Director/PDMR Shareholding

Ithaca Energy PLC

04 December 2023

 

4 December 2023

ITHACA ENERGY PLC

("Ithaca Energy" or the "Company")

Directors'/PDMR Shareholdings

As set out in the Company's prospectus published on 9 November 2022 (the "Prospectus"), prior to the admission of the Company's shares to trading on the London Stock Exchange ("Admission"), Gilad Myserson, Executive Chairman of the Company, entered into a Management Equity Plan ("MEP") and share subscription and bonus agreement (the "Share Subscription Agreement") with the Company. As part of the MEP, Mr Myerson entered into a contractual arrangement to receive a one-time cash payment (the "Aggregate Guaranteed Payment"), in return for a portion of the shares that Mr Myerson was awarded as part of the MEP, currently held in trust.

As set out in the Prospectus, the purpose of the MEP was to operate as a floor on the value that Mr Myerson would receive as part of the MEP in recognition of his contribution to value creation for the Company from 2019 onwards and in lieu of the incentive arrangements forfeited by him on commencing employment with the Ithaca Energy group.

Pursuant to the MEP, and as disclosed in the Prospectus, Mr Myerson was, subject to certain circumstances, entitled to receive shares which, on Admission, had a value equal to 1.3% of the market value of the Company above a fixed hurdle of US$2.5 billion.

The Group today announces that it was notified on 1 December 2023 that Mr Myerson transferred his interest in 1,822,286 ordinary shares in the Company (the "Shares"), for nominal value, to Computershare Trustees (Jersey) Limited, as trustee of The Ithaca Energy Plc Employee Benefit Trust (the "EBT"). Prior to the transfer, Mr Myerson owned a total of 3,225,045 ordinary shares in the Company, representing 0.32% of total issued share capital. Following the transfer of the Shares, Mr Myerson will hold 1,402,759 ordinary shares in the Company, equivalent to 0.14% of the total issued share capital of the Company.

The Shares will be transferred from Mr Myerson to the Company's EBT and will be held by the EBT for the purpose of satisfying share options and other incentive awards granted to employees of the Company pursuant to the Company's various employee share incentive plans, following the vesting of such options and awards.

Full details of the Aggregate Guaranteed Payment will be set out in the Directors' Remuneration Report included in the Company's Annual Report and Accounts for the current financial year.

The information contained in the notifications below are disclosed in accordance with Article 19 of the Market Abuse Regulation.

1.	Details of PDMR
(a)	Name	Gilad Myerson
(b)	Position / status	Executive Chair
(c)	Initial notification	1 December 2023
1.	Details of the issuer
(a)	Name	Ithaca Energy plc
(b)	LEI	21380057TNFLXPXBIP34
2.	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	Ordinary Shares
(b)	Nature of the transaction	Disposal of interest in Ordinary Shares
(c)	Price(s) and volume(s)	Price(s) Volume(s) £0.01 1,822,286
(d)	Aggregated information -     Aggregated volume -     Price	1,822,286 shares for £18,222.86 in aggregate
(e)	Date of the transaction	1 December 2023
(f)	Place of the transaction	London Stock Exchange- XLON

Enquiries

Ithaca Energy
Kathryn Reid - Head of Investor Relations, Corporate Affairs & Communications	[e-mail]
FTI Consulting (PR Advisers to Ithaca Energy)	[phone]
Ben Brewerton / Nick Hennis	[e-mail]

 

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