LONDON - Ithaca Energy (LON:ITH) plc, the UK-based oil and gas company, has disclosed transactions involving its executive leadership's participation in the company's Share Incentive Plan (SIP). The company reported that on Monday, two of its top executives acquired ordinary shares and were awarded matching shares under the SIP, a scheme sanctioned by HM Revenue and Customs allowing employees to purchase company shares with salary deductions.
Executive Chairman Yaniv Friedman and Chief Financial Officer Iain Lewis (JO:LEWJ) each bought 139 ordinary shares at a price of £1.0758. Additionally, both executives were granted an equal number of matching shares, totaling 278 each, at no cost. These transactions took place on the London Stock Exchange (LON:LSEG) (XLON).
The SIP is designed to encourage employee investment in the company, aligning the interests of staff with those of shareholders. Under the plan, employees can acquire shares and receive additional matching shares, fostering a sense of ownership and potentially enhancing long-term shareholder value.
Ithaca Energy, listed on the London Stock Exchange, is involved in the exploration, development, and production of oil and gas assets in the North Sea. The company's participation in the SIP is part of its broader strategy to involve employees in its financial performance and growth.
The transactions were conducted in accordance with Article 19 of the EU Market Abuse Regulation, which mandates the disclosure of executive dealings in a company's shares. This ensures transparency and provides the market with information about the financial dealings of persons with managerial responsibility within listed companies.
The reported share acquisitions by Ithaca Energy's executives reflect a commitment to the company's future and a belief in its value proposition. This information is based on a press release statement from Ithaca Energy.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.