Longboat Energy PLC Founders Incentive Plan Awards (0970S)
July 06 2020 - 2:00AM
UK Regulatory
TIDMLBE
RNS Number : 0970S
Longboat Energy PLC
06 July 2020
6 July 2020
Longboat Energy plc
("Longboat Energy", "the Company" or "Longboat")
Notification of Transactions by Persons Discharging Managerial
Responsibilities ("PDMRs")
Founders Incentive 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 the conditional awards made under the
Company's Founders Incentive Plan (the "Plan") to the PDMRs of the
Company as listed below.
The Plan
The Company has put in place an incentive arrangement for the
founders of the Company designed to incentivise participants to
deliver exceptional returns for shareholders over a five-year
period (the "Performance Period"). Under the Plan, participants are
eligible to receive 15% of the growth in returns of the Company
from the date of Admission should a hurdle of doubling of the total
shareholder return be met (the "Initial Award").
For further capital raises that occur during the Performance
Period, additional tranches under the Plan will be created with
their own threshold values which will be calculated with reference
to the growth rates required for the Initial Award (listed below)
as well as the time remaining to each of the measurement dates.
Additional tranches will follow the same timetable as the initial
award (i.e. performance will be measured on the same dates).
Not more than 10% of the Company's issued ordinary share capital
may be issued under the Plan.
Conditional Awards
The following conditional awards have been made to the Company's
founders under the Plan (the "Awards") which are expressed as a
percentage of the total maximum potential award, being 10% of the
Company's issued share capital. Subject to the performance
conditions set out below being met, the Awards will be converted
into nil cost options over ordinary shares of 10p each in the share
capital Company ("Nil Cost options") on each measurement date as
set out below.
Maximum percentage
Percentage entitlement entitlement Maximum percentage
of Initial Award of growth in of issued share
Founder pool value from IPO capital
% %
Helge Hammer 23.5000% 3.525% 2.3500%
Graham Stewart 19.7500% 2.963% 1.9750%
Jonathan Cooper 19.1250% 2.869% 1.9125%
Julian Riddick 18.5000% 2.775% 1.8500%
----------------- -------------------- -------------------
A further 19.125% entitlement of the Initial Award with a
maximum 2.869% entitlement of growth in value from the IPO, to be
converted up to a maximum of 1.9125% of the Company's issued share
capital, has been made to trusts established by a founder who is
not a PDMR.
Performance Conditions
The share price at the date of Admission of the Company to AIM
on 28 November 2019 (the "Commencement Date") of GBP1.00 (the
"Initial Price") will be used to measure the level of return at
each measurement date. Testing of the level of return achieved will
be at the end of years three, four and five from the Commencement
Date (the "Measurement Dates"). At each Measurement Date the value
of the award will be driven by the return generated above the
Initial Price (the "Threshold Value"):
Measurement Threshold Total Shareholder Measurement Total Shareholder
Date Return Return
First Measurement 25.99% compound annual growth Average of the market value
Date from the Initial Price as for the Company's shares for
28 November at the First Measurement Date. the 30-day period ending on
2022 the First Measurement Date
plus the dividends paid per
share from the Commencement
Date to the First Measurement
Date.
Second Measurement T he higher of: Average of the market value
Date -- 18.92% compound annual for the Company's shares for
28 November growth from the Initial Price the 30-day period ending on
2023 as at the Second Measurement the Second Measurement Date
Date; and plus the dividends paid per
share from the Commencement
* the highest previous measurement total shareholder date to the Second
return which resulted in Conversion. Measurement
Date.
Third Measurement T he higher of: Average of the market value
Date -- 14.87% compound annual for the Company's shares for
28 November growth from the Initial Price the 30-day period ending on
2024 as at the Third Measurement the Third Measurement Date
Date; and plus the dividends paid per
Plan Share from the
-- the highest previous measurement Commencement
total shareholder return which Date to the Third Measurement
resulted in Conversion. Date.
------------------- -------------------------------------------------------------- ---------------------------------
If at Measurement Dates three and/or four the Threshold Value
has been reached then Nil Cost Options will be awarded of which
half will vest and can be exercised immediately. The remaining half
will be deferred until the Measurement Date at year five. All Nil
Cost Options awarded in respect of the Measurement Date at year
five will vest immediately.
Awards of all Nil Cost Options will be made after approval by
the Remuneration Committee taking into account the overall
performance of the Company during the Performance Period.
Notification of Deal Forms of each PDMR can be found below.
