AIM Rule 26
Cove Energy plc is a public limited company incorporated in England and Wales with company number 4994974. The main countries of operation are Mozambique, Tanzania and Kenya.
For a description of the business, please see the Operations page.
Board of DirectorsTo top
Michael Blaha – Executive Chairman
John Craven – CEO
Michael Nolan – Finance Director
Frank H Moxon – Non-Executive Director
Dr Stephen Staley – Non-Executive Director
Anthony Golding – Non-Executive Director
Biographical Details of the Directors can be found on the "Directors Profiles" page.
The responsibilities of the Directors and details of the committees of the board can be on the Directors Responsibilities page and the Committees of the Board page.
Securities InformationTo top
Cove Energy plc has a total of 490,995,300 ordinary shares of £0.01 each in issue. There are no shares held in treasury.
There are no restrictions on the transfer of the issued ordinary shares of the Company.
In accordance with the AIM Rules (AIM Rule 26), in so far as the Company is aware, the percentage of the Company’s issued share capital that is not in public hands is approximately 0.92%. This percentage comprises the holdings of the directors who hold shares in the Company.
The securities of the Company are not listed on any other exchanges or trading platforms.
Significant ShareholdingsTo top
Substantial Shareholdings
Shares in Issue – 18 January 2012- 490,995,300
| Name of Holders | Numbers of Shares | % held |
|---|---|---|
| Blackrock Inc | 33,530,354 | 6.83 |
| JP Morgan Asset Management (UK) Limited | 37,279,370 | 7.59 |
| F&C Asset Management Plc | 31,820,144 | 6.48 |
| Standard Life Investments Ltd | 27,967,409 | 5.70 |
| FIL Limited | 28,815,622 | 5.86 |
| Prudential Plc group of companies | 27,614,084 | 5.62 |
Directors' InterestsTo top
The current interests (all of which were beneficially held) of the directors, their spouses and minor children in the share capital of the Company and its subsidiary, are as follows:
| Share Options | |||
|---|---|---|---|
| Directors | Ordinary Shares of £0.01 each | Ordinary Shares of £0.01 each | Option Exercise Price |
| Michael Blaha | 450,000 |
6,500,000 (a) 700,000 (b) 500,000 (c) |
£0.20 £0.94 £0.79 |
|
John Craven |
2,797,579 |
6,500,000 (a) 700,000 (b) 500,000 (c) |
£0.20 £0.94 £0.79 |
| Michael Nolan | 1,360,000 |
1,850,000 (a) 514,700 (b)* 367,647 (c) |
£0.05 £0.94 £0.79 |
| Frank Moxon | 57,100 | - | - |
| Dr Stephen Staley | 9,500 | - | - |
| Anthony Golding | 10,000 | - | - |
* These share options are held in a share appreciation agreement with JS Consult Limited.
(a) The expiry date of these share options is 15 October 2016. These share options vest in tranches over a 30 month period subject to the market price of the Company’s Ordinary Shares meeting key performance targets, as set out below, over a one month period starting one month prior to the applicable vesting period and ending on the expiry date.
| Vesting Period | % of options granted which vest | Share price performance target |
|---|---|---|
| 12 months following date of grant | 40% | £0.35 |
| 21 months following date of grant | 30% | £0.40 |
| 30 months following date of grant | 30% | £0.45 |
(b) The expiry date of these options is 22 December 2017. These options may be exercised between three and seven years from issue. To fully vest, the Company’s share price must show at least a 25% compound annual growth from the award price (£0.93375) subject to a reduction by half of the option awards should the compound annual growth in the Company’s share price be greater than 15% but less than 25%.
| Vesting Period | % of options granted which vest | Share price performance target |
|---|---|---|
| 36-84 months following date of grant | 50% | £1.43 |
| 36-84 months following date of grant | 100% | £1.83 |
(c) The expiry date of these options is 07 October 2018. These options may be exercised between three and seven years from issue. To fully vest, the Company’s share price must show at least a 25% compound annual growth from the award price (£0.78625) subject to a reduction by half of the option awards should the compound annual growth in the Company’s share price be greater than 15% but less than 25% hurdle.
| Vesting Period | % of options granted which vest | Share price performance target |
|---|---|---|
| 36-84 months following date of grant | 50% | £1.20 |
| 36-84 months following date of grant | 100% | £1.54 |
This page was updated on 10 January 2012.
Company Information and Key AdvisorsTo top
Registered Office
Cove Energy plc (formerly Lapp Plats plc) is incorporated in the United Kingdom |
Auditors
Mazars LLP |
Nominated Adviser & Broker (AIM)
Cenkos Securities plc |
Bankers
Bank of Ireland |
Registrars
Computershare Investor Services (Ireland) Ltd |
UK Solicitors
Lawrence Graham LLP |
Reporting Accountants
Mazars LLP |
Company AnnouncementsTo top
Please see the Latest News page to access notifications made by the Company in the past 12 months.
Financial InformationTo top
For our most recent annual report and the half yearly report published since the last annual report, please see our Financial Reports page.
Shareholder CircularsTo top
Admission DocumentsTo top
The Admission document contains information relating to Cove Energy Plc (formerly known as Lapp Plats plc) and in particular relating to the proposed admission of the Company to trading on AIM, a market operated by the London Stock Exchange, and to trading on IEX a market operated by the Irish Stock Exchange.
Latest Admission Document (September 2009)
Constitutional DocumentsTo top
Articles of Association (28 June 2010)
Documents to be ApprovedTo top
None Pending
