Seplat Energy Plc has awarded vested shares of 4,943,445 in volume to its Managing Director, Roger Brown, between 2014 and 2022, under the terms of the company’s 2014 Long Term Incentive Plan (LTIP).
Mrs Edith Onwuchekwa, Director, Legal/Company Secretary, Seplat Energy, discosed this in a notification sent to the Nigerian Exchange Ltd. (NGX) on Tuesday in Lagos.
Onwuchekwa said that the vested shares were transacted at a market price of N2,962.30 on the NGX, totaling N14.643 billion in value and GBP 1.555 on the London Stock Exchange (LSE).
LTIP is a term commonly used among listed companies to describe executive share plans for share-based awards to senior employees with a vesting period of at least three years.
When the shares vest, it will impact the total shareholding of the company and can also lead to a dilution, albeit minimal, of the entire shareholding of the company.
The company secretary explained that following the exercise, Brown now holds 4,006,168 ordinary shares in Seplat Energy Plc.
She said that this sufficiently satisfied the minimum shareholding requirement mandated by the shareholder-approved remuneration policy.
She also explained that the Board noted that such a quantum of shareholding ensured that Brown’s interests in the company would closely aligned with those of other shareholders in Seplat Energy.
“The transaction has been approved by the Board of Seplat Energy Plc and is in accordance with normal market practice on the exercise of share options by an Executive Director.
“The LTIP share awards were made in accordance with the company’s remuneration policy for executive directors and were made under the terms of the company’s 2014 LTIP.
“The notification is made in accordance with Rule 17.15(c) Disclosure of Dealings in Issuers’ Shares, Rulebook of The Exchange, 2015 (Issuers’ Rule) and Article 19(3) of the UK Market Abuse Regulations,”she said.
Seplat Energy Plc’s shareholders at the company’s 11th Annual General Meeting (AGM) held virtually approved the payment of a total dividend of US 15 cents per share recommended by the company’s Board of Directors.
This comprises a special dividend of US three cents per share for the 2023 business year aside the core dividend of US 12 cents per share.