Vesting of Executive Directors’ FSP Awards
Afentra PLC has announced the vesting of Nil Cost Options for its Executive Directors under the Founders' Share Plan, following the third measurement date on March 16, 2026. Paul McDade received a total of 4,839,022 options, Ian Cloke 3,614,692, and Anastasia Deulina 3,206,582. These awards, combined with previous grants, bring their total vested options to these amounts, with their respective shareholdings and unexercised options now representing 2.43%, 1.73%, and 1.17% of the issued share capital. The company is utilizing an Employee Share Benefit Trust to manage share issuance, holding 4,728,286 shares to mitigate dilution, with approximately 6,180,000 shares anticipated to be required to cover the net tax liability upon exercise of these options.
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Afentra plc ('Afentra' or the 'Company') (AIM: AET), the upstream oil and gas company focused on acquiring production and development assets in Africa, announces awards made to the Executive Directors of the Company under the Afentra plc Founders' Share Plan (the "FSP").
Founders' Share Plan Awards
The Founders' Share Plan ('FSP') is a five-year incentive scheme for the founders, designed to reward exceptional shareholder returns, which was approved by shareholders at the 2022 AGM and subsequently adopted by the Board.
Conditional Awards made to the Executive Directors under the FSP were assessed at three measurement dates, and Nil Cost Options are awarded based on the increase in Total Shareholder Return ("TSR") since the commencement of the FSP performance period on 16 March 2021.
Following the first and second measurement dates (16 Marc 2024, 16 March 2025), the Conditional Awards converted into Nil Cost Options on each date, half of which vested immediately, with the remainder vesting automatically on the third and final measurement date which occurred on 16 March 2026. Additionally on the third measurement date the remaining Conditional Award was assessed and further Nil Cost Options over ordinary shares of £0.10 each in the Company ("Ordinary Shares") have been awarded to the Executive Directors.
The number of Nil Cost Options awarded following the occurrence of the third measurement date is restricted in accordance with FSP scheme rules which limit the overall dilution limit of the Company's issued share capital in consequence of aggregate awards under the FSP to 10%.
Following the occurrence of the third measurement date the Nil Cost Options awarded and which have all now vested in full are summarised in the Table below.
Details of Vesting at the Third Measurement Date
Options Vesting
| Director | Awarded at 3 rd Measurement Date | Awarded at 1 st & 2 nd Measurement Dates 1 | Total |
|---|---|---|---|
| Paul McDade | 292,571 | 4,546,451 | 4,839,022 |
| Ian Cloke | 218,547 | 3,396,145 | 3,614,692 |
| Anastasia Deulina | 193,873 | 3,012,709 | 3,206,582 |
1 Aggregate Options awarded at the 1st and 2nd Measurement date which vested at the 3rd measurement date.
The total aggregate shareholding in the Company and number of unexercised Options held by each of the Executive Directors is as follows:
| Director | Ordinary Shares | % of Issued Share Capital | Options Vested and remaining to be exercised |
|---|---|---|---|
| Paul McDade | 5,497,811 | 2.43% | 4,839,022 |
| Ian Cloke | 3,923, 749 | 1.73% | 3,614,692 |
| Anastasia Deulina | 2,644,636 | 1.17% | 3,206,582 |
Further details of the FSP and the Nil Cost Options made thereunder will be disclosed in the Company's annual report and financial statements for the year ended 31 December 2025.
In line with the Company's commitment to avoid shareholder dilution, Afentra has been making share purchases utilising an existing Employee Share Benefit Trust ("Trust") to reduce the need to issue new Ordinary Shares. The Company continues to purchase shares through the Trust and to date 4,728,286 shares are held in the Trust available for utilisation.
The total number of shares required to cover the above Nil Cost Options (on a net of tax liability basis) at the time that the Directors elect to exercise their Nil Cost Options is approximately 6,180,000 shares.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.