LONDON - Ithaca Energy (LON:ITH) plc has disclosed transactions under its Share Incentive Plan (SIP) involving its top executives, according to a statement released on December 24, 2024. The company informed that cash dividends issued on December 20, 2024, were reinvested on the same day to purchase additional shares for its Persons Discharging Managerial Responsibilities (PDMR).
The transactions took place through Computershare Share Plan Trustees Limited, which administers Ithaca Energy's SIP. The reinvestment scheme allows participants to acquire what are termed Dividend Shares by automatically using their cash dividends.
Among the executives participating in the SIP, Executive Chairman Yaniv Friedman acquired 109 shares, while Chief Financial Officer Iain Lewis (JO:LEWJ) added 550 shares to his holdings. Both purchases were made at a price of £1.0417 per share on the London Stock Exchange (LON:LSEG) (XLON).
The SIP is designed as a long-term investment plan, encouraging company executives and managers to align their interests with those of shareholders. Transactions under such plans are common among publicly traded companies and are typically disclosed in compliance with market regulations, such as Article 19 of the EU Market Abuse Regulation.
The news signifies ongoing executive confidence in the company's performance and a commitment to share in its financial outcomes through reinvestment of dividends. Share incentive plans like Ithaca's are often viewed as tools to foster long-term alignment between management and shareholder interests.
Ithaca Energy, listed on the London Stock Exchange, is engaged in the exploration and development of oil and gas reserves. The company's activities and financial performance are closely watched by investors, especially in the energy sector, which is subject to fluctuations in commodity prices and regulatory changes.
The information regarding these transactions is based on a press release statement and is intended to provide shareholders and the market with transparency about the dealings of company insiders.
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