Exercise of Options

RNS Number : 8083W
Serica Energy PLC
19 April 2023
 


Serica Energy plc

("Serica" or the "Company")

Exercise of Options

London, 19 April 2023   - Serica Energy plc (AIM: SQZ), a British independent upstream oil and gas company, confirms that options over a total of 1,897,637 new ordinary shares of US$0.10 each (the "New Shares") were exercised under the Company's 2017 Long Term Incentive Plan (the "LTIP").

 

Of the options exercised Antony Craven Walker (Chairman), Mitch Flegg (Chief Executive Officer) and Andy Bell (Chief Financial Officer) (together the "Directors") have exercised options over 249,306, 249,306 and 152,907 ordinary shares respectively under the Company's LTIP. The options exercised by the Directors were granted on 25 May 2018 and were due to expire in May 2023.

 

As set out below, the Chairman and Chief Financial Officer have elected to retain all the New Shares to which they are entitled and to reimburse the Company for the PAYE arising, amounting in aggregate to £432,986.92.  In the case of the Chief Executive Officer a portion of the New Shares have been sold to cover the Director's tax liabilities which have arisen as a result of the exercise.   In each case the remaining New Shares have been retained by the Directors. 

 

Director


Position


Number of options exercised


Number of shares sold to cover tax liabilities


Number of shares retained


Antony Craven Walker


Chairman


249,306


Nil


249,306


Mitch Flegg


Chief Executive Officer


249,306


117,586


131,720


Andy Bell

Chief Financial Officer

152,907

Nil

152,907

 

 

Following the dealings described above, the Director's interests in the Company are set out below:

 

Director



Number of shares in the Company

Percentage holding in the Company (% of ISC)

Antony Craven Walker

7,607,000

1.99%

Mitch Flegg

316,165

0.08%

Andy Bell

171,616

0.04%

 

 

The notifications below, provided in accordance with the requirements of the UK Market Abuse Regulation, provide further details.

 

1. 

Details of the person discharging managerial responsibilities / person closely associated

a. 

Name

Antony Craven Walker

2. 

Reason for the notification

a. 

Position/status

Chairman 

b. 

Initial notification/Amendment

Initial Notification

3. 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a. 

Name

Serica Energy PLC

b. 

LEI

213800EZZOKA815VC426

4. 

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, type

of instrument

Identification code

Ordinary shares of US$0.10 per share par value

 

 

GB00B0CY5V57

b. 

Nature of the transaction

Exercise of options granted under the LTIP (income tax liability met by Antony Craven Walker);

c. 

Price(s) and volume(s)

 


Price(s)

Volume(s)


Nil

249,306

Income tax liability on exercise of options amounting to £266,333.60 paid by Antony Craven Walker

d. 

Aggregated information

· Aggregated volume

· Price

 

 

N/A - as above in (c)

e. 

Date of the transaction

14 April 2023

f. 

Place of the transaction

Outside a trading venue

 

2. 

Details of the person discharging managerial responsibilities / person closely associated

g. 

Name

Mitch Flegg

5. 

Reason for the notification

a. 

Position/status

Chief Executive Officer

b. 

Initial notification/Amendment

Initial Notification

6. 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a. 

Name

Serica Energy PLC

b. 

LEI

213800EZZOKA815VC426

7. 

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, type

of instrument

Identification code

Ordinary shares of US$0.10 per share par value

 

 

GB00B0CY5V57

b. 

Nature of the transaction

(i)  Exercise of options granted under the LTIP; and

(ii)  Sale of ordinary shares immediately following the exercise described in (i) above to cover income tax, NIC and fees.

c. 

Price(s) and volume(s)

 


Price(s)

Volume(s)

(i)

Nil

249,306

(ii)

233.5618p

117,586

 

d. 

Aggregated information

· Aggregated volume

· Price

 

 

N/A - as above in (c)

e. 

Date of the transaction

(i)  14 April 2023

(ii)  19 April 2023

f. 

Place of the transaction

(i)  Outside a trading venue

(ii)  London Stock Exchange, AIM

 

3. 

Details of the person discharging managerial responsibilities / person closely associated

g. 

Name

Andy Bell

8. 

Reason for the notification

a. 

Position/status

Chief Financial Officer 

b. 

Initial notification/Amendment

Initial Notification

9. 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a. 

Name

Serica Energy PLC

b. 

LEI

213800EZZOKA815VC426

10. 

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, type

of instrument

Identification code

Ordinary shares of US$0.10 per share par value

 

 

GB00B0CY5V57

b. 

Nature of the transaction

Exercise of options granted under the LTIP (income tax liability met by Andy Bell);

 

 

c. 

Price(s) and volume(s)

 


Price(s)

Volume(s)

(i)

Nil

152,907

 Income tax liability on exercise of options amounting to £166,653.33 paid by Andy Bell.

 

d. 

Aggregated information

· Aggregated volume

· Price

 

 

N/A - as above in (c)

e. 

Date of the transaction

14 April 2023

f. 

Place of the transaction

Outside a trading venue

 

 

 

Enquiries:

 

Serica Energy plc

+44 (0)20 7390 0230 

Mitch Flegg (CEO) / Andy Bell (CFO)




Peel Hunt (Nomad & Joint Broker)

+44 (0)20 7418 8900

Richard Crichton / David McKeown




Jefferies (Joint Broker)

+44 (0)20 7029 8000

Tony White / Will Soutar




Vigo Consulting (PR Advisor)  

+44 (0)20 7390 0230

Patrick d'Ancona / Finlay Thomson

serica@vigoconsulting.com  

 

 

NOTES TO EDITORS 

Serica Energy is a British independent oil and gas exploration and production company with a portfolio of UKCS assets.

On 20 December 2022, Serica announced that it had entered into an agreement to acquire the entire issued share capital of Tailwind Energy Investments Ltd from Tailwind Energy Holdings LLP. The transaction completed on 23 March 2023.

Following the addition of the Tailwind assets to its portfolio, Serica has a balance of gas and oil production. The Company is responsible for about 5% of the natural gas produced in the UK, a key element in the UK's energy transition.

Serica's producing assets are focused around two main hubs: the Bruce, Keith and Rhum fields in the UK Northern North Sea, which it operates, and a mix of operated and non-operated fields tied back to the Triton FPSO. Serica also has operated interests in the producing Columbus (UK Central North Sea) and Orlando (UK Northern North Sea) fields and a non-operated interest in the producing Erskine field in the UK Central North Sea.

Serica's portfolio of assets includes several organic investment opportunities which are currently being pursued or are under consideration.

Further information on the Company can be found at   www.serica-energy.com  . The Company's shares are traded on the AIM market of the London Stock Exchange under the ticker SQZ and the Company is a designated foreign issuer on the TSX. To receive Company news releases via email, please subscribe via the Company website.

 

 

 

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