Long Term Incentive Plan Awards
Serica Energy grants nil-cost LTIP options to executives and senior management totalling 1.7m shares.
- Total shares awarded 1,703,189 ordinary shares
- CEO award 624,161 shares
- CFO award 348,154 shares
- Percentage of issued capital approximately 0.43%
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London, 28 May 2025 - Serica Energy plc (AIM: SQZ) announces that the Company has granted nil-cost options over a total of 1,703,189 ordinary shares of US$0.10 each (representing approximately 0.43% 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 972,315 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 two performance conditions a) up to a maximum of 70% of the total number of shares held under an award vest and become exercisable subject to achievement of relative TSR performance targets, measured at the end of a three-year performance period commencing on 1 May 2025; and b) up to a maximum of 30% of the total number of shares held under an award vest and become exercisable, subject to the achievement of Bruce gross emissions reduction related targets set for the last calendar year comprised within a three-year performance period commencing on 1 January 2025.
| Director / PDMR | Position | Number of shares awarded | |
| Christopher Cox | Chief Executive Officer | 624,161 | |
| Martin Copeland | Chief Financial Officer | 348,154 | |
| 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 | |
| a) | Name | Serica Energy plc | |
| b) | LEI | 213800EZZOKA815VC426 | |
| 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 | 624,161 | ||
| d) | Aggregated information | N/A (single transaction) | |
| Aggregated volume | 624,161 | ||
| Price | Nil | ||
| e) | Date of the transaction | 28 May 2025 | |
| f) | Place of the transaction | Outside of Trading Venue |
Details of the person discharging managerial responsibilities / person closely associated
| Name | Martin Copeland | |
| Reason for the notification | ||
| Position/status | Chief Financial Officer | |
| Initial notification/Amendment | Initial Notification | |
| Name | Serica Energy plc | |
| LEI | 213800EZZOKA815VC426 | |
| Description of the financial instrument, type of instrument | Ordinary shares of US$0.10 per share par value | |
| Identification code | GB00B0CY5V57 | |
| Nature of the transaction | Award of options under the LTIP | |
| Price(s) and volumes(s) | Price(s) | Volume(s) |
| N/A | 348,154 | |
| Aggregated information | N/A (single transaction) | |
| Aggregated volume | 348,154 | |
| Price | Nil | |
| Date of the transaction | 28 May 2025 | |
| Place of the transaction | Outside of Trading Venue | |
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