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8 May 2018 16:52
8 May 2018
Seplat Petroleum Development Company Plc
NOTIFICATION OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES
Seplat Petroleum Development Company Plc
2018 Share Awards granted under the 2014 Long-Term Incentive Plan ("LTIP")
Lagos and London, 8 May 2018: 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 and other Senior Executives of the Company on 2 May 2018 as set out below
The awards will vest on 2 May 2021 being the third anniversary of the Award Date subject to relative TSR performance condition and reserves growth underpin.
Name | Position | Number of Shares over which the award is granted* |
Austin Avuru | Chief Executive Officer | 1,250,077 |
Roger Brown | Chief Financial Officer | 760,046 |
Effiong Okon | Operations Director | 779,061 |
* 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 2018 or £1. As the average share price over Q1 2018 was £1.29, the calculation has been performed based on this share price.
On 2 May 2018, the Company has also granted Deferred Share Awards in respect of the 2017 Annual Bonus Shares under the LTIP to Executive Directors of the Company as set out below.
Name | Position | Number of Shares over which the award is granted* |
Austin Avuru | Chief Executive Officer | 138,157 |
Roger Brown | Chief Financial Officer | 55,673 |
* The number of shares awarded was calculated by reference to Seplat's closing share price on 29 December 2017 of £1.09.
Under the Directors' Remuneration Policy approved by Seplat's shareholders at Seplat's 2015 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 2019 (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 instrument
Identification code | Ordinary shares of Seplat Petroleum Development Company Plc of 0.5 Naira eachNGSEPLAT0008 | |||||||||
b) | Nature of the transaction | Grant of (a) the 2018 Annual LTIP Award and (b) Deferred Share Award in respect of 2017 Annual Bonus under the Seplat Petroleum Development Company Plc 2014 Long-Term Incentive Plan | |||||||||
c) | Price(s) and volume(s) |
| |||||||||
d) | Aggregated information
|
1,388,234 ordinary shares of 0.5 Naira each Nil consideration | |||||||||
e) | Date of the transaction | 2 May 2018 | |||||||||
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 instrument
Identification code | Ordinary Shares of Seplat Petroleum Development Company Plc of 0.5 Naira eachNGSEPLAT0008 | |||||||||
b) | Nature of the transaction | Grant of (a) the 2018 Annual LTIP Award and (b) Deferred Share Award in respect of 2017 Annual Bonus under the Seplat Petroleum Development Company Plc 2014 Long-Term Incentive Plan | |||||||||
c) | Price(s) and volume(s) |
| |||||||||
d) | Aggregated information
|
815,719 ordinary shares of 0.5 Naira each Nil consideration | |||||||||
e) | Date of the transaction | 2 May 2018 | |||||||||
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 instrument
Identification code | Ordinary Shares of Seplat Petroleum Development Company Plc of 0.5 Naira eachNGSEPLAT0008 | ||||
b) | Nature of the transaction | Grant of the 2018 Annual LTIP Award under the Seplat Petroleum Development Company Plc 2014 Long-Term Incentive Plan | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information
|
779,061 ordinary shares of 0.5 Naira each Nil consideration | ||||
e) | Date of the transaction | 2 May 2018 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
Signed:
Dr. Mirian Kene Kachikwu
(Company Secretary)
Enquiries:
Seplat Petroleum Development Company Plc |
|
Dr. Mirian Kachikwu, General Counsel Ngozi Osuzoka (company secretariat) | +234 1 277 0400 Ext 1110 +234 1 277 0444 Ext 1108 |
FTI Consulting |
|
Ben Brewerton / Sara Powell / Molly Stewart | +44 (0) 203 727 1000seplat@fticonsulting.com |
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