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2 Dec 2020 15:00
Seplat Petroleum Development Company Plc ("Seplat" or the "Company")
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, 2 December 2020: The following award over ordinary shares of 0.5 Naira each ("Shares") of Seplat Petroleum Development Company plc ("Seplat") was granted under the Seplat Petroleum Development Company Plc 2014 Long Term Incentive Plan ("LTIP") to the Executive Director of the Company on 2 December 2020 as set out below.
This grant is being made to reflect Mr Roger Brown's promotion to CEO effective from 1st August 2020. 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 and £1. Therefore, the number of shares has been calculated based on a share price of £1 as the share price on 1 August 2020 was £0.59.
The award will normally vest on 2 December 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* |
Roger Brown | Chief Executive Officer | 268,029 |
* 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 the PDMR by the higher of the share price on 1 August 2020 or £1. As the share price on 1 August 2020 was £0.59, the calculation has been performed based on £1.
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.
For: Seplat Petroleum Development Company Plc
Edith Onwuchekwa
Company Secretary and General Counsel
Enquiries:
Seplat Petroleum Development Company Plc |
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Emeka Onwuka, CFO | +234 (01) 277 0400
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Edith Onwuchekwa, Company Secretary and General Counsel
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FTI Consulting |
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Ben Brewerton / Sara Powell
| +44 (0) 203 727 1000 | |||||||||
| seplat@fticonsulting.com
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1 | Details of the person discharging managerial responsibilities/person closely associated |
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a) | Name | Roger Brown |
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2 | Reason for the notification |
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a) | Position/status | Chief Executive Officer |
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b) | Initial notification/Amendment | Initial notification |
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3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
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a) | Name | Seplat Petroleum Development Company Plc |
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b) | LEI | [029200711C4S4CB2E982] |
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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 |
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a) | Description of the financial instrument, type of instrument Identification code | Ordinary Shares of Seplat Petroleum Development Company Plc of 0.5 Naira each[NGSEPLAT0008] |
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b) | Nature of the transaction | Grant of nil-cost option in respect of the 2020 Annual LTIP Award under the Seplat Petroleum Development Company Plc 2014 Long Term Incentive Plan. |
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c) | Price(s) and volume(s) |
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d) | Aggregated information
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[268,029] ordinary shares of 0.5 Naira each Nil consideration |
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e) | Date of the transaction | [2 December] 2020 |
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f) | Place of the transaction | Outside a trading venue |
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