PDMR Dealings

RNS Number : 2228O

Savannah Energy Plc

05 February 2021

 

5 February 2021

Savannah Energy PLC

("Savannah" or "the Company")

PDMR Dealings

Award of Options

Savannah Energy PLC ("Savannah" or the "Company"), the African-focused British independent energy company sustainably developing high quality, high potential energy projects in Nigeria and Niger, announces that it has awarded options over existing Savannah ordinary shares currently held in the company's Employee Benefit Trust ("the EBT") to persons discharging managerial responsibilities.  

Award of Options under the New Share Scheme

The Company has awarded options pursuant to the New Share Scheme (as defined in the Company's 2019 Annual Report) over existing Savannah ordinary shares, at nil cost, currently held in the Company's EBT to the following persons (the "Options"):

· Antoine Richard, Chief Operating Officer, has been granted 1,065,621 Options held in the EBT.

· Christopher Thomas, Head of Strategy, has been granted of 1,065,621 Options held in the EBT.

As per the terms of the New Share Scheme, the Options vest on a straight-line basis should the 30-day volume weighted average price ("VWAP") of the Company's shares at any point during a five-year period exceed a hurdle price of 47 pence, with 100% vesting on the VWAP reaching 68 pence. Shares received pursuant to the Options are subject to a three-month lock-in period, during which dealing in the shares is not permitted. For further details on the vesting and other conditions of the  Options, please refer to page 92 of the Company's 2019 Annual Report (which can be found on the Company's website: www.savannah-energy.com). This scheme was approved by shareholders on 3 May 2018.

Award of Options in Lieu of Payment of Cash Bonuses

The Company is additionally making share option awards totalling 4,414,285 to Andrew Knott (Chief Executive Officer), Isatou Semega-Janneh (Chief Financial Officer), Yacine Wafy (VP West Africa) and Christopher Thomas (Head of Strategy).  These awards are being made at the request of the individuals who were seeking additional equity exposure, in lieu of payment of certain cash bonuses. These share options are over existing Savannah ordinary shares that are held in the EBT and can be exercisable for a period of ten years at nil cost.

The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail.

1	Details of the person discharging board/managerial responsibilities/person closely associated
a)	Name	Antoine Richard
2	Reason for the notification
a)	Position/status	Chief Operating Officer
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Savannah Energy PLC
b)	LEI	2138002YCJORSFH5YR43
	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 Identification code	Nil-cost options over Savannah Energy plc ordinary shares ISIN: GBOOBP41S218
b)	Nature of the transaction	The granting of 1,065,621 nil-cost options over 1,065,621 ordinary shares of 0.1p each in the Company
c)	Price(s) and volume(s)	Price(s) Volume(s)
d)	Aggregated information - Aggregated volume - Price	(single transaction)
e)	Date of the transaction	5 February 2021
f)	Place of the transaction	London Stock Exchange

1	Details of the person discharging board/managerial responsibilities/person closely associated
a)	Name	Christopher Thomas
2	Reason for the notification
a)	Position/status	Head of Strategy
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Savannah Energy PLC
b)	LEI	2138002YCJORSFH5YR43
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 Identification code	Nil-cost options over Savannah Energy plc ordinary shares ISIN: GBOOBP41S218
b)	Nature of the transaction	The granting of 1,065,621 nil-cost options over 1,065,621 ordinary shares of 0.1p each in the Company
c)	Price(s) and volume(s)	Price(s) Volume(s)
d)	Aggregated information - Aggregated volume - Price	(single transaction)
e)	Date of the transaction	5 February 2021
f)	Place of the transaction	London Stock Exchange

1	Details of the person discharging board/managerial responsibilities/person closely associated
a)	Name	Andrew Knott
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	Savannah Energy PLC
b)	LEI	2138002YCJORSFH5YR43
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 Identification code	Nil-cost options over Savannah Energy plc ordinary shares ISIN: GBOOBP41S218
b)	Nature of the transaction	The granting of 2,200,000 nil-cost options over 2,200,000 ordinary shares of 0.1p each in the Company
c)	Price(s) and volume(s)	Price(s) Volume(s)
d)	Aggregated information - Aggregated volume - Price	(single transaction)
e)	Date of the transaction	5 February 2021
f)	Place of the transaction	London Stock Exchange

