REG - Afentra PLC - Vesting of Executive Directors’ FSP Awards

AfentraAnnouncement

Wed 15:46

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RNS Number : 1391Y  Afentra PLC  25 March 2026

25(th) March 2026

 

AFENTRA PLC

VESTING OF EXECUTIVE DIRECTORS' FOUNDERS' SHAREPLAN AWARDS

 

Afentra plc ('Afentra' or the 'Company') (AIM: AET), the upstream oil and gas
company focused on acquiring production and development assets in Africa,
announces awards made to the Executive Directors of the Company under the
Afentra plc Founders' Share Plan (the "FSP").

 

Founders' Share Plan Awards

The Founders' Share Plan ('FSP') is a five-year incentive scheme for the
founders, designed to reward exceptional shareholder returns, which was
approved by shareholders at the 2022 AGM and subsequently adopted by the
Board.

Conditional Awards made to the Executive Directors under the FSP were assessed
at three measurement dates, and Nil Cost Options are awarded based on the
increase in Total Shareholder Return ("TSR") since the commencement of the FSP
performance period on 16 March 2021.

Following the first and second measurement dates (16 Marc 2024, 16 March
2025), the Conditional Awards converted into Nil Cost Options on each date,
half of which vested immediately, with the remainder vesting automatically on
the third and final measurement date which occurred on 16 March 2026.
Additionally on the third measurement date the remaining Conditional Award was
assessed and further Nil Cost Options over ordinary shares of £0.10 each in
the Company ("Ordinary Shares") have been awarded to the Executive Directors.

The number of Nil Cost Options awarded following the occurrence of the third
measurement date is restricted in accordance with FSP scheme rules which limit
the overall dilution limit of the Company's issued share capital in
consequence of aggregate awards under the FSP to 10%.

Following the occurrence of the third measurement date the Nil Cost Options
awarded and which have all now vested in full are summarised in the Table
below.

 

Details of Vesting at the Third Measurement Date

 

                     Options Vesting

                     Awarded at 3(rd) Measurement Date   Awarded at 1(st) & 2(nd) Measurement Dates(1)

 Director            ( )                                                                                     Total

 Paul McDade         292,571                             4,546,451                                           4,839,022

 Ian Cloke           218,547                             3,396,145                                           3,614,692

 Anastasia Deulina   193,873                             3,012,709                                           3,206,582

(1) Aggregate Options awarded at the 1(st) and 2(nd) Measurement date which
vested at the 3(rd) measurement date.

 

 

 

 

The total aggregate shareholding in the Company and number of unexercised
Options held by each of the Executive Directors is as follows:

 

 Director            Ordinary Shares   % of Issued Share Capital   Options Vested and remaining to be exercised

 Paul McDade         5,497,811         2.43%                       4,839,022

 Ian Cloke           3,923, 749        1.73%                       3,614,692

 Anastasia Deulina   2,644,636         1.17%                       3,206,582

 

 

Further details of the FSP and the Nil Cost Options made thereunder will be
disclosed in the Company's annual report and financial statements for the year
ended 31 December 2025.

 

In line with the Company's commitment to avoid shareholder dilution, Afentra
has been making share purchases utilising an existing Employee Share Benefit
Trust ("Trust") to reduce the need to issue new Ordinary Shares. The Company
continues to purchase shares through the Trust and to date 4,728,286 shares
are held in the Trust available for utilisation.

 

The total number of shares required to cover the above Nil Cost Options (on a
net of tax liability basis) at the time that the Directors elect to exercise
their Nil Cost Options is approximately 6,180,000 shares.

 

 

 

For further information contact:

Afentra plc +44 (0)20 7405 4133

Paul McDade, CEO

Anastasia Deulina, CFO

Christine Wootliff, Investor Relations

 

Burson Buchanan (Financial PR) +44 (0)20 7466 5000

Louise Mason-Rutherford

Barry Archer

George Pope

 

Stifel Nicolaus Europe Limited (Nominated Adviser and Joint Broker) +44 (0) 20
7710 7600

Callum Stewart

Simon Mensley

Ashton Clanfield

 

Tennyson Securities (Joint Broker) +44 (0)20 7186 9033

Peter Krens

 

About Afentra

Afentra plc (AIM: AET) is an upstream oil and gas company focused on
opportunities in Africa. The Company's purpose is to support a responsible
energy transition in Africa by establishing itself as a credible partner for
divesting IOCs and host governments. Offshore Angola, in the Lower Congo
Basin, Afentra holds a 30% non-operated interest in the producing Block 3/05,
a 21.33% non-operated interest in Block 3/05A, and a 40% operated interest in
Block 3/24 - both Blocks 3/05A and 3/24 are located adjacent to Block 3/05.
Onshore Angola, in the western part of the onshore Kwanza Basin, Afentra holds
45% non-operated interests in the prospective Blocks KON15 and KON19. Afentra
also holds a 40% non-operated interest in the offshore exploration Block 23 in
the Kwanza Basin.

 

Inside Information

This announcement contains inside information for the purposes of article 7 of
Regulation 2014/596/EU (which forms part of domestic UK law pursuant to the
European Union (Withdrawal) Act 2018) and as subsequently amended by the
Financial Services Act 2021 ('UK MAR'). Upon publication of this announcement,
this inside information (as defined in UK MAR) is now considered to be in the
public domain. For the purposes of UK MAR, the person responsible for
arranging for the release of this announcement on behalf of Afentra is Paul
McDade, Chief Executive Officer.

 

 

 

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