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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