Co-Investment Plan Awards

RNS Number : 5590B

Longboat Energy PLC

14 February 2022

 

14 February 2022

  Longboat Energy plc 

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

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

Co-Investment Plan Awards

Longboat Energy announces conditional awards made under the Company's Co-Investment Plan (the "CIP" or "Plan") to PDMRs of the Company. 

Following the purchase of ordinary shares of 10 pence each in the share capital of the Company ('Shares') by certain PDMR's announced earlier, 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 Shares in the Company (the "Nil Cost Options"):

	Shares Acquired			Award		Issued Share Capital
PDMR	Number	Price/ Share	Value	Price	Plan Shares
	No.	£	£	£	No.	%
Helge Hammer	30,356	0.59	17,910	0.75	31,200	0.06
Jonathan Cooper	8,432	0.59	4,975	0.75	8,667	0.02
Nick Ingrassia	19,023	0.55	10,643	0.75	18,049	0.03
Julian Riddick	12,468	0.59	7,462	0.75	13,000	0.02
Hilde Salthe	11,805	0.59	6,965	0.75	12,133	0.02

The Plan allows employees to be granted matching share awards with a value equal to the market value of Shares purchased by the employees grossed up to reflect the pre-tax salary that each such eligible employee would have had to be paid to acquire such Investment Shares using their net income . The Company believes that awards under the Plan strengthen alignment between employees and shareholders through increased share ownership.

In order to avoid any potential windfall gain from the current low share price, a price of 75p/Share has been used to calculate the award being the share price of the last fund raising.  The Matching Share Award ratio applied is circa 1.3 being less than the maximum permitted award ratio under the Rules being a ratio equivalent to the pre-tax amount invested.

The Nil Cost Options will only vest and become exercisable provided that the price of the S hares has increased from the base price of 75pence/Share by an amount equal to or greater than 60% between the date of the Award and 10 February 2025 (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.

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.

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 31,200
d)	Aggregated Information	n/a
e)	Date of transaction	10 February 2022
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 8,667
d)	Aggregated Information	n/a
e)	Date of transaction	10 February 2022
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 18,049
d)	Aggregated Information	n/a
e)	Date of transaction	10 February 2022
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 13,000
d)	Aggregated Information	n/a
e)	Date of transaction	10 February 2022
f)	Place of transaction	XOFF

1.	Details of the person discharging managerial responsibilities/persons closely associated
a)	Name	Hilde Salthe
2.	Reason for notification
a)	Position/Status	Managing Director, Longboat Energy Norge AS
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 12,133
d)	Aggregated Information	n/a
e)	Date of transaction	10 February 2022
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 Ntobeko Chidavaenzi	[e-mail]

 

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