Director / PDMR Shareholdings

RNS Number : 6767K

Ithaca Energy PLC

23 December 2022

 

Friday 23 December 2022

Ithaca Energy plc

("Ithaca Energy" or "the Company") 

Director / PDMR Shareholdings

Ithaca Energy plc (ITH) makes the following announcement in respect of certain disclosable transactions carried out by certain of its directors and persons discharging managerial responsibilities ("PDMRs") on 21 December 2022.

Grant of restricted share awards to PDMRs

On 21 December 2022, the Company granted restricted share awards ("Restricted ShareAwards") under the new Ithaca Energy Long Term Incentive Plan (the "LTIP") to the PDMRs listed below:

PDMR	No. of shares under Restricted Share Award
Iain Lewis	120,000

Each Restricted Share Award is granted in the form of a nil-cost option and which will vest and become exercisable in three distinct tranches, on the first second and third anniversaries of the date on which the Company's shares were first admitted to trading on the London Stock Exchange ("Admission").

The Restricted Share Awards are intended to recognise effort and performance of each individual recipient up to Admission and to provide an incentive and retention mechanism for recipients.

Grant of performance share awards to PDMRs

On the same date, 21 December 2022, the Company granted performance share awards ("Performance ShareAwards") under the new LTIP to the PDMRs listed below:

PDMR	No. of shares under Performance Share Award
Iain Lewis Alan Alexander Bruce	240,000 360,000

Each Performance Share Awards are granted in the form of a nil-cost option and which will vest and become exercisable on the later of: (i) the third anniversary of the grant date; and (ii) the date on which Remuneration Committee determines that the applicable performance conditions are met.

The Performance Share Awards are subject to stretching performance conditions measuring the financial, operational and business performance of the Company. The detail of the performance conditions is considered by the Company to be commercially sensitive and is not provided in this announcement. However full disclosure of the applicable performance conditions will be provided in the Company's next annual report and accounts.

This announcement is made in accordance with Article 19 of the EU Market Abuse Regulation 596/2014.

For further information, please contact:

Company: Kathryn Reid - Head of Investor Relations, Corporate Affairs & Communications	[e-mail]
FTI Consulting - PR Advisers to Ithaca Energy Ben Brewerton / Nick Hennis	[phone] [e-mail]

1.	Details of the person discharging managerial responsibilities/ person closely associated
a)	Name	Alan Alexander Bruce
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	Ithaca Energy plc
b)	LEI	21380057TNFLXPXBIP34
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Ordinary 1p shares
	Identification code	ISIN: GB00BPJHV584
b)	Nature of the transaction	Grant of a nil-cost option over ordinary shares pursuant to the Ithaca Energy Long Term Incentive Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 360,000
d)	Aggregated information	Not applicable - single transaction
e)	Date of the transaction	21 December 2022
f)	Place of the transaction	Outside a trading venue

1.	Details of the person discharging managerial responsibilities/ person closely associated
a)	Name	Iain Lewis
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	Ithaca Energy plc
b)	LEI	21380057TNFLXPXBIP34
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Ordinary 1p shares
	Identification code	ISIN: GB00BPJHV584
b)	Nature of the transaction	Grant of a nil-cost option over ordinary shares pursuant to the Ithaca Energy Long Term Incentive Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 360,000
d)	Aggregated information	Not applicable - single transaction
e)	Date of the transaction	21 December 2022
f)	Place of the transaction	Outside a trading venue

 

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