3rd Jul 2014 07:00
03 July 2014
PRESIDENT ENERGY PLC
("President" or "the Company")
Award of Options
President announces that on 2nd July 2014 nominal cost options over 1p ordinary shares in the Company were granted under the President Energy Global Incentive Plan to selected members of the board and senior management. The vesting of the new awards is subject to the achievement of total shareholder return ("TSR") targets over 12 months from date of grant. TSR will be measured as the Company's average share price over the final three months of the performance period plus the value of reinvested dividends (if any) during the 12 month performance period. Subject to these targets being achieved and the participant normally remaining employed within the Company's group, awards will vest in three equal tranches 12, 24, and 36 months from the grant date. Vested awards will be subject to claw back at the Remuneration Committee's discretion. The Remuneration Committee has also stipulated that these will be the only awards granted to the relevant executives for a period of 2 years from date of grant.
The vesting of new awards will be calculated on a straight-line basis between 80 pence per share and 130 pence per share. No part of a new award will vest if TSR is less than 80 pence per share at the end of the performance period.
Details of option awards to executives and senior management:
Executive | New Option Award at TSR of 80 p per share (20% of award vests) | New Option Award at TSR of 130 p per share (100% of award vests) | Total options issued including past awards |
Peter Levine | 540,000 | 2,700,000 | 5,300,000 |
Miles Biggins | 500,000 | 2,500,000 | 3,300,000 |
John Hamilton | 450,000 | 2,250,000 | 4,450,000 |
Richard Hubbard | 400,000 | 2,000,000 | 4,297,200 |
Ben Wilkinson | 200,000 | 1,000,000 | 2,350,000 |
Senior Management | 450,000 | 2,250,000 | 7,226,931 |
At the minimum award level (80 pence per share), the total amount of shares under option potentially available to management under the Global Incentive Plan would equal 3.1% of the Company's Issued Share Capital. At the maximum level of award (130 pence per share), the total amount of shares under option potentially available to management under the Global Incentive Plan would equal 6.5% of the Company's Issued Share Capital.
Contact:
President Energy PLC
Peter Levine, Chairman +44 (0) 207 016 7950
John Hamilton, CEO +44 (0) 207 016 7950
Ben Wilkinson, Finance Director +44 (0) 207 016 7950
RBC Capital Markets
Jeremy Low, Matthew Coakes, Daniel Conti +44 (0) 207 653 4000
Canaccord Genuity Limited
Tim Redfern, Henry Fitzgerald-O'Connor +44 (0) 207 523 8000
Bell Pottinger
Gavin Davis, Henry Lerwill +44 (0) 207 861 3232
Related Shares:
PPC.L