14th Feb 2025 07:00
14 February 2025
Seascape Energy Asia plc
("Seascape Energy", the "Company" or "Seascape")
Notification of Transaction by Person Discharging Managerial Responsibilities ("PDMR")
Long Term Incentive Plan Award
Seascape Energy announces the grant of an award under the Company's NED Plan (the "Plan") to Haida Hazri who has joined the Company's board of Directors as an Independent non-executive Director.
The Award
The Plan is designed to provide incentivisation and retention over a three-year period (the "Performance Period"), vesting from 13 February 2026 to 13 February 2028. Following awards made to the other non-executive Directors in July 2024, and in the interests of consistency, the Company's Board of Directors has made an award under the Plan to Haida Hazri in the form of market priced options to acquire ordinary shares of 10p each in the Company (the "Options").
The Board of Directors has used its discretion, as provided for under the Plan rules, to make an exceptional award (100% - 200%) equivalent to 110% of the annual fee payable for acting as a non-executive Director. The award has been sized to ensure that no judgement or performance is compromised and the number of shares and percentage of the Company's enlarged issued share capital ("ISC"), assuming full exercise of all Options, is set out below:
PDMR | Title |
| No. of Options | ISC% | |
Haida Hazri | Independent Non-executive Director | 102,700 | 0.16 | ||
The Options have been set at price of 37.5p per share which represents the average closing price of Seascape's shares over the five trading days up to the award date. Subject to the rules of the Plan, the Options will vest in three equal annual tranches after grant and be exercisable for a period of up to five years from grant.
Related Party Transaction
An award of Options to a Non-executive Director is deemed to be Related Party Transactions under Rule 13 of the AIM Rules. Accordingly, the Company's other Non-Executive Directors consider this award to be fair and reasonable insofar as the Company's shareholders are concerned.
Notification of Deal Forms of each PDMR can be found below. This announcement is made in accordance with Article 19 of the EU Market Abuse Regulation 596/2014.
Inside Information
This announcement contains inside information for the purposes of article 7 of Regulation 2014/596/EU (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018) ('UK MAR'). Upon publication of this announcement, this inside information (as defined in UK MAR) is now considered to be in the public domain.
Enquiries: | |
Seascape Energy | |
Nick Ingrassia, Chief Executive Officer | |
Stifel Nicolaus Europe Limited (Nomad, Joint Broker) | Tel: +44 20 7710 7600 |
Callum Stewart Jason Grossman Ashton Clanfield | |
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Cavendish Capital Markets Limited (Joint Broker) Tel: +44 20 7397 8900
Neil McDonald
Pete Lynch
Leif Powis
Details of the person discharging managerial responsibilities/persons closely associated | |||||
Name | |||||
Reason for notification | |||||
Position/Status | Non-executive Director | ||||
Initial notification/amendment | Initial notification | ||||
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
Name | Seascape Energy Asia plc | ||||
LEI | 213800D1D587TB36ST68 | ||||
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 | |||||
Description of the financial instrument, type of instrument and identification code | Market priced options over Ordinary Shares of £0.10 each in the capital of Seascape Energy Asia plc ISIN: GB00BKFW2482 | ||||
Nature of transaction | Grant of options under the Seascape Energy Asia plc NED Plan | ||||
Price(s) and volume(s) |
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Aggregated Information | n/a | ||||
Date of transaction | 13 February 2025 | ||||
Place of transaction | XOFF | ||||
Related Shares:
Seascape Energy