2-28-18 9:02 AM EST | Email Article



Calgary, AB / TheNewswire / February 28, 2018 - 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 that its Chief Executive Officer & President, Mr. Andrea Cattaneo, has submitted a proposal before the Company’s Board of Directors to receive his remuneration in equity for the twelve months starting April 1, 2018 ( " 2018 Salary Proposal " ).

As part of the 2018 Salary Proposal, Mr. Cattaneo would exchange his full salary for the twelve months beginning on April 1, 2018 for common shares (" Common Shares ") of the Company (the " 2018 Salary Sacrifice Shares "). The Company's Board of Directors has agreed to the 2018 Salary Proposal subject to the filing of an application with the TSX Venture Exchange (" TSXV ") and the receipt of approval from the TSXV of the 2018 Salary Proposal, including confirmation as to how such 2018 Salary Sacrifice Shares will be priced.

Additionally, the Company will be submitting, among other things, the 2018 Salary Proposal to its shareholders for approval at the upcoming annual general and special meeting of the Company, scheduled for March 29, 2018 in Calgary, Alberta. It is anticipated that this resolution will propose that the 2018 Salary Sacrifice Shares are issued on a quarterly basis at a price that is the higher of: (i) the average price at which the Common Shares traded during the quarterly period, based on the mid-market closing price on the London Stock Exchange on each trading day, and (ii) the discounted market price on the TSXV at the time the particular tranche of 2018 Salary Sacrifice Shares are issued. In the event that shareholders do not approve the 2018 Salary Proposal, Mr. Cattaneo will be entitled to his contractual base salary, being approximately £210,000, to be paid in cash.

Director/ PDMR Shareholding


Mr. Cattaneo has advised the Company that he has purchased a total of 100,000 Common Shares of no par value in the capital of the Company at an average price of GBP0.0715 per Common Share. Mr. Cattaneo purchased a total of 50,000 Common Shares on February 27, 2018. Today, Mr. Cattaneo purchased a total of 50,000 Common Shares.


Following the aforementioned purchases, Mr. Cattaneo is directly beneficially interested in a total of 4,495,116 Common Shares in the capital of the Company, representing 2.83 per cent of the total issued and outstanding common share capital of the Company.  As announced on December 15, 2017, Mr. Cattaneo is indirectly interested in a total of 1,250,000 Common Shares, today representing 0.79 per cent of the Company's issued share capital. 

Zenith Chief Executive Officer, Andrea Cattaneo, commented: 


"My confidence in the value and potential of the Zenith story remains unchanged. My salary proposal to the Board of Directors for a second consecutive year is evidence of my steady conviction in the successful development of the Company and my alignment with shareholders. My remuneration in equity will be favourable to the Company’s finances and enable our resources to be invested to the greatest extent possible in Zenith’s growth. We have an exciting year ahead of us as we continue our work on our asset base and look to enrich it with acquisitions – I believe there will be many catalysts for investors in 2018.”


Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


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


Beaufort Securities Limited - (Joint Broker)

Jon Belliss

Telephone: +44 (0) 207 382 8300


Daniel Stewart & Company Plc - (Joint Broker)

Robert Emmet- Corporate Broking

Nikhil Varghese- Corporate Finance 

Telephone:   + 44 (0) 207 776 6550


Optiva Securities - (Joint Broker)

Christian Dennis

Telephone: + 44 (0) 203 137 1903


Allenby Capital Limited  (Financial Adviser)

Nick Harriss

Nick Athanas

Telephone:   + 44 (0) 203 328 5656


Copyright (c) 2018 TheNewswire - All rights reserved.

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