Long Term Incentive Plan Awards

RNS Number : 0813E

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")

Long Term Incentive Plan Award

Longboat Energy, established by the former management team of Faroe Petroleum plc to build a significant North Sea-focused E&P business, announces a conditional award made under the Company's Long Term Incentive Plan ( the "LTIP" or "Plan") to a PDMR of the Company. 

The Plan

The Plan is an employee share plan designed to provide incentivisation and retention for management personnel of the Company over a three-year period (the "Performance Period").  The terms of the Plan were summarised in the Notice of AGM dated 28 May 2020.

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 Co-Investment 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 Nick Ingrassia, Corporate Development Director (the "Award") in the form of an option to acquire 536,700 ordinary shares of 10p each in the Company (the "Nil Cost Options") representing 0.95% of the Company's current issued share capital .

The Award is 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 Award shall lapse. 

Performance Conditions

The Award's performance conditions and vesting criteria are summarised below.  T he total shareholder return ("TSR") performance period will be measured from the award date of 2 July 2021 to the end of the original performance period of 23 September 2023.

Longboat Energy TSR growth per annum	Percentage of LTIP Option Vesting
Below 15%	Nil
15%	50%
26%	100%
Between 15% and 26%	Between 50% and 100% on a straight-line basis

S ubject to meeting the performance conditions, the Award will vest on 23 September 2023 and then 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	Nicholas Ingrassia
2.	Reason for notification
a)	Position/Status	Business 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 Long Term Incentive Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 536,700 shares
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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