Notification of PDMR

RNS Number : 3238H

Seplat Petroleum Development Co PLC

02 December 2020

 

Seplat Petroleum Development Company Plc ("Seplat" or the "Company")

NOTIFICATION OF TRANSACTIONS OF PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES

Seplat Petroleum Development Company plc

2020 Share Awards granted under the 2014 Long Term Incentive Plan ("LTIP")

Lagos and London, 2 December   2020: The following award   over ordinary shares of 0.5 Naira each ("Shares") of Seplat Petroleum Development Company plc ("Seplat") was   granted under the   Seplat Petroleum Development Company Plc 2014 Long Term Incentive Plan ("LTIP") to the Executive Director   of the Company on 2 December 2020 as set out below.

This grant is being made to reflect Mr Roger Brown's promotion to CEO effective from 1^st August 2020. 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 and £1. Therefore, the number of shares has been calculated based on a share price of £1 as the   share price   on 1 August 2020 was £0.59.  

The award   will normally vest on 2 December 2023 being the third anniversary of the Award Date subject to relative TSR and underpin performance conditions.

Name	Position	Number of Shares over which  the award is granted*
Roger Brown	Chief Executive Officer	268,029

* 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 the PDMR by the higher of the   share price on 1 August 2020   or £1. As the share price   on 1 August 2020 was £0.59, the calculation has been performed based on £1.

The information set out below is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014.  

For: Seplat Petroleum Development Company Plc

Edith Onwuchekwa

Company Secretary and General Counsel

Enquiries:

Seplat Petroleum Development Company Plc
Emeka Onwuka, CFO			[phone]
Edith Onwuchekwa, Company Secretary and General Counsel
FTI Consulting
Ben Brewerton / Sara Powell			[phone]
			[e-mail]
1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Roger Brown
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	Seplat Petroleum Development Company Plc
b)	LEI	[029200711C4S4CB2E982]
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	Ordinary Shares of Seplat Petroleum Development Company Plc of 0.5 Naira each [NGSEPLAT0008]
b)	Nature of the transaction	Grant of nil-cost option in respect of the 2020 Annual LTIP Award under the Seplat Petroleum Development Company Plc 2014 Long Term Incentive Plan.
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil [268,029]
d)	Aggregated information - Aggregated volume - Price	[268,029] ordinary shares of 0.5 Naira each Nil consideration
e)	Date of the transaction	[2 December] 2020
f)	Place of the transaction	Outside a trading venue

 

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