TIDMLBE
RNS Number : 2829I
Longboat Energy PLC
04 August 2023
4 August 2023
Longboat Energy plc
("Longboat Energy", "the Company" or "Longboat")
Notification of Transaction by Person Discharging Managerial
Responsibilities ("PDMR")
Co-Investment Plan Awards
Following the acquisition of ordinary shares of 10p each in the
Company ("Company Shares") by various PDMRs as announced on 11 July
2023, Longboat Energy announces conditional awards made under the
Company's Co-Investment Plan (the "CIP" or "Plan") to PDMRs of the
Company.
The Plan
The Plan allows participating employees to be granted matching
awards over one Company Share ("Plan Share") for every Company
Share ("Investment Share") acquired by the employees up to a
maximum of 50% of their pre-tax base salary. The Company believes
that awards under the Plan will strengthen alignment between
employees and shareholders through increased share ownership.
At present, the Company may issue up to 15% of its share capital
within a ten-year period to satisfy awards to participants in the
Plan, the Company's Founders Incentive Plan ("FIP") and Long Term
Incentive Plan, and any other share plan operated by the Company
under which shares are issued. The Company plans to restrict
dilution under this limit to 10% of its share capital, in line with
market practice, by the end of 2024 to be achieved by a combination
of the anticipated lapse of existing awards made under the Plan and
FIP together with the surrender of certain awards made under the
FIP.
Awards
The Company's Remuneration Committee, which is made up
exclusively of Non-Executive Directors, has made awards under the
Plan to the following PDMRs (the "Awards") in the form of options
to acquire Plan Shares (the "Nil Cost Options"). The number of
Investment Shares acquired, and the number of Plan Shares and
percentage of the Company's issued share capital ("ISC") as at 3
August 2023 over which the Nil Cost Options have been granted, is
set out below:
Company Award ISC
Shares
PDMR Title Acquired Value Price Plan Shares
No. GBP GBP No. %
Helge Hammer CEO 240,000 64,045 0.27 240,000 0.42%
Jonathan
Cooper CFO 8,084 2,000 0.25 8,084 0.01%
Corporate Development
Nick Ingrassia Director 39,343 10,313 0.26 39,343 0.07%
Julian Riddick Company Secretary 7,654 2,000 0.26 7,654 0.01%
Hilde Salthe MD Longboat JAPEX 19,134 5,000 0.26 19,134 0.03%
314,215 83,358 314,215 0.55%
--------- ------- ------------ ------
Performance Condition and Vesting
The Base Awards' performance conditions are based on the
Company's volume weighted average share price ("VWAP") over 30 days
to the end of the three-year performance period which will be
measured as soon as practicable after the end of such performance
period. The Nil Cost Options will become exercisable, subject to
the rules of the Plan, as follows:
Longboat Energy 30 day Percentage of Base Award
VWAP at end of the three-year Vesting
performance period
Below 40 pence Nil
-------------------------
40 pence 25%
-------------------------
50 pence or greater 100%
-------------------------
Any Nil Cost Options, awarded to the PDMRs above, that vest
shall 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.
This announcement does not contain inside information.
Enquiries:
Longboat Energy via FTI
Helge Hammer, Chief Executive Officer
Jon Cooper, Chief Financial Officer
Nick Ingrassia, Corporate Development
Director
Stifel Nicolaus Europe Limited (Nomad,
Joint Broker) Tel: +44 20 7710 7600
Callum Stewart
Jason Grossman
Ashton Clanfield
Cenkos Securities plc (Joint Broker) Tel: +44 20 7397 8900
Neil McDonald
Pete Lynch
Leif Powis
FTI Consulting (PR adviser) Tel: +44 20 3727 1000
Ben Brewerton
Rosie Corbett longboatenergy@fticonsulting.com
1. Details of the person discharging managerial responsibilities/persons closely associated
--- -----------------------------------------------------------------------------------------------------------------
a) Name Helge Hammer
--- -------------------------------------------------------- -------------------------------------------------------
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 Nil-cost options over Ordinary Shares of GBP0.10 each
instrument and identification code 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) Price(s) Volume(s)
---------- ----------
Nil 240,000
---------- ----------
--- -------------------------------------------------------- -------------------------------------------------------
d) Aggregated Information n/a
--- -------------------------------------------------------- -------------------------------------------------------
e) Date of transaction 3 August 2023
--- -------------------------------------------------------- -------------------------------------------------------
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 Nil-cost options over Ordinary Shares of GBP0.10 each
instrument and identification code 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) Price(s) Volume(s)
---------- ----------
Nil 8,084
---------- ----------
--- -------------------------------------------------------- -------------------------------------------------------
d) Aggregated Information n/a
--- -------------------------------------------------------- -------------------------------------------------------
e) Date of transaction 3 August 2023
--- -------------------------------------------------------- -------------------------------------------------------
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 Nil-cost options over Ordinary Shares of GBP0.10 each
instrument and identification code 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) Price(s) Volume(s)
---------- ----------
Nil 39,343
---------- ----------
--- -------------------------------------------------------- -------------------------------------------------------
d) Aggregated Information n/a
--- -------------------------------------------------------- -------------------------------------------------------
e) Date of transaction 3 August 2023
--- -------------------------------------------------------- -------------------------------------------------------
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 Nil-cost options over Ordinary Shares of GBP0.10 each
instrument and identification code 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) Price(s) Volume(s)
---------- ----------
Nil 7,654
---------- ----------
--- -------------------------------------------------------- -------------------------------------------------------
d) Aggregated Information n/a
--- -------------------------------------------------------- -------------------------------------------------------
e) Date of transaction 3 August 2023
--- -------------------------------------------------------- -------------------------------------------------------
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 JAPEX 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 Nil-cost options over Ordinary Shares of GBP0.10 each
instrument and identification code 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) Price(s) Volume(s)
---------- ----------
Nil 19,134
---------- ----------
--- -------------------------------------------------------- -------------------------------------------------------
d) Aggregated Information n/a
--- -------------------------------------------------------- -------------------------------------------------------
e) Date of transaction 3 August 2023
--- -------------------------------------------------------- -------------------------------------------------------
f) Place of transaction XOFF
--- -------------------------------------------------------- -------------------------------------------------------
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END
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