TIDMELA
RNS Number : 1942W
Eland Oil & Gas PLC
10 November 2017
10 November 2017
Eland Oil & Gas PLC
("Eland" or the "Company")
Implementation of Long Term Incentive Plan
Eland Oil & Gas PLC (AIM: ELA), an oil and gas production
and development company operating in West Africa with an initial
focus on Nigeria announces that, further to the Company's
remunerations report within its 2016 Annual Report and Accounts and
following an extensive review, a new Long-Term Incentive Plan
("LTIP") has been adopted by the board and approved by the
Remuneration Committee and has granted a total of 9,154,00 nil cost
options. Conditional upon the award, the recipients have to return
3,069,438 existing share options such that the net grant amounts to
6,084,562 options.
Background and Performance Conditions
The revised LTIP has been established to incentivise Executives
to deliver long-term sustainable value for Eland shareholders. The
LTIP is also designed to align the interests of management with the
interests of shareholders.
The structure of the awards is over a 3-year period, deemed to
have commenced in July 2017, and is based upon the following
criteria:
-- Price: the base price below which no options will vest under
this award is 50p ("Base Price")
-- Total shareholder return: 60% of the award will vest on a
straight-line basis depending on the volume weighted average price
of an ordinary share as measured with zero vesting at the Base
Price and full vesting of this proportion at 200p per share,
representing a 300% increase over the Base Price. In order for this
proportion of the award to be met in full, the Company will need to
have delivered total shareholder return of approximately 60%
compound over the 3-year vesting period.
-- Oil price: 15% of the award will vest provided the numerical
value of the share price expressed in pence, is greater than the
numerical value of the average Brent Crude oil price over the share
price Measurement Period (as defined in the share option
agreement), expressed in US dollars per barrel
-- Determination of the vesting for the total shareholder return
and oil price criteria will be at the end of the 3-year period.
-- Production: 25% of the award will be subject to the Company's
gross sales barrels reaching 40,000 barrels of oil per day. The 25%
will reduce in a straight line between the maximum vesting at
40,000 barrels of oil per day to nil at 25,000 barrels of oil per
day. This proportion will vest on the performance criteria being
met when averaged over any 3-month period during the measurement
period.
-- The new plan incorporates standard malus and claw back
clauses and acceptance of the option requires senior executives to
build and retain stock to the value of one times salary and one and
a half times salary in the case of the CEO.
The following awards have been made to PDMRs
Director and PDMR Number of Number of Number of Vesting Date Total Number of
ordinary share previous ordinary ordinary Options Held
options of share options of shares of
GBP0.10 each GBP0.10 returned GBP0.10
prior to new LTIP each
award ("Shares")
over which
LTIP
Awards
were
granted.
------------------- ------------------ ------------------ ---------------------- ------------- ------------------
George Maxwell
(CEO) 3,324,252 2,123,438 2,800,000 27 July 2020 4,000,814
------------------- ------------------ ------------------ ---------------------- ------------- ------------------
Ronald Bain (CFO) - - 1,200,000 27 July 2020 1,200,000
------------------- ------------------ ------------------ ---------------------- ------------- ------------------
Following this award the company will have 12,292,485 shares
under option representing 5.58% of shares in issued.
Chairman Russell Harvey commented.
The new LTIP, which has been adopted by the board, provides both
challenging but achievable targets and a substantial prize for both
shareholders and employees when they are achieved. It is judged fit
for purpose given the company's assets and ambition and the quantum
of allocation recognizes both the achievements to date and
expectations for the future.
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.
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them.
1 Details of the person discharging managerial
responsibilities/person closely associated
--- ----------------------------------------------------------------------
a) Name: George Maxwell
--- ----------------------------------------- ---------------------------
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 Eland Oil & Gas
Plc
--- ----------------------------------------- ---------------------------
b) LEI 213800QDGQKG3JKKRR86
--- ----------------------------------------- ---------------------------
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, Ordinary Shares
type of instrument GBP0.10 each
Identification code GB00B8HHWX64
--- ----------------------------------------- ---------------------------
b) Nature of the transaction Shares Options
through Company's
Share Incentive
Plan
--- ----------------------------------------- ---------------------------
c) Price(s) and volume(s) Call Price(s) Volume(s)
--- ----------------------------------------- -------------- -----------
10p 2,800,000
--------------------------------------------- -------------- -----------
d) Aggregated information Date 10/11/2017
2,800,000 @ 10pence
- Aggregated volume Date 31/1/2016
500,000 @ 29
pence
- Price Date 31/8/2012
700,814 @ GBP1
--- ----------------------------------------- ---------------------------
e) Date of the transaction 10 November 2017
--- ----------------------------------------- ---------------------------
f) Place of the transaction Outside a trading
venue
--- ----------------------------------------- ---------------------------
1 Details of the person discharging managerial
responsibilities/person closely associated
--- ----------------------------------------------------------------------
a) Name: Ronald Bain
--- ----------------------------------------- ---------------------------
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 Eland Oil & Gas
Plc
--- ----------------------------------------- ---------------------------
b) LEI 213800QDGQKG3JKKRR86
--- ----------------------------------------- ---------------------------
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, Ordinary Shares
type of instrument GBP0.10 each
Identification code GB00B8HHWX64
--- ----------------------------------------- ---------------------------
b) Nature of the transaction Shares Options
through Company's
Share Incentive
Plan
--- ----------------------------------------- ---------------------------
c) Price(s) and volume(s) Call Price(s) Volume(s)
--- ----------------------------------------- -------------- -----------
10p 1,200,000
--------------------------------------------- -------------- -----------
d) Aggregated information Date 10/11/2017
1,200,000 @ 10pence
- Aggregated volume
- Price
--------------------------------------------- ---------------------------
e) Date of the transaction 10 November 2017
--- ----------------------------------------- ---------------------------
f) Place of the transaction Outside a trading
venue
--- ----------------------------------------- ---------------------------
END
For further information:
Eland Oil & Gas PLC (+44 (0)1224 737300)
www.elandoilandgas.com
George Maxwell, CEO
Finlay Thomson, IR
Canaccord Genuity Limited (+44 (0)20 7 523 8000)
Henry Fitzgerald O'Connor / James Asensio
Panmure Gordon (UK) Limited (+44 (0)20 7 886 2500)
Adam James / Atholl Tweedie
Tom Salvesen
Camarco (+44 (0) 203 757 4980)
Billy Clegg / Georgia Edmonds / Tom Huddart
This information is provided by RNS
The company news service from the London Stock Exchange
END
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