Seplat Petroleum Development Co PLC 2020 Share Awards granted under the 2014 LTIP (4924L)
30 Aprile 2020 - 01:00PM
UK Regulatory
TIDMSEPL
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 GBP1. Therefore,
the number of shares has been calculated based on a share price of
GBP1 as the Q1 2020 average share price was GBP0.96.
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*
============== ===================== =============================
Chief Executive
Austin Avuru Officer 1,657,500
===================== =============================
Chief Financial
Roger Brown 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
GBP1. As the average share price over Q1 2020 was GBP0.96, the
calculation has been performed based on GBP1.
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*
========= ============ =============================
Chief
Austin Executive
Avuru Officer 116,936
============ =============================
Chief
Roger Financial
Brown Officer 48,850
============ =============================
Effiong Operations
Okon Director 48,713
============ =============================
* The number of shares awarded was calculated by reference to
Seplat's closing share price on 31 December 2019 of GBP1.22.
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 Ordinary shares of Seplat Petroleum Development
instrument Company plc of 0.5 Naira each
Identification code
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 Ordinary Shares of Seplat Petroleum Development
instrument Company plc of 0.5 Naira each
Identification code 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 Ordinary Shares of Seplat Petroleum Development
instrument Company plc of 0.5 Naira each
Identification code 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 +234 1 277 0400 Ext
Secretary 53172
Ngozi Osuzoka (company secretariat) +234 1 277 0444 Ext
53325
FTI Consulting
Ben Brewerton / Sara Powell +44 (0) 203 727 1000
seplat@fticonsulting.com
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END
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