05:09 Fri 20 Mar 2020
Sound Energy PLC - Further re Directorate Changes
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Further re Directorate Changes
As previously disclosed by the Company, certain of the Company's employees, including
Under their existing employment contracts, should a transaction which constitutes a 'change of control' event complete during the term of their employment,
At the times of their resignations, and to seek to incentivise Messrs Parsons and Mitchener to continue to assist the Company in advancing the proposed divestment transaction announced by
The purported Change of Control Amendments were subject to Rule 13 of the AIM Rules for Companies as 'related party transactions'. The Company did not compy with AIM Rule 13 and did not disclose the purported Change of Control Amendments in the Previous Notifications.
Acknowledging the oversight in this regard, and notwithstanding the previous due consideration of the Company's Remuneration Committee in agreeing the purported Change of Control Amendments in
As a result, Messrs Parsons and Mitchener continue to be entitled to 'change of control' payments under their original Change of Control clauses prior to the end dates of their employment (
The Company re-iterates that it is no longer in exclusive discussions in respect of the Proposed Transaction and there is no certainty that the Proposed Transaction will proceed or will successfully conclude. The Company does not consider there to be any realistic prospect that the Proposed Transaction (or any other transaction which constitutes a 'change of control' event) will complete prior to the expiry of these executives' employments and thus there is currently no expectation that the Company will be liable under their existing employment contracts to make any related payment to either
For further information please contact:
Patrick d'Ancona
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Tel: 44 (0)20 7390 0230 |
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Cenkos Securities - Nominated Adviser Russell Cook
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Tel: 44 (0)20 7397 8900 |
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Tel: 44 (0)20 3657 0050 |
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