- Seplat Petroleum Development Company Plc is to issue bonus shares valued at more than N3.5 billion to directors and senior management staff of the oil exploration and production company.
- Seplat will issue the shares under its Long Term Incentive Plan (LTIP) at nominal cost to the company and distribute the ordinary shares to executive directors, non-executive directors and top management staff. Seplat’s share price opened yesterday at N336.05 per share.
- The LTIP consists broadly of two components including share incentives related to the company’s successful global initial public offering and annual share bonus.
- Also, the company will also issue unspecified ordinary shares under its annual share incentive scheme. The annual bonus scheme is a performance-related deferred annual bonus award by reference to performance against objective performance targets during the previous financial year.
“It is the intention of Seplat to issue the LTIP shares at nominal cost to the company as part of the agreed employee incentive scheme in consideration of their services to the company over a period of time. The company will pay the cost of the shares at nominal price from its profit and allotment will be made from the company’s authorised share capital and will not be bought on the floor of the NSE,” according to the document notifying of the intention of the oil company to issue and list the shares.
- The shares would be issued from the unissued shares of Seplat at nominal price and allotted to the employees and trustees at nominal price too.
- Source: The Nation
Seplat Will issue N3.5b Bonus Shares To Directors, Orders
