TIDMLBE
RNS Number : 0812E
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")
Co-Investment 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 conditional awards made under the
Company's Co-Investment Plan (the "CIP" or "Plan") to PDMRs of the
Company.
The Plan
The Plan allows employees to be granted matching share awards
with a value equal to the market value of shares purchased by the
employees up to a maximum of 50% of their pre-tax base salary. The
Company believes that awards under the Plan will strengthen
alignment between employees and shareholders through increased
share ownership. The terms of the Plan were summarised in the
Notice of AGM dated 1 June 2021
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.
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 the following PDMRs (the "Awards") in the
form of options to acquire ordinary shares of 10p each in the
Company (the "Nil Cost Options"):
Shares Award Cap Award
Issued
Share
PDMR Acquired Value Salary (50%) Price Plan Shares Capital
No. GBP GBP GBP No. %
Helge Hammer 506,667 380,000 150,000 0.75 200,000 0.35%
Jonathan Cooper 200,000 150,000 125,000 0.75 166,600 0.29%
Nick Ingrassia 160,000 120,000 115,000 0.75 153,300 0.27%
Julian Riddick 160,000 120,000 90,000 0.75 120,000 0.21%
1,026,667 770,000 480,000 639,900 1.13%
---------------- --------------------- ---------------------- -------------- ---------
The Awards are 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 Awards shall lapse.
Performance Conditions and Vesting
The Nil Cost Options will only vest and become exercisable
provided that the price of the ordinary shares of 10p each in the
Company Shares has increased by an amount equal to or greater than
30% between the date of the Award and 2(nd) July 2024 (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.
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 Ordinary Shares of GBP0.10 each in the capital of
instrument and identification code 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 200,000
---------- ----------
--- -------------------------------------------------------- -------------------------------------------------------
d) Aggregated Information n/a
--- -------------------------------------------------------- -------------------------------------------------------
e) Date of transaction 2 July 2021
--- -------------------------------------------------------- -------------------------------------------------------
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 Ordinary Shares of GBP0.10 each in the capital of
instrument and identification code 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 166.600
---------- ----------
--- -------------------------------------------------------- -------------------------------------------------------
d) Aggregated Information n/a
--- -------------------------------------------------------- -------------------------------------------------------
e) Date of transaction 2 July 2021
--- -------------------------------------------------------- -------------------------------------------------------
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 Ordinary Shares of GBP0.10 each in the capital of
instrument and identification code 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 153,300
---------- ----------
--- -------------------------------------------------------- -------------------------------------------------------
d) Aggregated Information n/a
--- -------------------------------------------------------- -------------------------------------------------------
e) Date of transaction 2 July 2021
--- -------------------------------------------------------- -------------------------------------------------------
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 Ordinary Shares of GBP0.10 each in the capital of
instrument and identification code 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 120,000
---------- ----------
--- -------------------------------------------------------- -------------------------------------------------------
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: +44 20 7710 7600
Callum Stewart
Jason Grossman
Simon Mensley
Ashton Clanfield
FTI Consulting (PR adviser) Tel: +44 20 3727 1000
Ben Brewerton
Sara Powell
Ntobeko Chidavaenzi longboatenergy@fticonsulting.com
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END
MSCFLFVDDVIFIIL
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