- -------------------------
c) Price(s) and Price(s) Volume(s)
volumes(s)
---- -------------------------------- ------------ -----------
CAD$0.12 703,571
-------------------------------------------------- -----------
d) Date of the transaction(s) April 3, 2018
---- -------------------------------- -------------------------
e) Place of the Toronto Stock
transaction Exchange
---- -------------------------------- -------------------------
1 Details of the person discharging
managerial responsibilities
/ person closely associated
---- -----------------------------------------------------------
a) Name Saadallah Al-Fathi
---- -------------------------------- -------------------------
2 Reason for the notification
---- -----------------------------------------------------------
a) Position/status
Non-Executive
Director
---- -------------------------------- -------------------------
b) Initial notification/Amendment Initial Notification
---- -------------------------------- -------------------------
3 Details of the issuer, emission
allowance market participant,
auction platform, auctioneer
or auction monitor
---- -----------------------------------------------------------
a) Name Zenith Energy
Ltd.
---- -------------------------------- -------------------------
b) LEI
213800AYTYOYD61S4569
---- -------------------------------- -------------------------
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 Stock Options
the financial
instrument, type
of instrument
---- -------------------------------- -------------------------
Identification CA98936C1068
code
---- -------------------------------- -------------------------
b) Nature of the Granting of stock
transaction options
---- -------------------------------- -------------------------
c) Price(s) and Price(s) Volume(s)
volumes(s)
---- -------------------------------- ------------ -----------
CAD$0.12 703,571
-------------------------------------------------- -----------
d) Date of the transaction(s) April 3, 2018
---- -------------------------------- -------------------------
e) Place of the Toronto Stock
transaction Exchange
---- -------------------------------- -------------------------
1 Details of the person discharging
managerial responsibilities
/ person closely associated
---- -----------------------------------------------------------
a) Name José Ramón
López-Portillo
---- -------------------------------- -------------------------
2 Reason for the notification
---- -----------------------------------------------------------
a) Position/status
Non-Executive
Director
---- -------------------------------- -------------------------
b) Initial notification/Amendment Initial Notification
---- -------------------------------- -------------------------
3 Details of the issuer, emission
allowance market participant,
auction platform, auctioneer
or auction monitor
---- -----------------------------------------------------------
a) Name Zenith Energy
Ltd.
---- -------------------------------- -------------------------
b) LEI
213800AYTYOYD61S4569
---- -------------------------------- -------------------------
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 Stock Options
the financial
instrument, type
of instrument
---- -------------------------------- -------------------------
Identification CA98936C1068
code
---- -------------------------------- -------------------------
b) Nature of the Granting of stock
transaction options
---- -------------------------------- -------------------------
c) Price(s) and Price(s) Volume(s)
volumes(s)
---- -------------------------------- ------------ -----------
CAD$0.12 244,286
-------------------------------------------------- -----------
d) Date of the transaction(s) April 3, 2018
---- -------------------------------- -------------------------
e) Place of the Toronto Stock
transaction Exchange
---- -------------------------------- -------------------------
1 Details of the person discharging
managerial responsibilities
/ person closely associated
---- -----------------------------------------------------------
a) Name Sergey Borovskiy
---- -------------------------------- -------------------------
2 Reason for the notification
---- -----------------------------------------------------------
a) Position/status
Non-Executive
Director
---- -------------------------------- -------------------------
b) Initial notification/Amendment Initial Notification
---- -------------------------------- -------------------------
3 Details of the issuer, emission
allowance market participant,
auction platform, auctioneer
or auction monitor
---- -----------------------------------------------------------
a) Name Zenith Energy
Ltd.
---- -------------------------------- -------------------------
b) LEI
213800AYTYOYD61S4569
---- -------------------------------- -------------------------
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 Stock Options
the financial
instrument, type
of instrument
---- -------------------------------- -------------------------
Identification CA98936C1068
code
---- -------------------------------- -------------------------
b) Nature of the Granting of stock
transaction options
---- -------------------------------- -------------------------
c) Price(s) and Price(s) Volume(s)
volumes(s)
---- -------------------------------- ------------ -----------
CAD$0.12 703,571
-------------------------------------------------- -----------
d) Date of the transaction(s) April 3, 2018
---- -------------------------------- -------------------------
e) Place of the Toronto Stock
transaction Exchange
---- -------------------------------- -------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
RAGXZLLBVZFFBBV
(END) Dow Jones Newswires
April 05, 2018 02:00 ET (06:00 GMT)
Zenith Energy (LSE:ZEN)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Zenith Energy (LSE:ZEN)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024
