Long Term Incentive Plan Awards

Source: RNS
RNS Number : 7128X
Serica Energy PLC
24 July 2024
 

Serica Energy plc

("Serica" or "the Company")

Long Term Incentive Plan Awards

London, 24 July 2024 - Serica Energy plc (AIM: SQZ) announces that the Company has granted nil-cost options over a total of ordinary shares of US$0.10 each (representing approximately 0.1% of the Company's issued share capital) in accordance with the rules of the Serica Energy plc 2017 Long Term Incentive Plan ("LTIP") to the Company's Chief Executive Officer as set out in the table below. The awards are subject to same performance vesting criteria as those awards made previously under the LTIP, and are designed to incentivise performance that delivers value for all shareholders.

The performance vesting criteria include sliding scale measures of share price performance (35% weighting) and of relative total shareholder return performance (35% weighting), in each case, in respect of a three year period ending at the end of April 2027; together with annual emissions intensity targets (30% weighting) in respect of 2024, 2025 and 2026. For the awards to vest in full, the 90 day end average share price must be at least equal to 400p, the Company's relative total shareholder return performance must be at least upper quartile relative performance (relative to a comparator group of companies) and an emissions intensity target (relating to CO2e per barrel of oil equivalent from the Group's entire producing portfolio of assets) met in respect of each of 2024, 2025 and 2026.

The awards have a normal vesting of date of 23 May 2027 and are subject to a continued service condition save in the case of good leavers.

Director / PDMR

Position

Number of shares awarded

  Christopher Cox                              Chief Executive Officer                                      494,233   

 

The notifications below, made in accordance with the requirements of the Market Abuse Regulation, provide further detail.

 

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

Christopher Cox

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

Serica Energy plc

b)

LEI

213800EZZOKA815VC426

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

Ordinary shares of US$0.10 per share par value


Identification code

GB00B0CY5V57

b)

Nature of the transaction

Award of options under the LTIP

c)

Price(s) and volumes(s)

Price(s)

Volume(s)

N/A

494,233

d)

Aggregated information

N/A (single transaction)


Aggregated volume

n/a


Price

n/a

e)

Date of the transaction

23 July 2024

f)

Place of the transaction

Outside a trading venue

 

 

 

 

 

 

 

 

Enquiries:

 

Serica Energy plc

+44 (0)20 7390 0230 

Chris Cox (CEO) / Martin Copeland (CFO) / Stephen Lambert (VP Legal and External Relations)




Peel Hunt (Nomad & Joint Broker)

+44 (0)20 7418 8900

Richard Crichton / David McKeown / Emily Bhasin




Jefferies (Joint Broker)

+44 (0)20 7029 8000

Sam Barnett / Will Soutar




Vigo Consulting (PR Advisor)  

+44 (0)20 7390 0230

Patrick d'Ancona / Finlay Thomson

serica@vigoconsulting.com  

 

 

 

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
DSHPPUGUMUPCGAC