11th Dec 2012 08:24
11 December 2012
Bowleven plc ("Bowleven" or the "Company")
Conditional vesting of 2009 LTIP Awards and Grant of 2012 LTIP Awards to directors
pursuant to the Bowleven Long Term Incentive Plan
Conditional Vesting of 2009 LTIP Awards
Bowleven wishes to announce that, following the expiry of the 3 year Performance Period in respect of the 2009 grant of Awards under the Bowleven Long Term Incentive Plan (LTIP) (the 2009 LTIP Awards) on 9 December 2012, Bowleven's Total Shareholder Return (TSR) calculated in accordance with the LTIP was in median place in the Comparator List and as a result 20% of the 2009 LTIP Awards would ordinarily have vested in favour of the following directors:-
Director | No. of Shares originally comprised in 2009 LTIP Award
| 20% of 2009 LTIP Award |
John Brown | 270,000 | 54,000 |
Kevin Hart | 585,000 | 117,000 |
Chief Tabetando | 270,000 | 54,000 |
Ed Willett | 225,000 | 45,000 |
Peter Wilson | 165,000 | 33,000 |
However, in recognition of the absolute share price performance over the Performance Period and in order to ensure a greater degree of alignment with shareholders, the Executive Directors and the Remuneration Committee have agreed that the vesting of the 2009 LTIP Awards should be deferred.
Consequently, it has been deemed appropriate that the vesting of the 2009 LTIP Awards should made subject to further conditions, including the Company formally resolving to proceed with the proposed initial development of the Etinde Permit ("FID"). The Group is currently targeting FID in the second half of 2013.
Grant of 2012 LTIP Awards
In accordance with the Company's remuneration policy, on 10 December 2012 the Company's Remuneration Committee also resolved to grant Awards under the LTIP to the directors listed below.
Director | No. of Shares over which awards granted on 10 December 2012 | Percentage of Basic Salary |
John Brown | 287,826 | 100% |
Kevin Hart | 721,878 | 141% |
Chief Tabetando | 359,784 | 100% |
Ed Willett | 319,807 | 100% |
Peter Wilson | 287,826 | 100% |
The above Awards should ordinarily vest on or around the third anniversary of the date of grant but only to the extent that certain performance conditions are satisfied by the Company during that period.
Pursuant to the Rules of the LTIP, Awards may only be made to directors at certain prescribed times, including within 42 days of the announcement by the Company of its annual results. Awards under the LTIP are restricted to 200% of the annual salary of the relevant employee in any one financial year and no more than 400% of salary over any three year period.
The number of shares comprised in the above Awards is based upon a share price of 69 pence being the Company's closing share price on Friday 7 December 2012.
No consideration was payable by the directors for the grant of the above Awards.
ENQUIRIES
For further information please contact:
Bowleven plc
Kevin Hart, Chief Executive 00 44 131 524 5678
Peter Wilson, Company Secretary
Brunswick Group LLP
Patrick Handley 00 44 207 404 5959
Catriona McDermott
BofA Merrill Lynch (NOMAD)
Derek Ross 00 44 207 628 1000
Tony White
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BLVN.L