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RNS Number : 4924L
Seplat Petroleum Development Co PLC
30 April 2020
 

 

 

 

 NOTIFICATION OF TRANSACTIONS OF PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES

 

Seplat Petroleum Development Company Plc

2020 Share Awards granted under the 2014 Long Term Incentive Plan ("LTIP")

 

Lagos and London, 30 April 2020: The following awards over ordinary shares of 0.5 Naira each ("Shares") of Seplat Petroleum Development Company plc ("Seplat") were granted under the Seplat Petroleum Development Company Plc 2014 Long Term Incentive Plan ("LTIP") to Executive Directors of the Company on 30 April 2020 as set out below.

We recognise that the share price has fallen sharply in the weeks before the award was made, in response to the external pressures related to COVID-19 and the fall in the oil price. We note that the Company operates a policy to protect shareholders from excessive dilution and manage annual LTIP award levels whereby the number of shares awarded is calculated based on the higher of Seplat's average share price in Q1 each year or £1. Therefore, the number of shares has been calculated based on a share price of £1 as the Q1 2020 average share price was £0.96.

The awards will normally vest on 30 April 2023 being the third anniversary of the Award Date subject to relative TSR and underpin performance conditions.

 

Name

Position

Number of Shares over which  the award is granted*

Austin Avuru

Chief Executive Officer

1,657,500

Roger Brown

Chief Financial Officer

1,007,856

Effiong Okon

Operations Director

1,123,417

 

* In line with the approach approved by the Remuneration Committee, the number of shares to be granted was calculated by dividing the monetary value of the salary multiple relevant for each PDMR by the higher of the average share price over Q1 2020 or £1. As the average share price over Q1 2020 was £0.96, the calculation has been performed based on £1.

 

On 30 April 2020 the Company also granted Deferred Share Awards in respect of the 2019 Annual Bonus over Shares of Seplat under the LTIP to Executive Directors of the Company as set out below. 

 

Name

Position

Number of Shares over which the award is granted*

Austin Avuru

Chief Executive Officer

116,936

Roger Brown

Chief Financial Officer

48,850

Effiong Okon

Operations Director

48,713

 

* The number of shares awarded was calculated by reference to Seplat's closing share price on 31 December 2019 of £1.22.

 

Under the Directors' Remuneration Policy approved by Seplat's shareholders at Seplat's 2018 Annual General Meeting, 25% of the directors' annual bonus paid for a financial year is deferred into an award over Shares and the Shares will normally be released on 31 December 2021 (two years following the end of the performance year in respect of which the Award is made) subject to continued employment in line with the LTIP rules and corporate governance best practice. No consideration was paid for the grant of these awards and no consideration is due on the vesting of awards.

 

The information set out below is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014.

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Austin Avuru

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

Seplat Petroleum Development Company Plc

b)

LEI

029200711C4S4CB2E982

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 the financial instrument, type of instrument

 

Identification code

Ordinary shares of Seplat Petroleum Development Company plc of 0.5 Naira each


NGSEPLAT0008

b)

Nature of the transaction

Grant of (a) the 2020 Annual LTIP Award and (b) Deferred Share Award in respect of 2019 Annual Bonus under the Seplat Petroleum Development Company Plc 2014 Long Term Incentive Plan

c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

(a)

Nil

1,657,500

(b)

Nil

116,936

 

d)

Aggregated information

-

Aggregated volume

-

Price

 

 

1,774,436 ordinary shares of 0.5 Naira each


Nil consideration

e)

Date of the transaction

30 April 2020

f)

Place of the transaction

Outside a trading venue

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Roger Brown

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

Seplat Petroleum Development Company plc

b)

LEI

029200711C4S4CB2E982

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 the financial instrument, type of instrument

 

Identification code

Ordinary Shares of Seplat Petroleum Development Company plc of 0.5 Naira each

NGSEPLAT0008

b)

Nature of the transaction

Grant of nil-cost option in respect of (a) the 2020 Annual LTIP Award and (b) Deferred Share Award in respect of 2019 Annual Bonus under the Seplat Petroleum Development Company Plc 2014 Long Term Incentive Plan

c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

(a)

Nil

1,007,856

(b)

Nil

48,850

 

d)

Aggregated information

-

Aggregated volume

-

Price

 

 

1,056,706 ordinary shares of 0.5 Naira each


Nil consideration

e)

Date of the transaction

30 April 2020

f)

Place of the transaction

Outside a trading venue


 

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Effiong Okon

2

Reason for the notification

a)

Position/status

Operations Director

b)

Initial notification/Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Seplat Petroleum Development Company plc

b)

LEI

029200711C4S4CB2E982

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 the financial instrument, type of instrument

 

Identification code

Ordinary Shares of Seplat Petroleum Development Company plc of 0.5 Naira each

NGSEPLAT0008

b)

Nature of the transaction

Grant of (a) the 2020 Annual LTIP Award and (b) Deferred Share Award in respect of 2019 Annual Bonus under the Seplat Petroleum Development Company plc 2014 Long Term Incentive Plan

c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

(a)

Nil

1,123,417

(b)

Nil

48,713

 

d)

Aggregated information

-

Aggregated volume

-

Price

 

 

1,172,130 ordinary shares of 0.5 Naira each


Nil consideration

e)

Date of the transaction

30 April 2020

f)

Place of the transaction

Outside a trading venue

 

Enquiries:

Seplat Petroleum Development Company Plc

 

Edith Onwuchekwa, Company Secretary

Ngozi Osuzoka (company secretariat)

+234 1 277 0400 Ext 53172

+234 1 277 0444 Ext 53325

FTI Consulting

 

Ben Brewerton / Sara Powell

+44 (0) 203 727 1000
seplat@fticonsulting.com

 

 

 


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