15th Jul 2009 14:59
ANNOUNCEMENT
DIRECTORS/PDMR SHAREHOLDING
Petroceltic International plc ("Petroceltic" or the "Company) announces that it has, in the ordinary course of business, granted share options to Directors to acquire up to 12.9 million common shares in the Company, under a new 2009 Share Option Plan ("the Plan") which was approved by the Board of the Company on 14th July 2009 (the "Award Date"). On the Award Date and in accordance with the Rules of the Plan, the Committee granted Awards over Ordinary Shares in the Share Capital of the Company to Brian O'Cathain over 7.5 million Ordinary Shares and to Alan McGettigan over 5.4 million Ordinary Shares, both at an average Award Price of GBpence 8.90.
The exercise price of 8.9p/share represents a premium of 14.1% over the closing price of the shares on the day immediately prior to the grant of options. The options will expire on 13th July 2016, and will vest in increments of 33.3% on the first, second and third anniversary of the grant of Award, subject to a vesting criteria of the common shares trading at or above 12.5p/share for a 10 day period, a premium of 60% over the closing price of the shares on the day immediately prior to the grant of options.
The Plan works as an equity-settled share appreciation rights plan ("SARP") and is constituted by rules prepared by independent consultants and approved by the Remuneration Committee (the "Committee") of the Board of Directors. The key provisions of the plan are summarised on the Company's website (www.petroceltic.ie) under Investor Centre.
Petroceltic currently has 1,358,261,049 shares in issue.
Dublin 15th July 2009
Related Shares:
PCI.L