Seplat Energy PLC

Transaction in Own Shares • May 8, 2018

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RNS Number : 4146N

SEPLAT Petroleum Development Co PLC

08 May 2018

8 May 2018

Seplat Petroleum Development Company Plc

NOTIFICATION OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES

Seplat Petroleum Development Company Plc

2018 Share Awards granted under the 2014 Long-Term Incentive Plan ("LTIP")

Lagos and London, 8 May 2018: The following awards over ordinary shares of 0.5 Naira each ("Shares") of Seplat Petroleum Development Company Plc ("Seplat") were granted under the Seplat Petroleum Development Company Plc 2014 Long-Term Incentive Plan ("LTIP") to Executive Directors and other Senior Executives of the Company on 2 May 2018 as set out below

The awards will vest on 2 May 2021 being the third anniversary of the Award Date subject to relative TSR performance condition and reserves growth underpin.

Name	Position	Number of Shares over which  the award is granted*
Austin Avuru	Chief Executive Officer	1,250,077
Roger Brown	Chief Financial Officer	760,046
Effiong Okon	Operations Director	779,061

* 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 each PDMR by the higher of the average share price over Q1 2018 or £1. As the average share price over Q1 2018 was £1.29, the calculation has been performed based on this share price.

On 2 May 2018, the Company has also granted Deferred Share Awards in respect of the 2017 Annual Bonus Shares under the LTIP to Executive Directors of the Company as set out below.  

Name	Position	Number of Shares over which the award is granted*
Austin Avuru	Chief Executive Officer	138,157
Roger Brown	Chief Financial Officer	55,673

* The number of shares awarded was calculated by reference to Seplat's closing share price on 29 December 2017 of £1.09.

Under the Directors' Remuneration Policy approved by Seplat's shareholders at Seplat's 2015 Annual General Meeting, 25% of the directors' annual bonus paid for a financial year is deferred into an award over Shares and the Shares will normally be released on 31 December 2019 (two years following the end of the performance year in respect of which the Award is made) subject to continued employment in line with the LTIP rules and corporate governance best practice. No consideration was paid for the grant of these awards and no consideration is due on the vesting of awards.

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.

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Austin Avuru

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 financial instrument, type of instrument

Identification code

Ordinary shares of Seplat Petroleum Development Company Plc of 0.5 Naira each

NGSEPLAT0008

b)

Nature of the transaction

Grant of (a) the 2018 Annual LTIP Award and (b) Deferred Share Award in respect of 2017 Annual Bonus under the Seplat Petroleum Development Company Plc 2014 Long-Term Incentive Plan

c)

Price(s) and volume(s)

	Price(s)	Volume(s)
(a)	Nil	1,250,077
(b)	Nil	138,157

d)

Aggregated information

-	Aggregated volume
-	Price

1,388,234 ordinary shares of 0.5 Naira each

Nil consideration

e)

Date of the transaction

2 May 2018

f)

Place of the transaction

Outside a trading venue

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Roger Brown

2

Reason for the notification

a)

Position/status

Chief Financial 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 financial instrument, type of instrument

Identification code

Ordinary Shares of Seplat Petroleum Development Company Plc of 0.5 Naira each

NGSEPLAT0008

b)

Nature of the transaction

Grant of (a) the 2018 Annual LTIP Award and (b) Deferred Share Award in respect of 2017 Annual Bonus under the Seplat Petroleum Development Company Plc 2014 Long-Term Incentive Plan

c)

Price(s) and volume(s)

	Price(s)	Volume(s)
(a)	Nil	760,046
(b)	Nil	55,673

d)

Aggregated information

-	Aggregated volume
-	Price

815,719 ordinary shares of 0.5 Naira each

Nil consideration

e)

Date of the transaction

2 May 2018

f)

Place of the transaction

Outside a trading venue

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Effiong Okon

2

Reason for the notification

a)

Position/status

Operations Director

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 financial instrument, type of instrument

Identification code

Ordinary Shares of Seplat Petroleum Development Company Plc of 0.5 Naira each

NGSEPLAT0008

b)

Nature of the transaction

Grant of the 2018 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	779,061

d)

Aggregated information

-	Aggregated volume
-	Price

779,061 ordinary shares of 0.5 Naira each

Nil consideration

e)

Date of the transaction

2 May 2018

f)

Place of the transaction

Outside a trading venue

Signed:

Dr. Mirian Kene Kachikwu

(Company Secretary)  

Enquiries:

Seplat Petroleum Development Company Plc
Dr. Mirian Kachikwu, General Counsel Ngozi Osuzoka (company secretariat)	+234 1 277 0400 Ext 1110 +234 1 277 0444 Ext 1108
FTI Consulting
Ben Brewerton / Sara Powell / Molly Stewart	+44 (0) 203 727 1000 [email protected]

This information is provided by RNS

The company news service from the London Stock Exchange

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