SEPLAT PETROLEUM REWARDS EDs WITH SHARES

In line with London Stock Exchange requirements, Seplat Petroleum PLC, also quoted on the Nigerian Stock Exchange, has announced share awards to its executive directors for 2015 financial year.
According to a release from the company, no consideration was paid for the shares and none is due on them in the future.
Benefitting were the Chief Executive Officer, Mr Austin Avuru, Chief Operating Officer Mr Stuart Connal and the Chief Finance officer, Mr Roger Brown.
They got 134,849; 56,935 and 56,935 shares respectively as bonus due to 2015 performance of the company and in line with remuneration package approved by shareholders since 2014.
Under the package 25% of annual bonus paid for a financial year is deferred into shares and released in three years subject to continued employment with the company.
The shares are restricted from being sold and are nominally vested on the third anniversary of each award. Which means that those awarded in 2014 become fully vested from 2017.
The whole thing, explained Seplat Petroleum, is subject to "achievement of stretching targets set by reference to relative total shareholders return against a comparator group of listed E& P (Exploration and Petroleum?) companies in line with corporate governance best practice"
The 2015 share awards were calculated based on 0.99 British pounds per share.
Against 2014 performance the shares awarded then were calculated against global price per share of 2.10 British pounds per share.
The three executive directors also benefitted from the 2014 share awards along with non-executive members of the board.
The 2015 awards to the executive directors took effect from March 24, this year although it was still subject to formal approval by the Nigerian stock exchange.

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