Seplat Petroleum Development Co PLC Notification of PDMR (3238H)

TIDMSEPL

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 GBP1. Therefore, the number of shares has been calculated based on a share price of GBP1 as the share

price   on 1 August 2020 was GBP0.59. 

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* 
                Chief Executive 
 Roger Brown     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 GBP1. As the share price on 1 August 2020 was GBP0.59, the calculation has been performed based on GBP1.

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                                              Ordinary Shares of Seplat Petroleum 
         financial instrument,                                           Development Company Plc of 0.5 Naira 
         type of instrument                                              each 
         Identification code 
                                                                         [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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December 02, 2020 10:00 ET (15:00 GMT)