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Longboat Energy PLC's Remuneration Committee made conditional awards of a total of 83,049 Nil Cost Options under its Co-Investment Plan to five PDMRs on 10 February 2022. These options, granted to Helge Hammer, Jonathan Cooper, Nick Ingrassia, Julian Riddick, and Hilde Salthe, will vest if the share price increases by 60% from a base price of 75 pence/Share by 10 February 2025.
| Date | 14 Feb 2022 |
| Time | 07:02:07 |
| Category | Director/PDMR dealings |
| ID | 5590B |
14 February 2022
Longboat Energy plc
("Longboat Energy", "the Company" or "Longboat")
Notification of Transaction by Person Discharging Managerial Responsibilities ("PDMR")
Co-Investment Plan Awards
Longboat Energy announces conditional awards made under the Company's Co-Investment Plan (the "CIP" or "Plan") to PDMRs of the Company.
Following the purchase of ordinary shares of 10 pence each in the share capital of the Company ('Shares') by certain PDMR's announced earlier, 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 Shares in the Company (the "Nil Cost Options"):
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|
Shares Acquired |
Award |
Issued Share Capital |
|||
|
PDMR |
Number |
Price/ Share |
Value |
Price |
Plan Shares |
|
|
|
No. |
£ |
£ |
£ |
No. |
% |
|
Helge Hammer |
30,356 |
0.59 |
17,910 |
0.75 |
31,200 |
0.06 |
|
Jonathan Cooper |
8,432 |
0.59 |
4,975 |
0.75 |
8,667 |
0.02 |
|
Nick Ingrassia |
19,023 |
0.55 |
10,643 |
0.75 |
18,049 |
0.03 |
|
Julian Riddick |
12,468 |
0.59 |
7,462 |
0.75 |
13,000 |
0.02 |
|
Hilde Salthe |
11,805 |
0.59 |
6,965 |
0.75 |
12,133 |
0.02 |
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|
|
|
|
|
|
|
The Plan allows employees to be granted matching share awards with a value equal to the market value of Shares purchased by the employees grossed up to reflect the pre-tax salary that each such eligible employee would have had to be paid to acquire such Investment Shares using their net income. The Company believes that awards under the Plan strengthen alignment between employees and shareholders through increased share ownership.
In order to avoid any potential windfall gain from the current low share price, a price of 75p/Share has been used to calculate the award being the share price of the last fund raising. The Matching Share Award ratio applied is circa 1.3 being less than the maximum permitted award ratio under the Rules being a ratio equivalent to the pre-tax amount invested.
The Nil Cost Options will only vest and become exercisable provided that the price of the Shares has increased from the base price of 75pence/Share by an amount equal to or greater than 60% between the date of the Award and 10 February 2025 (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.
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.
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 |
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|
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 instrument and identification code |
Ordinary Shares of £0.10 each in the capital of 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) |
|
||||
|
d) |
Aggregated Information |
n/a |
||||
|
e) |
Date of transaction |
10 February 2022 |
||||
|
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 instrument and identification code |
Ordinary Shares of £0.10 each in the capital of 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) |
|
||||
|
d) |
Aggregated Information |
n/a |
||||
|
e) |
Date of transaction |
10 February 2022 |
||||
|
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 instrument and identification code |
Ordinary Shares of £0.10 each in the capital of 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) |
|
||||
|
d) |
Aggregated Information |
n/a |
||||
|
e) |
Date of transaction |
10 February 2022 |
||||
|
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 instrument and identification code |
Ordinary Shares of £0.10 each in the capital of 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) |
|
||||
|
d) |
Aggregated Information |
n/a |
||||
|
e) |
Date of transaction |
10 February 2022 |
||||
|
f) |
Place of transaction |
XOFF |
||||
|
1. |
Details of the person discharging managerial responsibilities/persons closely associated |
|||||
|
a) |
Name |
Hilde Salthe |
||||
|
2. |
Reason for notification |
|||||
|
a) |
Position/Status |
Managing Director, Longboat Energy Norge AS |
||||
|
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 instrument and identification code |
Ordinary Shares of £0.10 each in the capital of 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) |
|
||||
|
d) |
Aggregated Information |
n/a |
||||
|
e) |
Date of transaction |
10 February 2022 |
||||
|
f) |
Place of transaction |
XOFF |
||||
This announcement does not contain inside information
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Enquiries: |
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Longboat Energy |
via FTI |
|
Helge Hammer, Chief Executive Officer |
|
|
Jon Cooper, Chief Financial Officer |
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|
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|
|
Stifel (Nomad) |
Tel: +44 20 7710 7600 |
|
Callum Stewart Jason Grossman Simon Mensley Ashton Clanfield |
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|
FTI Consulting (PR adviser) |
Tel: +44 20 3727 1000 |
|
Ben Brewerton Ntobeko Chidavaenzi |
longboatenergy@fticonsulting.com
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