REG - Longboat Energy PLC - Director/PDMR Shareholding

Longboat EnergyAnnouncement

04/08/2023 07:00

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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 Shares          Award               ISC
 PDMR             Title                           Acquired        Value   Price  Plan Shares
                                                  No.             £       £       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%
 Nick Ingrassia   Corporate Development 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 VWAP at end of the three-year performance period  Percentage of Base Award Vesting
 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                longboatenergy@fticonsulting.com (mailto:longboatenergy@fticonsulting.com)

 Rosie Corbett

 

 

 

 

 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 instrument and identification  Nil-cost options over Ordinary Shares of £0.10 each in the capital of
     code                                                                            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

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 instrument and identification  Nil-cost options over Ordinary Shares of £0.10 each in the capital of
     code                                                                            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

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 instrument and identification  Nil-cost options over Ordinary Shares of £0.10 each in the capital of
     code                                                                            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

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 instrument and identification  Nil-cost options over Ordinary Shares of £0.10 each in the capital of
     code                                                                            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

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 instrument and identification  Nil-cost options over Ordinary Shares of £0.10 each in the capital of
     code                                                                            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

d)

Aggregated Information

n/a

e)

Date of transaction

3 August 2023

f)

Place of transaction

XOFF

 

 

 

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