Longboat Energy PLC Long Term Incentive Plan Award (2920A)
28 Settembre 2020 - 11:22AM
UK Regulatory
TIDMLBE
RNS Number : 2920A
Longboat Energy PLC
28 September 2020
28 September 2020
Longboat Energy plc
("Longboat Energy", "the Company" or "Longboat")
Notification of Transaction by Person Discharging Managerial
Responsibilities ("PDMR")
Long Term Incentive Plan Award
Longboat Energy, established by the former management team of
Faroe Petroleum plc to build a significant North Sea-focused
E&P business, announces a conditional award made under the
Company's Long Term Incentive Plan (the "Plan") to a PDMR of the
Company.
The Plan
The Plan, as approved by shareholders at the 2020 Annual General
Meeting ('AGM'), is an employee share plan designed to provide
incentivisation and retention for management personnel of the
Company over a three-year period (the "Performance Period"). The
terms of the Plan, which are market standard, are summarised in the
Notice of AGM dated 28 May 2020.
The Company may issue 15% of its share capital within a ten-year
period to satisfy awards to participants in the Plan, the Founders
Incentive Plan ('FIP') and any other share plan operated by the
Company under which shares are issued.
Conditional Awards
The Company's Remuneration Committee, which is made up
exclusively of Non-Executive Directors, has made a conditional
award under the Plan to Nick Ingrassia, Business Development
Director (the "Award") in the form of an option to acquire 40,000
ordinary shares of 10p each in the Company (the "Nil Cost Options")
representing 0.4% of the Company's current issued share capital .
Subject to meeting the performance conditions, as summarised below,
the Nil Cost Options will vest three years after grant and then be
subject to a further two-year holding period.
The number of Nil Cost Options shall be adjusted at the
completion of the first Reverse Takeover ('RTO') of the Company,
being an event marking the first material acquisition made, to such
number as to represent 0.4% (decimal four percent) of the issued
share capital of the Company following the RTO, subject to the
value of the award not exceeding 200% (two hundred percent) of the
recipients adjusted base salary at the time of the RTO.
Performance Conditions
The Award's performance conditions are aligned with those
associated with the awards made to the Executive Directors under
the FIP and relate to the absolute TSR performance of the Company.
The Company's TSR shall be calculated as soon as practicable after
the end of the three-year performance period. The Nil Cost Options
will become exercisable as follows:
Longboat Energy TSR growth Percentage of LTIP Option Vesting
per annum
Below 15% Nil
----------------------------------------
15% 50%
----------------------------------------
26% 100%
----------------------------------------
Between 15% and 26% Between 50% and 100% on a straight-line
basis
----------------------------------------
The above growth rates will apply separately to both the initial
and subsequent award of Nil Cost Options. Vesting of the Nil Cost
options awarded following an RTO will be determined based on TSR
performance from the date of the completion of the RTO to the end
of the original performance period in September 2023.
Notification of Deal Forms of each PDMR can be found below. This
announcement is made in accordance with Article 19 of the EU Market
Abuse Regulation 596/2014.
1. Details of the person discharging managerial responsibilities/persons closely associated
--- -------------------------------------------------------------------------------------------------------------------
a) Name Nicholas Ingrassia
--- ----------------------- ------------------------------------------------------------------------------------------
2. Reason for notification
--- -------------------------------------------------------------------------------------------------------------------
a) Position/Status Business Development Director
--- ----------------------- ------------------------------------------------------------------------------------------
b) Initial Initial notification
notification/amendment
--- ----------------------- ------------------------------------------------------------------------------------------
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
--- -------------------------------------------------------------------------------------------------------------------
a) Name Longboat Energy plc
--- ----------------------- ------------------------------------------------------------------------------------------
b) LEI 213800D1D587TB36ST68
--- ----------------------- ------------------------------------------------------------------------------------------
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 Ordinary Shares of GBP0.10 each in the capital of Longboat Energy plc ISIN: GB00BKFW2482
financial instrument,
type of instrument and
identification code
--- ----------------------- ------------------------------------------------------------------------------------------
b) Nature of transaction Grant of options under the Longboat Energy plc Long Term Incentive Plan
--- ----------------------- ------------------------------------------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
--------- -----------------------------------------------------------------------------
Nil 40,000 share or such greater number as equals a maximum 0.4% of the issued
share capital following
an RTO
--------- -----------------------------------------------------------------------------
--- ----------------------- ------------------------------------------------------------------------------------------
d) Aggregated Information n/a
--- ----------------------- ------------------------------------------------------------------------------------------
e) Date of transaction 24 September 2020
--- ----------------------- ------------------------------------------------------------------------------------------
f) Place of transaction XOFF
--- ----------------------- ------------------------------------------------------------------------------------------
This announcement does not contain inside information
Enquiries:
Longboat Energy via FTI
Helge Hammer, Chief Executive Officer
Jon Cooper, Chief Financial Officer
Stifel (Nomad) Tel: +44 20 7710 7600
Callum Stewart
Jason Grossman
Simon Mensley
Ashton Clanfield
FTI Consulting (PR adviser) Tel: +44 20 3727 1000
Ben Brewerton
Sara Powell
Ntobeko Chidavaenzi longboatenergy@fticonsulting.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DSHEANNPAFNEEEA
(END) Dow Jones Newswires
September 28, 2020 05:22 ET (09:22 GMT)
Grafico Azioni Longboat Energy (LSE:LBE)
Storico
Da Feb 2024 a Mar 2024
Grafico Azioni Longboat Energy (LSE:LBE)
Storico
Da Mar 2023 a Mar 2024