1	Details of the person discharging board/managerial responsibilities/person closely associated
a)	Name	Isatou Semega-Janneh
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	Savannah Energy PLC
b)	LEI	2138002YCJORSFH5YR43
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 Identification code	Nil-cost options over Savannah Energy plc ordinary shares ISIN: GBOOBP41S218
b)	Nature of the transaction	The granting of 625,000 nil-cost options over 625,000 ordinary shares of 0.1p each in the Company
c)	Price(s) and volume(s)	Price(s) Volume(s)
d)	Aggregated information - Aggregated volume - Price	(single transaction)
e)	Date of the transaction	5 February 2021
f)	Place of the transaction	London Stock Exchange

1	Details of the person discharging board/managerial responsibilities/person closely associated
a)	Name	Yacine Wafy
2	Reason for the notification
a)	Position/status	VP, West Africa
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Savannah Energy PLC
b)	LEI	2138002YCJORSFH5YR43
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 Identification code	Nil-cost options over Savannah Energy plc ordinary shares ISIN: GBOOBP41S218
b)	Nature of the transaction	The granting of 1,303,571 nil-cost options over 1,303,571 ordinary shares of 0.1p each in the Company
c)	Price(s) and volume(s)	Price(s) Volume(s)
d)	Aggregated information - Aggregated volume - Price	(single transaction)
e)	Date of the transaction	5 February 2021
f)	Place of the transaction	London Stock Exchange

1	Details of the person discharging board/managerial responsibilities/person closely associated
a)	Name	Christopher Thomas
2	Reason for the notification
a)	Position/status	Head of Strategy
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Savannah Energy PLC
b)	LEI	2138002YCJORSFH5YR43
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 Identification code	Nil-cost options over Savannah Energy plc ordinary shares ISIN: GBOOBP41S218
b)	Nature of the transaction	The granting of 285,714 nil-cost options over 285,714 ordinary shares of 0.1p each in the Company
c)	Price(s) and volume(s)	Price(s) Volume(s)
d)	Aggregated information - Aggregated volume - Price	(single transaction)
e)	Date of the transaction	5 February 2021
f)	Place of the transaction	London Stock Exchange

For further information, please refer to the Company's website www.savannah-energy.com or contact:

Savannah Energy	[phone]
Andrew Knott, CEO
Isatou Semega-Janneh, CFO
Sally Marshak, Communications Consultant
Strand Hanson (Nominated Adviser)	[phone]
James Spinney
Ritchie Balmer
Rory Murphy
finnCap Ltd (Joint Broker)  Christopher Raggett Tim Redfern	[phone]
Panmure Gordon (UK) Ltd (Joint Broker)  John Prior	[phone]
Hugh Rich
Celicourt Communications	[phone]
Mark Antelme
Jimmy Lea Ollie Mills

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014, and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.

About Savannah Energy:

Savannah Energy PLC is an AIM market listed African-focused British independent energy company sustainably developing high quality, high potential energy projects in Nigeria and Niger, with a focus on delivering material long term returns for stakeholders. In Nigeria, the Company has controlling interests in the cash flow generative Uquo and Stubb Creek oil and gas fields, and the Accugas midstream business in South East Nigeria, which provides gas contributing to over 10% of Nigeria's daily national average power generation. In Niger, the Company has interests in two large PSC areas located in the highly oil prolific Agadem Rift Basin of South East Niger, where the Company has made five oil discoveries and seismically identified a large exploration prospect inventory, consisting of 146 exploration targets to be considered for potential future drilling activity.

Further information on Savannah Energy PLC can be found on the Company's website: www.savannah-energy.com.

 

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