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23 Dec 2022 07:00
Friday 23 December 2022
Ithaca Energy plc
("Ithaca Energy" or "the Company")
Director / PDMR Shareholdings
Ithaca Energy plc (ITH) makes the following announcement in respect of certain disclosable transactions carried out by certain of its directors and persons discharging managerial responsibilities ("PDMRs") on 21 December 2022.
Grant of restricted share awards to PDMRs
On 21 December 2022, the Company granted restricted share awards ("Restricted Share Awards") under the new Ithaca Energy Long Term Incentive Plan (the "LTIP") to the PDMRs listed below:
PDMR | No. of shares under Restricted Share Award |
Iain Lewis | 120,000 |
Each Restricted Share Award is granted in the form of a nil-cost option and which will vest and become exercisable in three distinct tranches, on the first second and third anniversaries of the date on which the Company's shares were first admitted to trading on the London Stock Exchange ("Admission").
The Restricted Share Awards are intended to recognise effort and performance of each individual recipient up to Admission and to provide an incentive and retention mechanism for recipients.
Grant of performance share awards to PDMRs
On the same date, 21 December 2022, the Company granted performance share awards ("Performance Share Awards") under the new LTIP to the PDMRs listed below:
PDMR | No. of shares under Performance Share Award |
Iain Lewis Alan Alexander Bruce | 240,000 360,000 |
Each Performance Share Awards are granted in the form of a nil-cost option and which will vest and become exercisable on the later of: (i) the third anniversary of the grant date; and (ii) the date on which Remuneration Committee determines that the applicable performance conditions are met.
The Performance Share Awards are subject to stretching performance conditions measuring the financial, operational and business performance of the Company. The detail of the performance conditions is considered by the Company to be commercially sensitive and is not provided in this announcement. However full disclosure of the applicable performance conditions will be provided in the Company's next annual report and accounts.
This announcement is made in accordance with Article 19 of the EU Market Abuse Regulation 596/2014.
For further information, please contact:
Company: Kathryn Reid - Head of Investor Relations, Corporate Affairs & Communications
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kathryn.reid@ithacaenergy.com
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FTI Consulting - PR Advisers to Ithaca Energy Ben Brewerton / Nick Hennis | +44 (0)203 727 1000 ithaca@fticonsulting.com
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1. | Details of the person discharging managerial responsibilities/ person closely associated | |||||
a) | Name | Alan Alexander Bruce | ||||
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 | Ithaca Energy plc
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b) | LEI | 21380057TNFLXPXBIP34 | ||||
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument
| Ordinary 1p shares
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Identification code | ISIN: GB00BPJHV584 | |||||
b) | Nature of the transaction | Grant of a nil-cost option over ordinary shares pursuant to the Ithaca Energy Long Term Incentive Plan
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c) | Price(s) and volume(s)
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d) | Aggregated information | Not applicable - single transaction | ||||
e) | Date of the transaction | 21 December 2022 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/ person closely associated | |||||
a) | Name | Iain Lewis | ||||
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 | Ithaca Energy plc
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b) | LEI | 21380057TNFLXPXBIP34 | ||||
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument
| Ordinary 1p shares
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Identification code | ISIN: GB00BPJHV584 | |||||
b) | Nature of the transaction | Grant of a nil-cost option over ordinary shares pursuant to the Ithaca Energy Long Term Incentive Plan
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c) | Price(s) and volume(s)
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d) | Aggregated information | Not applicable - single transaction | ||||
e) | Date of the transaction | 21 December 2022 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
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