TIDMLBE
RNS Number : 2828I
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")
Long Term Incentive Plan Awards
Longboat Energy announces the grant of awards under the
Company's Long Term Incentive Plan (the "Plan") to various PDMRs of
the Company.
The Plan
The Plan is an employee share plan designed to provide
incentivisation and retention for management personnel of the
Company over a three-year period (the "Performance Period") from 3
August 2023 to 3 August 2026. The terms of the Plan were summarised
in the Company's Notice of AGM dated 28 May 2020.
Base Awards
The Company's Remuneration Committee, which is made up
exclusively of Non-Executive Directors, has made base awards under
the Plan to the following PDMRs (the "Base Awards") in the form of
options to acquire ordinary shares of 10p each in the Company (the
"Nil Cost Options"). The number of 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:
No. of
PDMR Title shares ISC%
Helge Hammer CEO 660,000 1.16%
Jon Cooper CFO 550,000 0.97%
Corporate Development
Nick Ingrassia Director 550,000 0.97%
Julian Riddick Company Secretary 396,000 0.70%
Hilde Salthe MD Longboat JAPEX Norge 316,000 0.56%
Subject to meeting the performance conditions, as summarised
below, and the rules of the Plan, the Nil Cost Options will vest
three years after grant and then be subject to a further two-year
holding period.
Performance Conditions
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%
-------------------------
Dilution Limits
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
Co-Investment 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, as set out below.
To limit potential dilution and bring it in line with market
practice, the following founders have surrendered their awards
under the FIP which would otherwise entitle them to receive awards
of Nil Cost Options up to the following maximum percentages of the
Company's issued share capital:
PDMR Title ISC%
Helge Hammer CEO 2.35%
Jon Cooper CFO 1.91%
Julian Riddick Company Secretary 1.85%
Potential Exceptional Awards
In addition to the Base Awards, the Remuneration Committee's
current intention is to grant additional awards of Nil Cost Options
under the Plan in the future to selected employees of the Company
based on them making an exceptional contribution to the growth in
the Company's share price. Any Exceptional Award would be made at
the discretion of the Committee.
If the 30-day VWAP to 3 August 2026 meets the share price
thresholds below, awards ("Exceptional Awards") may be granted over
shares up to an overall maximum of 3% of the Company's ISC. The
percentage of the ISC over which Exceptional Awards may be granted
would be determined based on the below thresholds:
Longboat Energy 30 Percentage of ISC over
day VWAP to 3 August which Nil Cost Options
2026 may be granted
75 pence 1%
------------------------
Between 75 and 110 Sliding scale between
pence 1% and 3%
------------------------
110 pence or greater 3%
------------------------
If the 30-day VWAP is 110 pence or greater at any time prior to
3 August 2026, Exceptional Awards may be granted once that
threshold has been met.
Any Exceptional Award granted would be subject to the
Committee's discretion and would vest three years after grant
subject to continued employment. If at the vesting date the share
price had fallen by more than 25% compared to the price used to
determine the number of shares to be granted, the number of shares
vesting would be reduced by 25%. The individual limits under the
rules of the Plan have been amended to allow for such Exceptional
Awards.
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 Long
Term Incentive Plan
--- -------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
---------- ----------
Nil 660,000
---------- ----------
--- -------------------------------------------------------- -------------------------------------------------------
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 Long
Term Incentive Plan
--- -------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
---------- ----------
Nil 550,000
---------- ----------
--- -------------------------------------------------------- -------------------------------------------------------
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 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 Long
Term Incentive Plan
--- -------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
---------- ----------
Nil 550,000
---------- ----------
--- -------------------------------------------------------- -------------------------------------------------------
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 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 Long
Term Incentive Plan
--- -------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
---------- ----------
Nil 396,000
---------- ----------
--- -------------------------------------------------------- -------------------------------------------------------
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 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 Long
Term Incentive Plan
--- -------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
---------- ----------
Nil 316,000
---------- ----------
--- -------------------------------------------------------- -------------------------------------------------------
d) Aggregated Information n/a
--- -------------------------------------------------------- -------------------------------------------------------
e) Date of transaction 3 August 2023
--- -------------------------------------------------------- -------------------------------------------------------
f) Place of transaction XOFF
--- -------------------------------------------------------- -------------------------------------------------------
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