TIDMSEPL
RNS Number : 7254E
Seplat Energy PLC
14 March 2022
NOTIFICATION OF TRANSACTIONS OF PERSONS DISCHARGING MANAGERIAL
RESPONSIBILITIES
Seplat Energy PLC ("Seplat" or "Company")
Share Awards granted/released under the Seplat Energy PLC 2014
Long Term Incentive Plan ("LTIP")
Lagos and London - 14(th) March 2022: Following the announcement
on 25 February 2022 that Seplat had entered into an agreement to
acquire the entire share capital of Mobil Producing Nigeria
Unlimited, the Remuneration Committee of the Board has granted
awards under the LTIP to the Executive Directors of the Company in
relation to the 2021 financial year and as set out in Seplat's 2020
Annual Report. The grant of these awards at an earlier stage was
delayed because of share dealing restrictions .
The following awards ("LTIP Awards") over ordinary shares of 0.5
Naira each ("Shares") of Seplat were granted under the LTIP to
Executive Directors of the Company on 10th March 2022 (the "Award
Date") as set out below using the average share price over the 5
day period prior to the date of grant. As provided in the rules of
the LTIP and the remuneration policy approved by shareholders, the
Remuneration Committee has exercised its discretion to increase the
number of shares from the normal limit (300% of salary for the
Chief Executive Officer and 240% for other Executive Directors) to
reflect the difference between the current share price and the
price when awards relating to the 2021 financial year had been
granted to other employees not impacted by share dealing
restrictions (November 2021). Vesting of the LTIP awards is
dependent on continued employment and the achievement of relative
and absolute Total Shareholder Return ("TSR") performance targets
and a qualitative underpin over a three-year performance period
which began on 1 January 2021. The LTIP Awards will be subject to a
two year post vesting holding period. Full details of the vesting
conditions of these LTIP Awards will be set out in the Company's
2021 Annual Report.
Name Position Total Number Increase in Total 2021
of Shares number of shares LTIP Award
over which from the normal
the award limit at RemCo's
is granted* Discretion
Chief Executive
Roger Brown Officer 1,728,161 465,425 2,193,586
--------------------- ------------- ------------------ ------------
Chief Financial
Emeka Onwuka Officer 1,146,754 308,841 1,455,595
--------------------- ------------- ------------------ ------------
Effiong Okon Operations Director 1,169,359 314,929 1,484,288
--------------------- ------------- ------------------ ------------
* In line with the Directors' Remuneration Policy, the number of
Shares to be awarded was calculated by divi ding the monetary value
of the salary multiple relevant for each Executive Director by the
five-day average share price prior to the date on which the LTIP
Awards were granted of GBP1.117.
The Remuneration Committee retains discretion to make
adjustments to the LTIP Awards vesting level and amounts payable
resulting from the application of the performance measures if it
considers that the outcomes are not a fair and accurate reflection
of corporate performance.
It should be noted that the Remuneration Committee is intending
to grant LTIP Awards to Executive Directors relating to the 2022
financial year within 42 days of the announcement of Seplat's 2021
financial results (excluding any days in any close period). Vesting
of these LTIP Awards is dependent on continued employment and the
achievement of relative and absolute TSR performance targets and a
qualitative underpin over a three-year performance period which
began on 1 January 2022. For the avoidance of doubt this means that
the Executive Directors will be granted two LTIP Awards in 2022,
one relating to the 2021 financial year and delayed because of
share dealing restrictions and one relating to the 2022 financial
year.
On 10 March 2022 the Company also granted the following awards
("Deferred Share Awards") in respect of the 2020 Annual Bonus over
Shares under the LTIP to Executive Directors of the Company as set
out below. Under the Directors' Remuneration Policy approved by
shareholders at Seplat's 2021 Annual General Meeting, 25% of the
directors' annual bonus relating to the 2020 financial year is
deferred into an award over Shares and the Shares will normally be
released on 31 December 2022 (two years following the end of the
performance year in respect of which the Deferred Share Award is
granted) subject to continued employment in line with the LTIP
rules. The grant of these Deferred Share Awards was also delayed
because of share dealing restrictions.
Name Position Number of Shares over
which the award is
granted*
Chief
Roger Executive
Brown Officer 83,182
------------ ----------------------
Chief
Emeka Financial
Onwuka Officer 26,864
------------ ----------------------
Effiong Operations
Okon Director 62,522
------------ ----------------------
* The number of Shares awarded was calculated by reference to
Seplat's closing share price on 31 December 2020 of GBP0.65 as per
the remuneration policy approved by shareholders and disclosed in
the Company's 2020 Annual Report
Full details of the Company's achievements against the corporate
performance targets applying to the 2018 LTIP Awards will be
disclosed in the Company's 2021 Annual Report.
