Seplats director sells N640 million shares in negotiated transaction

 

A non-executive Director of Seplat Petroleum Development Company Plc has sold shares valued at about N640 million in a negotiated transaction consummated through the Nigerian Stock Exchange (NSE).
A regulatory filing indicated that Mr. Macaulay Ofurhie, a non-executive director of Seplat, sold 900,000 ordinary shares of the oil and gas company at N711.10 per share.
With the sale, Ofurhie now holds a direct interest in 4.0 million ordinary shares in Seplat, equivalent to a voting interest of 0.68 percent based on the company’s issued share capital of 588.445 million shares.
Ofurhie was one of the directors of Seplat, who last year received 11.43 million ordinary shares as bonus shares under the company’s Long-Term Incentive Plan (LTIP) and annual performance bonus. The board of directors of Seplat had in 2017 distributed ordinary shares of the oil and gas company worth N3.43 billion to its members as bonus shares.
The Chairman, Chief Executive Officer (CEO), Eecutive Directors and non-Executive Directors of Seplat received 11.43 million shares as bonus shares.
Those, who received the bonus shares included Mr Bryan Orjiako, Chairman; Austin Avuru, CEO; Stuart Connal, Chief Operations Officer and Roger Brown, Chief Financial Officer. The non-executive directors that were awarded shares included Michael Alexander, Michel Hochard, Macaulay Ofurhie, Basil Omiyi, Ifueko Omoigui-Okauru, Charles Okeahalam, Lord Mark Malloch Brown, Jean-Francois Henin and Alhaji Nasir Ado Bayero.
The trio of Avuru, Connal and Brown were specifically awarded 247,610 shares as bonus shares in relation to the company’s performance in the business year ended December 31, 2015.
“No consideration was paid for the grant of the awards and no consideration is due on the vesting of awards,” according to the filing on the award.
All non-executive directors who had served on the board during the nine months prior to the date of the initial public offering (IPO) in 2014 had been allotted shares in the company at nominal value as part of their remuneration structure. Each of the non-executive directors received 95,238 shares with the exception of Lord Mark Malloch Brown, who received 31,746 shares in line with the time that he served.