17 May 2021
Serica Energy plc
("Serica" or "the Company")
Long Term Incentive Plan Awards
London, 17 May 2021 - Serica Energy plc (AIM: SQZ) announces that today the Company granted nil-cost options over a total of 2,725,032 ordinary shares of US$0.10 each (representing approximately 1% of the Company's issued share capital) in accordance with the rules of the Serica Energy plc 2017 Long Term Incentive Plan ("LTIP"). The award has been made to members of the Group's executive team and senior management.
These awards include a total of 1,174,698 ordinary shares of US$0.10 each for the executive directors as set out in the table below and are subject to vesting criteria that are designed to incentivise performance that delivers value for all shareholders.
The vesting criteria are based on absolute share price performance over a three-year period and specific performance targets related to carbon emissions from operations over the same period. For the awards to vest in full, a 100% increase in average share price must be maintained for at least a six-month period together with a significant decrease in carbon emissions per barrel of oil equivalent produced.
Director / PDMR Position Number of shares awarded
Antony Craven Walker Executive Chairman. 587,349
Mitch Flegg Chief Executive Officer 587,349
Enquiries:
| Serica Energy plc | +44 (0)20 7390 0230 |
| Tony Craven Walker, Executive Chairman |
|
| Mitch Flegg, CEO |
|
|
|
|
| Peel Hunt (Nomad & Joint Broker) | +44 (0)20 7418 8900 |
| Richard Crichton / David McKeown |
|
|
|
|
| Jefferies (Joint Broker) | +44 (0)20 7029 8000 |
| Tony White / Will Soutar |
|
|
|
|
| Vigo Consulting | +44 (0)20 7390 0230 |
| Patrick d'Ancona / Chris McMahon / Simon Woods | serica@vigoconsulting.com |
The notifications below, made in accordance with the requirements of the Market Abuse Regulation, provide further detail.
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 | ||
| a) | Name | Antony Craven Walker | |
| 2 | Reason for the notification | ||
| a) | Position/status | Executive Chairman
| |
| b) | Initial notification/Amendment | Initial Notification | |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
| a) | Name | Serica Energy plc | |
| b) | LEI | 213800EZZOKA815VC426 | |
| 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 | Ordinary shares of US$0.10 per share par value | |
|
| Identification code | GB00B0CY5V57 | |
| b) | Nature of the transaction | Award of options under the LTIP | |
| c) | Price(s) and volumes(s) | Price(s) | Volume(s) |
| N/A | 587,349 | ||
| d) | Aggregated information | N/A (single transaction) | |
|
| Aggregated volume |
| |
|
| Price |
| |
| e) | Date of the transaction | 17 May 2021 | |
| f) | Place of the transaction | London Stock Exchange, AIM | |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | Mitch Flegg | |
| 2 | Reason for the notification | ||
| a) | Position/status | Chief Executive Officer | |
| b) | Initial notification/Amendment | Initial Notification | |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
| a) | Name | Serica Energy plc | |
| b) | LEI | 213800EZZOKA815VC426 | |
| 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 | Ordinary shares of US$0.10 per share par value | |
|
| Identification code | GB00B0CY5V57 | |
| b) | Nature of the transaction | Award of options under the LTIP | |
| c) | Price(s) and volumes(s) | Price(s) | Volume(s) |
| N/A | 587,349 | ||
| d) | Aggregated information | N/A (single transaction) | |
|
| Aggregated volume |
| |
|
| Price |
| |
| e) | Date of the transaction | 17 May 2021 | |
| f) | Place of the transaction | London Stock Exchange, AIM | |
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