On 10 March 2022 the Company also granted the following awards
("Deferred Share Awards") in respect of the 2021 Annual Bonus over
Shares under the LTIP to Executive Directors of the Company as set
out below. Under the Directors' Remuneration Policy approved by
shareholders at Seplat's 2021 Annual General Meeting, 25% of the
directors' annual bonus relating to the 2021 financial year is
deferred into an award over Shares and the Shares will normally be
released on 31 December 2023 (two years following the end of the
performance year in respect of which the Deferred Share Award is
granted) subject to continued employment in line with the LTIP
rules.
Name Position Number of Shares over
which the award is
granted*
Roger Brown Chief Executive Officer 207,813
------------------------- ----------------------
Emeka Onwuka Chief Financial Officer 114,915
------------------------- ----------------------
Effiong Okon Operations Director 117,180
------------------------- ----------------------
* The number of Shares awarded was calculated by reference to
Seplat's closing share price on 31 December 2021
of GBP0.836 as per the approved remuneration policy.
No consideration was paid for the grant of the above 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.
-S -
For: Seplat Energy Plc
Mrs. Edith Onwuchekwa
Director Legal/Company Secretary
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name Roger Brown
---------------------------------------------- ----------------------------------------------
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 Energy 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 Ordinary shares of Seplat Energy PLC
financial instrument, of 0.5 Naira each
type of instrument
Identification code
NGSEPLAT0008
---------------------------------------------- ----------------------------------------------
b) Nature of the transaction Grant of nil-cost options in respect
of (a) the 2021 Annual LTIP Award and
(b) Deferred Share Award in respect
of the 2020 Annual Bonus under the Seplat
Energy Plc 2014 Long Term Incentive
Plan
---------------------------------------------- ----------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
(a) Nil 2,193,586 2021 LTIP
--------- ---------- --------------
(b) Nil 83,182 2020 Deferred
Shares
--------- ---------- --------------
(c) Nil 207,813 2021 Deferred
Shares
--------- ---------- --------------
---------------------------------------------- ----------------------------------------------
d) Aggregated information - Aggregated volume
- Price 2,484,581 ordinary shares of 0.5 Naira
------------------ each
Nil consideration
---------------------------------------------- ----------------------------------------------
e) Date of the transaction 10 March 2022
---------------------------------------------- ----------------------------------------------
f) Place of the transaction Outside a trading venue
---------------------------------------------- ----------------------------------------------
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name Emeka Onwuka
---------------------------------------------- ----------------------------------------------
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 Energy 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 Ordinary Shares of Seplat Energy PLC
financial instrument, of 0.5 Naira each
type of instrument
NGSEPLAT0008
Identification code
---------------------------------------------- ----------------------------------------------
b) Nature of the transaction Grant of (a) the 2021 Annual LTIP Award
and (b) Deferred Share Award in respect
of 2020 Annual Bonus under the Seplat
Energy Plc 2014 Long Term Incentive Plan
---------------------------------------------- ----------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
(a) Nil 1,455,595 2021 LTIP
--------- ---------- --------------
(b) Nil 26,864 2020 Deferred
Shares
--------- ---------- --------------
(c) Nil 114,915 2021 Deferred
Shares
--------- ---------- --------------
---------------------------------------------- ----------------------------------------------
d) Aggregated information - Aggregated volume
- Price 1,597,374 ordinary shares of 0.5 Naira
------------------ each
Nil consideration
---------------------------------------------- ----------------------------------------------
e) Date of the transaction 10 March 2022
---------------------------------------------- ----------------------------------------------
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 Energy 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 Ordinary Shares of Seplat Energy PLC
financial instrument, of 0.5 Naira each
type of instrument
NGSEPLAT0008
Identification code
---------------------------------------------- ----------------------------------------------
b) Nature of the transaction Grant of (a) the 2021 Annual LTIP Award
and (b) Deferred Share Award in respect
of 2020 Annual Bonus under the Seplat
Energy Plc 2014 Long Term Incentive Plan
---------------------------------------------- ----------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
(a) Nil 1,484,288 2021 LTIP
--------- ---------- --------------
(b) Nil 62,522 2020 Deferred
Shares
--------- ---------- --------------
(c) Nil 117,180 2021 Deferred
Shares
--------- ---------- --------------
---------------------------------------------- ----------------------------------------------
d) Aggregated information - Aggregated volume
- Price 1,663,990 ordinary shares of 0.5 Naira
------------------ each
Nil consideration
---------------------------------------------- ----------------------------------------------
e) Date of the transaction 10 March 2022
---------------------------------------------- ----------------------------------------------
f) Place of the transaction Outside a trading venue
---------------------------------------------- ----------------------------------------------
Enquiries:
Seplat Energy PLC
Edith Onwuchekwa, Company +234 1 277 0400 Ext
Secretary 1110
Ngozi Osuzoka (Company Secretariat) +234 1 277 0444 Ext
1108
--------------------------
FTI Consulting
--------------------------
Ben Brewerton / Sara Powell +44 (0) 203 727 1000
/ James Styles seplat@fticonsulting.com
--------------------------
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END
DSHMZGMFVDRGZZM
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