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4 Apr 2017 17:26
Seplat Petroleum Development Company plc
4 April 2017
NOTIFICATION OF TRANSACTIONS OF PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES
Seplat Petroleum Development Company plc
2017 Share Awards granted under the 2014 Long-Term Incentive Plan ("LTIP")
The following awards over ordinary shares of 0.5 Naira each ("Shares") of Seplat Petroleum Development Company plc ("Seplat") were granted under the LTIP to Executive Directors of the Company on 31th March 2017 as a deferred share award as set out below.
Name | Position | Number of Shares over which award granted * |
Austin Avuru | Chief Executive Officer | 106,709 |
Stuart Connal | Chief Operations Officer | 59,096 |
Roger Brown | Chief Financial Officer | 59,032 |
* The number of shares awarded was calculated by reference to Seplat's closing share price on 30 March 2017 of £0.7275
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 March 2019 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.
As announced previously, Stuart Connal retired from his role as COO and executive director effective on 31 March 2017. In line with the provisions for cessation of employment under the approved Directors' Remuneration Policy and the rules of the LTIP, the award of Shares granted to him on 31 March 2017 relating to annual bonus for the year ending 31 December 2016 fully vested following Mr Connal's retirement. The vested shares will be released on the normal vesting date in line with Company's Directors' Remuneration Policy.
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 conditional share award under the Seplat Petroleum Development Company plc 2014 Long-Term Incentive Plan | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information
|
106,709 ordinary shares of 0.5 Naira each Nil consideration | ||||
e) | Date of the transaction | 31 March 2017 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Stuart Connal | ||||
2 | Reason for the notification | |||||
a) | Position/status | Chief Operations 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 conditional share award under the Seplat Petroleum Development Company plc 2014 Long-Term Incentive Plan | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information
|
59,096 ordinary shares of 0.5 Naira each Nil consideration | ||||
e) | Date of the transaction | 31 March 2017 | ||||
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 | Share Options over Ordinary Shares of Seplat Petroleum Development Company plc of 0.5 Naira eachNGSEPLAT0008 | ||||
b) | Nature of the transaction | Grant of nil-cost options under the Seplat Petroleum Development Company plc 2014 Long-Term Incentive Plan | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information
|
59,032 options over ordinary shares of 0.5 Naira each Nil consideration | ||||
e) | Date of the transaction | 31 March 2017 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
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 / James Styles | +44 (0) 203 727 1000seplat@fticonsulting.com |
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