Longboat Energy PLC Long Term Incentive Plan Awards (0813E)
July 05 2021 - 2:00AM
UK Regulatory
TIDMLBE
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 Percentage of LTIP Option Vesting
annum
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 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 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: +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
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCRTMRTMTJMBFB
(END) Dow Jones Newswires
July 05, 2021 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
