Co-Investment Plan Awards

RNS Number : 0812E

Longboat Energy PLC

05 July 2021

 

5 July 2021

Longboat Energy plc

("Longboat Energy", "the Company" or "Longboat")

Notification of Transaction by Person Discharging Managerial Responsibilities ("PDMR")

Co-Investment Plan Awards

Longboat Energy, established by the former management team of Faroe Petroleum plc to build a significant North Sea-focused E&P business, announces conditional awards made under the Company's Co-Investment Plan (the "CIP" or "Plan") to PDMRs of the Company. 

The Plan

The Plan allows employees to be granted matching share awards with a value equal to the market value of shares purchased by the employees up to a maximum of 50% of their pre-tax base salary. The Company believes that awards under the Plan will strengthen alignment between employees and shareholders through increased share ownership. The terms of the Plan were summarised in the Notice of AGM dated 1 June 2021

The Company may issue 15% of its share capital within a ten-year period to satisfy awards to participants in the Plan, the Founders Incentive Plan, the Long-Term Incentive Plan and any other share plan operated by the Company under which shares are issued.

Conditional Awards

The Company's Remuneration Committee, which is made up exclusively of Non-Executive Directors, has made a conditional award under the Plan to the following PDMRs   (the "Awards") in the form of options to acquire ordinary shares of 10p each in the Company (the "Nil Cost Options"):

	Shares		Award Cap	Award		Issued Share Capital
PDMR	Acquired	Value	Salary (50%)	Price	Plan Shares
	No.	£	£	£	No.	%
Helge Hammer	506,667	380,000	150,000	0.75	200,000	0.35%
Jonathan Cooper	200,000	150,000	125,000	0.75	166,600	0.29%
Nick Ingrassia	160,000	120,000	115,000	0.75	153,300	0.27%
Julian Riddick	160,000	120,000	90,000	0.75	120,000	0.21%
	1,026,667	770,000	480,000		639,900	1.13%

The Awards are conditional upon the completion of the Farm-ins and associated reverse take-over ("RTO"), as approved by shareholders at the General Meeting of 28 June 2021. In the event that the RTO does not occur, the Awards shall lapse. 

Performance Conditions and Vesting

The Nil Cost Options will only vest and become exercisable provided that the price of the ordinary shares of 10p each in the Company Shares has increased by an amount equal to or greater than 30% between the date of the Award and 2^nd July 2024 (the "Vesting Date").  If the performance condition is not met on the Vesting Date the Nil Cost Options will lapse in full on that date.

Any Nil Cost options that vest shall be subject to a further two-year holding period.

Notification of Deal Forms of each PDMR can be found below. This announcement is made in accordance with Article 19 of the EU Market Abuse Regulation 596/2014.

1.	Details of the person discharging managerial responsibilities/persons closely associated
a)	Name	Helge Hammer
2.	Reason for notification
a)	Position/Status	CEO
b)	Initial notification/amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Longboat Energy plc
b)	LEI	213800D1D587TB36ST68
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 financial instrument, type of instrument and identification code	Ordinary Shares of £0.10 each in the capital of Longboat Energy plc ISIN: GB00BKFW2482
b)	Nature of transaction	Grant of options under the Longboat Energy plc Co-Investment  Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 200,000
d)	Aggregated Information	n/a
e)	Date of transaction	2 July 2021
f)	Place of transaction	XOFF

1.	Details of the person discharging managerial responsibilities/persons closely associated
a)	Name	Jonathan Cooper
2.	Reason for notification
a)	Position/Status	CFO
b)	Initial notification/amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Longboat Energy plc
b)	LEI	213800D1D587TB36ST68
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 financial instrument, type of instrument and identification code	Ordinary Shares of £0.10 each in the capital of Longboat Energy plc ISIN: GB00BKFW2482
b)	Nature of transaction	Grant of options under the Longboat Energy plc Co-Investment  Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 166.600
d)	Aggregated Information	n/a
e)	Date of transaction	2 July 2021
f)	Place of transaction	XOFF

1.	Details of the person discharging managerial responsibilities/persons closely associated
a)	Name	Nicholas Ingrassia
2.	Reason for notification
a)	Position/Status	Corporate Development Director
b)	Initial notification/amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Longboat Energy plc
b)	LEI	213800D1D587TB36ST68
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 financial instrument, type of instrument and identification code	Ordinary Shares of £0.10 each in the capital of Longboat Energy plc ISIN: GB00BKFW2482
b)	Nature of transaction	Grant of options under the Longboat Energy plc Co-Investment  Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 153,300
d)	Aggregated Information	n/a
e)	Date of transaction	2 July 2021
f)	Place of transaction	XOFF

1.	Details of the person discharging managerial responsibilities/persons closely associated
a)	Name	Julian Riddick
2.	Reason for notification
a)	Position/Status	Company Secretary
b)	Initial notification/amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Longboat Energy plc
b)	LEI	213800D1D587TB36ST68
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 financial instrument, type of instrument and identification code	Ordinary Shares of £0.10 each in the capital of Longboat Energy plc ISIN: GB00BKFW2482
b)	Nature of transaction	Grant of options under the Longboat Energy plc Co-Investment  Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 120,000
d)	Aggregated Information	n/a
e)	Date of transaction	2 July 2021
f)	Place of transaction	XOFF

This announcement does not contain inside information

Enquiries:
Longboat Energy	via FTI
Helge Hammer, Chief Executive Officer
Jon Cooper, Chief Financial Officer
Stifel (Nomad)	Tel: [phone]
Callum Stewart Jason Grossman Simon Mensley Ashton Clanfield
FTI Consulting (PR adviser)	Tel: [phone]
Ben Brewerton Sara Powell Ntobeko Chidavaenzi	[e-mail]

 

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