Business
2020 Share Awards granted under the 2014 LTIP
2020 Share Awards granted under the 2014 LTIP.
About this update from Seplat Energy Plc
[{"type":"text","content":"\n \n \n RNS Number : 4924L\n Seplat Petroleum Development Co PLC\n 30 April 2020\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n NOTIFICATION OF TRANSACTIONS OF PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES\n \n \n \n \n \n \n Seplat Petroleum Development Company Plc\n \n \n 2020 Share Awards granted under the 2014 Long Term Incentive Plan (\"LTIP\")\n \n \n \n \n \n \n Lagos and London, 30 April 2020\n \n : The following awards over ordinary shares of \n 0.5 Naira each\n (\"Shares\") of Seplat Petroleum Development Company plc (\"Seplat\") were granted under the\n Seplat Petroleum Development Company Plc 2014 Long Term Incentive Plan (\"LTIP\") to Executive Directors of the Company on 30 April 2020 as set out below.\n \n \n We recognise that the share price has fallen sharply in the weeks before the award was made, in response to the external pressures related to COVID-19 and the fall in the oil price. 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 in Q1 each year or £1. Therefore, the number of shares has been calculated based on a share price of £1 as the Q1 2020 average share price was £0.96.\n \n \n The awards will normally vest on 30 April 2023 being the third anniversary of the Award Date subject to relative TSR and underpin performance conditions. \n \n \n \n \n \n \n \n \n \n Name\n \n \n \n \n Position\n \n \n \n \n Number of Shares over which the award is granted*\n \n \n \n \n \n \n Austin Avuru\n \n \n \n \n Chief Executive Officer\n \n \n \n \n 1,657,500\n \n \n \n \n \n \n Roger Brown\n \n \n \n \n Chief Financial Officer\n \n \n \n \n 1,007,856\n \n \n \n \n \n \n Effiong Okon\n \n \n \n \n Operations Director\n \n \n \n \n 1,123,417\n \n \n \n \n \n \n \n \n \n * 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 2020 or £1. As the average share price over Q1 2020 was £0.96, the calculation has been performed based on £1.\n \n \n \n \n \n On 30 April 2020 the Company also grante...