The board of directors of Seplat Petroleum Development Company Plc has awarded ordinary shares of the oil and gas company worth ₦2.19 billion to the three top management staff of the company as bonus shares.
The Directors were granted under the Seplat Petroleum Development Company Plc 2014 Long-Term Incentive Plan (“LTIP”) to Executive Directors and other Senior Executives of the Company.
The beneficiaries of the ₦2.19 billion bonus shares include Seplat’s Chief Executive Officer, Austin Avuru, Chief Financial Officer, Roger Brown, and Operations Director, Effiong Okon.
According to a notification signed by the company secretary, Mirian Kene Kachikwu
- Avuru will receive more than 1.25 million ordinary shares of 50 kobo each and 138,157 deferred shares.
- Brown received 760,046 ordinary shares of 50 kobo each and 55,673 deferred shares.
- Okon received 779,061 ordinary shares of 50 kobo each. With these, Avuru was awarded a total of 1.388 million shares while Brown was granted a total of 815,719 ordinary shares.
The three top management executives were granted a total of 2.98 million ordinary shares of 50 kobo each, valued at ₦2.19 billion at Seplat’s opening price of ₦734.70 at the Nigerian Stock Exchange (NSE)
The awards will vest on 2nd May 2021 being the third anniversary of the Award Date subject to relative Total Shareholder Return (TSR) performance condition and reserves growth underpin.
The company recently announced that its Q1 dividend payment will be determined by the exchange rates of ₦305.35 per US dollar; or $1=£0.7422.
Recall that in April, it was announced that the company would pay an interim dividend to its shareholders. The company’s board of directors subsequently met on April 19th in the company’s Ikoyi-Lagos headquarters, where they deliberated the company’s Q1 2018 financial results and agreed to pay an interim dividend.
The oil company’s Q1 2018 results show a strong quarterly performance with US$181 million in revenue and gross profit US$93 million (51% gross profit margin).
Seplat in its 2018 outlook, disclosed plans to drill five new wells in its three production wells in Oil Mining Leases (OMLs) 4, 38 and 41, as part of the company’s efforts to sustain optimal production and strengthening its operations this year.
The company is listed on both the Nigerian Stock Exchange and London Stock Exchange. Its shares are currently trading at ₦734.70 on the floor of the Nigerian Stock Exchange, with a 101.98% one-year return.