1. Details of the person discharging managerial responsibilities/persons closely associated
--- -------------------------------------------------------------------------------------------------------------------
a) Name Helge Hammer
--- ----------------------- ------------------------------------------------------------------------------------------
2. Reason for notification
--- -------------------------------------------------------------------------------------------------------------------
a) Position/Status Chief Executive Officer
--- ----------------------- ------------------------------------------------------------------------------------------
b) Initial Initial notification
notification/amendment
--- ----------------------- ------------------------------------------------------------------------------------------
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 Ordinary Shares of GBP0.10 each in the capital of Longboat Energy plc ISIN: GB00BKFW2482
financial instrument,
type of instrument and
identification code
--- ----------------------- ------------------------------------------------------------------------------------------
b) Nature of transaction Grant of options under the Longboat Energy plc Founders Incentive Plan
--- ----------------------- ------------------------------------------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
--------------------- -----------------------------------------------------------------
Nil payable on grant Such number of shares as equals 3.525% of the value created
above a starting share price of
GBP1.00 if a hurdle price of GBP2.00 is met up to a maximum of
235,000 shares
--------------------- -----------------------------------------------------------------
--- ----------------------- ------------------------------------------------------------------------------------------
d) Aggregated Information n/a
--- ----------------------- ------------------------------------------------------------------------------------------
e) Date of transaction 3 July 2020
--- ----------------------- ------------------------------------------------------------------------------------------
f) Place of transaction London Stock Exchange (XLON)
--- ----------------------- ------------------------------------------------------------------------------------------
1. Details of the person discharging managerial responsibilities/persons closely associated
--- -------------------------------------------------------------------------------------------------------------------
a) Name Graham Stewart
--- ----------------------- ------------------------------------------------------------------------------------------
2. Reason for notification
--- -------------------------------------------------------------------------------------------------------------------
a) Position/Status Non-Executive Chairman
--- ----------------------- ------------------------------------------------------------------------------------------
b) Initial Initial notification
notification/amendment
--- ----------------------- ------------------------------------------------------------------------------------------
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 Ordinary Shares of GBP0.10 each in the capital of Longboat Energy plc ISIN: GB00BKFW2482
financial instrument,
type of instrument and
identification code
--- ----------------------- ------------------------------------------------------------------------------------------
b) Nature of transaction Grant of options under the Longboat Energy plc Founders Incentive Plan
--- ----------------------- ------------------------------------------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
--------------------- -----------------------------------------------------------------
Nil payable on grant Such number of shares as equals 2.963% of the value created
above a starting share price of
GBP1.00 if a hurdle price of GBP2.00 is met up to a maximum of
197,500 shares
--------------------- -----------------------------------------------------------------
--- ----------------------- ------------------------------------------------------------------------------------------
d) Aggregated Information n/a
--- ----------------------- ------------------------------------------------------------------------------------------
e) Date of transaction 3 July 2020
--- ----------------------- ------------------------------------------------------------------------------------------
f) Place of transaction London Stock Exchange (XLON)
--- ----------------------- ------------------------------------------------------------------------------------------
1. Details of the person discharging managerial responsibilities/persons closely associated
--- -------------------------------------------------------------------------------------------------------------------
a) Name Jonathan Cooper
--- ----------------------- ------------------------------------------------------------------------------------------
2. Reason for notification
--- -------------------------------------------------------------------------------------------------------------------
a) Position/Status Chief Financial Officer
--- ----------------------- ------------------------------------------------------------------------------------------
b) Initial Initial notification
notification/amendment
--- ----------------------- ------------------------------------------------------------------------------------------
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 Ordinary Shares of GBP0.10 each in the capital of Longboat Energy plc ISIN: GB00BKFW2482
financial instrument,
type of instrument and
identification code
--- ----------------------- ------------------------------------------------------------------------------------------
b) Nature of transaction Grant of options under the Longboat Energy plc Founders Incentive Plan
--- ----------------------- ------------------------------------------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
--------------------- -----------------------------------------------------------------
Nil payable on grant Such number of shares as equals 2.869% of the value created
above a starting share price of
GBP1.00 if a hurdle price of GBP2.00 is met up to a maximum of
191,250 shares
--------------------- -----------------------------------------------------------------
--- ----------------------- ------------------------------------------------------------------------------------------
d) Aggregated Information n/a
--- ----------------------- ------------------------------------------------------------------------------------------
e) Date of transaction 3 July 2020
--- ----------------------- ------------------------------------------------------------------------------------------
f) Place of transaction London Stock Exchange (XLON)
--- ----------------------- ------------------------------------------------------------------------------------------
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 Initial notification
notification/amendment
--- ----------------------- ------------------------------------------------------------------------------------------
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 Ordinary Shares of GBP0.10 each in the capital of Longboat Energy plc ISIN: GB00BKFW2482
financial instrument,
type of instrument and
identification code
--- ----------------------- ------------------------------------------------------------------------------------------
b) Nature of transaction Grant of options under the Longboat Energy plc Founders Incentive Plan
--- ----------------------- ------------------------------------------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
--------------------- -----------------------------------------------------------------
Nil payable on grant Such number of shares as equals 2.775% of the value created
above a starting share price of
GBP1.00 if a hurdle price of GBP2.00 is met up to a maximum of
185,000 shares.
--------------------- -----------------------------------------------------------------
--- ----------------------- ------------------------------------------------------------------------------------------
d) Aggregated Information n/a
--- ----------------------- ------------------------------------------------------------------------------------------
e) Date of transaction 3 July 2020
--- ----------------------- ------------------------------------------------------------------------------------------
f) Place of transaction London Stock Exchange (XLON)
--- ----------------------- ------------------------------------------------------------------------------------------
Enquiries:
Longboat Energy via FTI
Helge Hammer, Chief Executive Officer
Jon Cooper, Chief Financial Officer
Stifel (Nomad) Tel: +44 20 7710 7600
Callum Stewart
Jason Grossman
Ashton Clanfield
FTI Consulting (PR Adviser) Tel: +44 20 3727 1000
Ben Brewerton
Sara Powell longboatenergy@fticonsulting.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCEAFXKEEPEEEA
(END) Dow Jones Newswires
July 06, 2020 02:00 ET (06:00 GMT)
Longboat Energy (LSE:LBE)
Historical Stock Chart
From May 2024 to Jun 2024
Longboat Energy (LSE:LBE)
Historical Stock Chart
From Jun 2023 to Jun 2024
