Deferred 2025 Annual Bonus
Seascape Energy Asia plc announced that its Executive Directors have elected to receive the unpaid portion of their 2025 annual bonus in the form of equity, specifically nil-cost options to acquire ordinary shares. This decision, made following a recent placing, aims to align directors' interests with shareholders and build their equity stakes. Following these awards, directors will collectively hold 7.8% of the company's issued share capital. The options, granted on April 21, 2026, at a price of 64.7 pence per share, will vest in 12 months and are exercisable for up to five years. Specifically, Nick Ingrassia (CEO) received options for 232,721 shares (0.33% ISC), James Menzies (Executive Chairman) for 164,991 shares (0.24% ISC), and Pierre Eliet (Executive Director Corporate Development) for 166,578 shares (0.24% ISC).
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The Executive Directors have elected to receive the as yet unpaid element of their annual 2025 bonus in the form of equity in the Company.
The Awards
Fifty percent of the Executive Directors' 2025 bonus was to be paid in cash but contingent upon a suitable liquidity event having occurred. Whilst the recent placing of new ordinary shares in the Company qualifies as such an event, the Executive Directors have taken the view that it would not be appropriate to use those monies in part to pay the cash element of their bonuses. Moreover, taking the award in equity enables them to continue to continue to build their equity stakes in the Company, ensuring alignment with shareholders.
Following the vesting of these awards, together with those awarded in January and the existing shareholdings, the Directors will hold a total of 7.8% of the Company's issued share capital.
Accordingly the Company's Remuneration Committee has decided to make these equity awards under the existing LTIP scheme. This will see the Executive Directors being awarded nil cost options to acquire ordinary shares in the Company. The number of shares and percentage of the Company's current issued share capital ("ISC"), is set out below:
| PDMR | Title | No. of Option shares | ISC% |
|---|---|---|---|
| Nick Ingrassia | CEO | 232,721 | 0.33 |
| James Menzies | Executive Chairman | 164,991 | 0.24 |
| Pierre Eliet | Executive Director Corporate Development | 166,578 | 0.24 |
To be consistent, the calculation of the Awards has utilised the same price and date of grant used for the first part of the bonus made by way of an LTIP Award, announced on 13 January 2026. Subject to the rules of the Plan the Options will vest in 12 months from the date of grant and be exercisable for a period of up to five years from grant.
The LTIP
The LTIP, which is designed to provide incentivisation and retention for the Company's personnel, was approved by shareholders at the 2020 AGM and the principal terms are summarised in the Company's Re-admission document of 10 June 2021 (available on the Company's web site).
Notification of Deal Forms of each PDMR can be found below.
Enquiries: Seascape Energy Asia plc IR@seascape-energy.com James Menzies (Executive Chairman) Nick Ingrassia (Chief Executive) Pierre Eliet (Executive Director) Stifel (Nomad and Joint Broker) Tel: +44 20 7710 7600 Callum Stewart Jason Grossman Ashton Clanfield SNELSeascape@Stifel.com Cavendish Capital Markets Limited (Joint Broker) Tel: +44 20 7397 8900 Neil McDonald Pete Lynch
Details of the person discharging managerial responsibilities/persons closely associated
| a) | Position/status: | 1. Executive Chairman 2. Chief Executive Officer 3. Executive Director Corporate Development |
| b) | Initial notification/Amendment: | Initial Notification |
| a) | Name | Seascape Energy Asia plc |
| b) | LEI: | 213800D1D587TB36ST68 |
| a) | Description of the financial instrument, type of instrument: Identification code: | Ordinary Shares of £0.10 each in the share capital of Seascape Energy Asia plc ISIN: GB00BKFW2482 |
| b) | Nature of transaction | Grant of market priced options under the Seascape Energy Asia plc Long Term Incentive Plan |
| c) | Price(s) and volume(s): | Price(s) Volume(s) 1. James Menzies 64.7p 232,721 2. Nick Ingrassia 64.7p 164,991 3. Pierre Eliet 64.7p 166,578 |
| d) | Aggregated information: · Aggregated volume: · Price: | N/a N/a |
| e) | Date of the transaction: | 21 April 2026 |
| f) | Place of the transaction: | XOFF |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.