REG - Ithaca Energy PLC Delek Group - DLEKG - Director/PDMR Shareholding

Ithaca EnergyAnnouncement

04/12/2023 14:30

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RNS Number : 6021V  Ithaca Energy PLC  04 December 2023

4 December 2023

ITHACA ENERGY PLC

("Ithaca Energy" or the "Company")

 

Directors'/PDMR Shareholdings

As set out in the Company's prospectus published on 9 November 2022 (the
"Prospectus"), prior to the admission of the Company's shares to trading on
the London Stock Exchange ("Admission"), Gilad Myserson, Executive Chairman of
the Company, entered into a Management Equity Plan ("MEP") and share
subscription and bonus agreement (the "Share Subscription Agreement") with the
Company. As part of the MEP, Mr Myerson entered into a contractual arrangement
to receive a one-time cash payment (the "Aggregate Guaranteed Payment"), in
return for a portion of the shares that Mr Myerson was awarded as part of the
MEP, currently held in trust.

As set out in the Prospectus, the purpose of the MEP was to operate as a floor
on the value that Mr Myerson would receive as part of the MEP in recognition
of his contribution to value creation for the Company from 2019 onwards and in
lieu of the incentive arrangements forfeited by him on commencing employment
with the Ithaca Energy group.

Pursuant to the MEP, and as disclosed in the Prospectus, Mr Myerson was,
subject to certain circumstances, entitled to receive shares which, on
Admission, had a value equal to 1.3% of the market value of the Company above
a fixed hurdle of US$2.5 billion.

The Group today announces that it was notified on 1 December 2023 that Mr
Myerson transferred his interest in 1,822,286 ordinary shares in the Company
(the "Shares"), for nominal value, to Computershare Trustees (Jersey) Limited,
as trustee of The Ithaca Energy Plc Employee Benefit Trust (the "EBT"). Prior
to the transfer, Mr Myerson owned a total of 3,225,045 ordinary shares in the
Company, representing 0.32% of total issued share capital. Following the
transfer of the Shares, Mr Myerson will hold 1,402,759 ordinary shares in the
Company, equivalent to 0.14% of the total issued share capital of the Company.

The Shares will be transferred from Mr Myerson to the Company's EBT and will
be held by the EBT for the purpose of satisfying share options and other
incentive awards granted to employees of the Company pursuant to the Company's
various employee share incentive plans, following the vesting of such options
and awards.

Full details of the Aggregate Guaranteed Payment will be set out in the
Directors' Remuneration Report included in the Company's Annual Report and
Accounts for the current financial year.

 

The information contained in the notifications below are disclosed in
accordance with Article 19 of the Market Abuse Regulation.

 1.                              Details of PDMR
 (a)                             Name                                     Gilad Myerson
 (b)                             Position / status                        Executive Chair
 (c)                             Initial notification                     1 December 2023
 1.                              Details of the issuer
 (a)                             Name                                     Ithaca Energy plc
 (b)                             LEI                                      21380057TNFLXPXBIP34
 2.                              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
 (b)                             Nature of the transaction                Disposal of interest in Ordinary Shares
 (c)                             Price(s) and volume(s)

Price(s)  Volume(s)
                                                                          £0.01     1,822,286

 

 (d)                             Aggregated information                   1,822,286 shares for £18,222.86 in aggregate

                                 -     Aggregated volume

                                 -     Price

 (e)                             Date of the transaction                  1 December 2023
 (f)                             Place of the transaction                 London Stock Exchange- XLON

 

 

(d)

Aggregated information

-     Aggregated volume

-     Price

1,822,286 shares for £18,222.86 in aggregate

(e)

Date of the transaction

1 December 2023

(f)

Place of the transaction

London Stock Exchange- XLON

 

Enquiries

 

 Ithaca Energy
 Kathryn Reid - Head of Investor Relations, Corporate Affairs  kathryn.reid@ithacaenergy.com (mailto:kathryn.reid@ithacaenergy.com)
 & Communications

 FTI Consulting (PR Advisers to Ithaca Energy)                 +44 (0)203 727 1000
 Ben Brewerton / Nick Hennis                                   ithaca@fticonsulting.com (mailto:ithaca@fticonsulting.com)

 

 

 

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