REG-Petrofac Limited Petrofac Limited: Director/PDMR shareholding
02/10/2024 12:15
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Petrofac Limited ( PFC)
Petrofac Limited: Director/PDMR shareholding
02-Oct-2024 / 12:04 GMT/BST
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2 October 2024
Petrofac Limited (the ‘Company’)
Notification of Transactions by
Persons Discharging Managerial Responsibilities
Pursuant to the Company’s obligations under Market Abuse Regulation 19,
the Company hereby makes the following notifications in respect of its
Directors and the vesting of awards of ordinary shares of US$0.02 each in
the Company (the ‘Shares’) granted to the Directors under the Petrofac
Performance Share Plan (‘PSP’) in 2021 and the Deferred Bonus Plan (DBP)
in 2022 and 2023. The vestings took place on 1 October 2024 in accordance
with the terms of the PSP and DBP.
PSP
PSP awards are made by the Company to senior executives and generally vest
on the third anniversary of the date of grant to the extent that
performance conditions have been satisfied. Awards are made at nil cost
to participants.
Details of the vesting under the PSP, which took place on 1 October 2024,
including the position before and after the vesting, are outlined
below:
Number of Number of Number
Total number Shares Shares of
of Shares held vested on lapsed on Shares sold Total number of
under the PSP 1 October Shares held under
prior to 1 October 20242 on the PSP after 1
20242 October 2024
1 October 2024 1 October
2024
Afonso
Reis e 2,212,101 81,816 163,878 38,597 1,966,407
Sousa1
1 Afonso Reis e Sousa sold sufficient Shares to satisfy his tax liability.
The share price for the Shares sold was 14.1992 pence. His shareholding in
the Company has therefore increased by the number of unsold vested Shares.
In accordance with our share retention guidelines, unsold vested PSP
Shares are subject to a two-year holding period until 1 October 2026.
2 Following the end of the three-year performance period in respect of
the 2021 PSP award, the performance conditions were such that 33.3% of the
award vested. The balance of Shares lapsed.
DBP
In line with the Company’s remuneration arrangements, any bonus awarded
will usually be paid to Executive Directors half in cash and half in
deferred shares under the DBP. Awards will generally vest in equal
tranches over one, two and three years from the date of grant, provided a
participant does not leave the Company’s employment. Awards are made at
nil cost to participants.
Mr Kawash was granted an ad hoc award under the DBP in line with his
joining arrangements. These shares are not subject to performance
conditions and will vest, subject inter alia, to continued employment,
over the following two years.
Details of the vestings under the DBP which took place on 1 October 2024
for each Director, including the position before and after the vestings,
are outlined below:
Number of
Total number of Shares vested Total number
Shares held under on Number of of Shares held
the DBP prior to Shares sold on under the DBP
1 October 1 October 2024 after
1 October 2024 2024
1 October 2024
Tareq 536,097 178,699 84,130 357,398
Kawash1
Afonso Reis 165,389 58,868 27,811 106,521
e Sousa1
1 Tareq Kawash and Afonso Reis e Sousa each sold sufficient Shares to
satisfy their tax liabilities. The share price for the Shares sold was
14.1992 pence. Their shareholdings in the Company have therefore increased
by the number of unsold vested Shares.
Following the above-noted transactions, the PDMRs and their connected
persons hold the following beneficial interests in the Company:
Total number of Total number of Shares
Shares held in Total number of held in the Company
the Company prior Shares held in after 1 October 2024,
to the Company after expressed as % of the
1 October 2024 total shares in issue
1 October 2024
Tareq Kawash 94,584 189,153 0.036%
Afonso Reis e 58,630 132,906 0.025%
Sousa
The Company's issued share capital consists of 525,373,758 Shares with
voting rights. Each Share carries the right to one vote. The Company does
not hold any Shares in Treasury.
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
Name
a) Tareq Kawash
2 Reason for the notification
Position/status
a)
Group Chief Executive
Initial notification
b) /Amendment
Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
Name
a)
Petrofac Limited
LEI
b)
2138004624W8CKCSJ177
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)
4 each place where transactions have been conducted
Description of the
a) financial instrument, Ordinary Shares of US$0.02
type of instrument
Identification code GB00B0H2K534
Nature of the transaction Vesting of award of shares under the Petrofac
b) Deferred Bonus Plan 2021 - Nil Cost Awards &
sale of sufficient shares to account for tax
liability
Price(s) and volume(s)
c) Price per share (£) Volume(s)
£0.141992 178,699
Aggregated information
d)
- Aggregated volume 178,699
- Price £0.141992
Date of the transaction
e)
2024-10-01
Place of the transaction
f)
London Stock Exchange
1 Details of the person discharging managerial responsibilities / person
closely associated
Name
a) Afonso Reis e Sousa
2 Reason for the notification
Position/status
a)
Chief Financial Officer
Initial notification
b) /Amendment
Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
Name
a)
Petrofac Limited
LEI
b)
2138004624W8CKCSJ177
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)
4 each place where transactions have been conducted
Description of the
a) financial instrument, Ordinary Shares of US$0.02
type of instrument
Identification code GB00B0H2K534
Nature of the transaction Vesting of award of shares under the Petrofac
b) Performance Share Plan 2014 & the Petrofac
Deferred Bonus Plan 2021 - Nil Cost Awards &
sale of sufficient shares to account for tax
liability
Price(s) and volume(s)
c) Price per share (£) Volume(s)
£0.141992 140,684
Aggregated information
d)
- Aggregated volume 140,684
- Price £0.141992
Date of the transaction
e)
2024-10-01
Place of the transaction
f)
London Stock Exchange
For further information contact:
Petrofac Limited
+44 (0) 20 7811 4900
James Boothroyd, Head of Investor Relations
1 James.boothroyd@petrofac.com
Sophie Reid, Group Head of Communications
2 Sophie.reid@petrofac.com
Teneo (for Petrofac)
+44 (0) 207 353 4200
petrofac@teneo.com
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Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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ISIN: GB00B0H2K534
Category Code: DSH
TIDM: PFC
LEI Code: 2138004624W8CKCSJ177
OAM Categories: 3.1. Additional regulated information required to be
disclosed under the laws of a Member State
Sequence No.: 350553
EQS News ID: 2000741
End of Announcement EQS News Service
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References
Visible links
1. mailto:James.boothroyd@petrofac.com
2. mailto:Sophie.reid@petrofac.com
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