Last checked at 6 May 2022 15:00
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS
Harbour Energy plc
(the "Company", "Harbour")
Vesting of Conditional Share Award
Harbour today announces that the first one-third increment of the Conditional Share Award ("CSA") made to Linda Cook on 4 May 2021 has vested. The CSA was awarded to compensate Linda for incentive arrangements forfeited on stepping down from her role as Managing Director of EIG Global Energy Partners ("EIG").
The CSA was made in accordance with the Company's Remuneration Policy for the recruitment of a new executive director and was made under the terms of the Company's 2017 Long Term Incentive Plan. The vesting of the CSA is in one-third increments with the second and third increments vesting on 4 May 2023 and 4 May 2024 respectively.
As the vesting of shares under the CSA would, at the current time, give rise to the prospect of an obligation under Rule 9 of The Takeover Code, the Company will settle the first third of the CSA in cash, as allowed under the terms of the award.
Director | Shares vesting | Market price at vesting | Shares notionally withheld to cover statutory deductions | Net number of shares released and settled in cash |
Linda Z Cook | 385,284 | £5.00 | 151,610 | 233,674 |
Enquiries
Harbour Energy plc Tel: 020 7730 1111
Elizabeth Brooks, Head of Investor Relations
Rachel Rickard, Company Secretary
Brunswick Group
Patrick Handley Tel: 07974 982395
Will Medvei Tel: 07823 527148
The information set out below is provided in accordance with the requirements of Article 19(3) of MAR
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Linda Z Cook | ||||
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 | Harbour Energy plc | ||||
b) | LEI | 213800YPC42DYBKVPF97 | ||||
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 0.002 pence each GB00BMBVGQ36 | ||||
b) | Nature of the transaction | (i) Shares withheld to cover statutory deductions following the vesting of a Conditional Share Award under 2017 LTIP; and (ii) Net shares released and settled in cash following the vesting of a Conditional Share Award under the 2017 LTIP. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information
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385,284 £5.00 | ||||
e) | Date of the transaction | 2022-05-04 | ||||
f) | Place of the transaction | Outside of trading venue | ||||