Serica Energy plc
("Serica" or "the Company")
Long Term Incentive Plan Awards
London, 24 July 2024 - Serica Energy plc (AIM: SQZ) announces that the Company has granted nil-cost options over a total of ordinary shares of US$0.10 each (representing approximately 0.1% of the Company's issued share capital) in accordance with the rules of the Serica Energy plc 2017 Long Term Incentive Plan ("LTIP") to the Company's Chief Executive Officer as set out in the table below. The awards are subject to same performance vesting criteria as those awards made previously under the LTIP, and are designed to incentivise performance that delivers value for all shareholders.
The performance vesting criteria include sliding scale measures of share price performance (35% weighting) and of relative total shareholder return performance (35% weighting), in each case, in respect of a three year period ending at the end of April 2027; together with annual emissions intensity targets (30% weighting) in respect of 2024, 2025 and 2026. For the awards to vest in full, the 90 day end average share price must be at least equal to 400p, the Company's relative total shareholder return performance must be at least upper quartile relative performance (relative to a comparator group of companies) and an emissions intensity target (relating to CO2e per barrel of oil equivalent from the Group's entire producing portfolio of assets) met in respect of each of 2024, 2025 and 2026.
The awards have a normal vesting of date of 23 May 2027 and are subject to a continued service condition save in the case of good leavers.
| Director / PDMR | Position | Number of shares awarded |
Christopher Cox Chief Executive Officer 494,233
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 | Christopher Cox | |
| 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 | 494,233 | ||
| d) | Aggregated information | N/A (single transaction) | |
| | Aggregated volume | n/a | |
| | Price | n/a | |
| e) | Date of the transaction | 23 July 2024 | |
| f) | Place of the transaction | Outside a trading venue | |
Enquiries:
| Serica Energy plc | +44 (0)20 7390 0230 |
| Chris Cox (CEO) / Martin Copeland (CFO) / Stephen Lambert (VP Legal and External Relations) | |
| | |
| Peel Hunt (Nomad & Joint Broker) | +44 (0)20 7418 8900 |
| Richard Crichton / David McKeown / Emily Bhasin | |
| | |
| Jefferies (Joint Broker) | +44 (0)20 7029 8000 |
| Sam Barnett / Will Soutar | |
| | |
| Vigo Consulting (PR Advisor) | +44 (0)20 7390 0230 |
| Patrick d'Ancona / Finlay Thomson | serica@vigoconsulting.com |
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.
