By InvestAdvocate
Lagos (INVESTADVOCATE)-Nigeria’s first dual listed oil & gas upstream firm, Seplat Petroleum Development Company Plc on Friday announced the 2016 share awards granted to its executive directors on March 24, 2016.
According to Seplat, no consideration was paid for the grant of the awards and no consideration is due on the vesting of awards and the share awards are subject to final approval of the Nigerian Stock Exchange (NSE).
The Nigeria’s first dual listed oil & gas upstream firm said the share awards will normally vest on the third anniversary of the date of grant subject to the achievement of stretching performance targets set by reference to relative Total Shareholder Return against a comparator group of listed E&P companies and an underpin linked to reserves growth.
Seplat says vested shares will be subject to an additional two (2) year holding period in line with corporate governance best practice. “Under the remuneration policy approved by shareholders, 25 percent of the annual bonus paid for a financial year is deferred into shares and released in three (3) years subject to continued employment in line with corporate governance best practice. No consideration was paid for the grant of these awards and no consideration is due on the vesting of awards,” the company said in its corporate action released to the NSE.
Shares of Seplat at the close of the week’s trading on the Nigerian bourse declined 9.09 percent to N300.00 from N330.00 traded the previous week; losing N30.00 per share.
