- Seplat granted share awards to its Executive Directors under the LTIP, subject to performance targets and vesting conditions for the 2023 financial year.
- The awards are contingent on achieving ambitious TSR performance targets and an overall assessment of corporate performance over a three-year period.
- The Executive Directors received a total of 2,779,181 shares for the CEO, 1,575,125 shares for the CFO, and 1,509,650 shares for the COO. The awards were calculated based on the five-day average share price prior to the grant date.
Seplat, a leading Nigerian independent oil and gas company, granted share awards to its Executive Directors under the Long-Term Incentive Plan (LTIP) on May 16, 2023.
These awards, which are granted in relation to the 2023 financial year, are subject to specific performance targets and vesting conditions.
The LTIP awards are contingent upon the achievement of ambitious relative and absolute Total Shareholder Return (TSR) performance targets, an overall assessment of corporate performance, and continued employment over a three-year performance period that commenced on January 1, 2023.
Furthermore, there will be a two-year post-vesting holding period for these awards. Detailed information regarding the vesting conditions of these LTIP Awards will be disclosed in Seplat’s 2023 Annual Report.
The table below outlines the names of the Executive Directors and the total number of shares granted to each individual:
- Roger Brown, Chief Executive Officer: 2,779,181 shares
- Emeka Onwuka, Chief Financial Officer: 1,575,125 shares
- Samson Ezugworie, Chief Operations Officer: 1,509,650 shares
The number of shares awarded to each Executive Director was determined by dividing the monetary value of the salary multiple relevant to their respective positions by the grant price. The grant price was calculated based on the five-day average share price leading up to the date of the LTIP Awards, which amounted to £0.974.
It is important to note that Seplat’s Remuneration Committee retains the authority to make adjustments to the vesting level and payment amounts of the LTIP Awards if they deem the performance measures to be an unfair or inaccurate reflection of corporate performance.
In addition to the LTIP Awards, Seplat also granted Deferred Share Awards to the Executive Directors in relation to the 2022 Annual Performance Bonus.
As per the approved Directors’ Remuneration Policy, 25% of the executive directors’ annual performance bonus for the 2022 financial year is deferred into an award over shares. These shares are typically scheduled to vest and be released on December 31, 2024, subject to continued employment in accordance with the LTIP rules.
The following table provides details of the Deferred Share Awards granted to the Executive Directors:
- Roger Brown, Chief Executive Officer: 182,142 shares
- Emeka Onwuka, Chief Financial Officer: 95,124 shares
- Samson Ezugworie, Chief Operations Officer: 41,224 shares
The number of shares awarded under the Deferred Share Awards was determined based on Seplat’s closing share price on December 31, 2022, which was £1.05, in line with the approved remuneration policy.
It should be noted that no consideration was paid for the awards, and no payment is due upon the vesting of these awards.
Seplat has disclosed this information in compliance with Article 19(3) of the EU Market Abuse Regulation No 596/2014, which requires public companies to disclose transactions by persons discharging managerial responsibilities and persons closely associated with them.