Business
FSP, LTIP Award & Director/PDMR Dealings
FSP, LTIP Award & Director/PDMR Dealings.
About this update from Afentra Plc
[{"type":"text","content":"\n\n18 March 2025\n \n \nAFENTRA PLC\nVESTING OF EXECUTIVE DIRECTORS' FOUNDERS' SHAREPLAN AWARDS\nEXECUTIVE DIRECTORS' LONG TERM INCENTIVE PLAN (LTIP) AWARD\nDIRECTOR / PDMR DEALINGS\n \nAfentra plc ('Afentra' or the 'Company') (AIM: AET), the upstream oil and gas company focused on acquiring production and development assets in Africa, announces awards made to the Executive Directors of the Company under: (1) the Afentra plc Founders' Share Plan (the \"FSP\"); and (2) the Executive Directors Long-Term Incentive Scheme.\nFounders' Share Plan Awards\nThe Founders' Share Plan ('FSP') is a five-year incentive scheme for the founders, designed to reward exceptional shareholder returns, which was approved by shareholders at the 2022 AGM and subsequently adopted by the Board.\nFollowing the FSP's second measurement date, which occurred on 16 March 2025, further Nil Cost Options over ordinary shares of £0.10 each in the Company (\"Ordinary Shares\") have been awarded to the Executive Directors. In accordance with the FSP rules, the number of Nil Cost Options that have vested for the Executive Directors on the second measurement date is based on the increase in Total Shareholder Return (TSR) since the first measurement date (16 March 2024). Half of the vested Nil Cost Options may be exercised immediately, with the remaining half deferred until the third measurement date on 16 March 2026. Each of Paul McDade and Ian Cloke have exercised their vested Nil Cost Options1.\nThe prices per Ordinary Share used to determine the number of Nil Cost Options awarded were the 30-day average prices, reflecting the average closing mid-market price over the 30-day period, ending on the first measurement date (16 March 2024) £0.3949 and the second measurement date (16 March 2025) £0.4235.\nIn line with the Company's commitment to avoiding shareholder dilution, Afentra has elected to satisfy these options via share purchases utilising an existing Employee Share Benefit Trust (\"Trust\") rather than issuing new Ordinary Shares. The Company has instructed the Trust to purchase an equivalent number of shares on the open market to cover the net vested Nil Cost Options that remain after applicable deductions for income tax and national insurance. Once purchased by the Trust, these shares will be transferred from the Trust to the Executive ...