15th Mar 2019 16:30
Premier Oil plc
(the 'Company' or 'Premier')
Vesting of Awards under the Company's 2009 Long Term Incentive Plan ("2009 LTIP")
Premier announces that the Remuneration Committee of the Company has approved the vesting of Equity Pool Awards and Performance Share Awards (the "Awards") granted on 1 January 2016 pursuant to the Company's 2009 LTIP.
The performance criteria for the Awards were based on the growth in the Company's market capitalization and total shareholder return relative to a comparator group of companies over the performance period. 50% of the shares vesting from the Awards are subject to a mandatory deferral period of three years and are not eligible for a Matching Share Award.
Details of these Awards and their performance conditions are set out in the Directors' Remuneration Report within the 2016 Annual Report and Financial Statements. Information on the calculation of final vesting levels for the Awards, in accordance with the performance conditions, will be set out in the Company's 2018 Annual Report and Financial Statements.
The tax liabilities arising on the release of the first 50% of the Awards were settled by withholding a sufficient number of shares to cover these liabilities. The net number of shares were then released to participants as indicated below. The final column in this table shows the second 50% of the Awards that have been granted as Deferred Awards subject to a three-year deferral period.
| Gross number of shares released on 14 March 2019 | Shares withheld to cover tax liabilities | Net number of shares released on 14 March 2019 | Shares subject to a three year deferral period |
Robin Allan | 168,285 | 79,093 | 89,192 | 168,285 |
Tony Durrant | 294,850 | 138,579 | 156,271 | 294,849 |
Richard Rose | 151,499 | 71,204 | 80,295 | 151,499 |
Daniel RosePremier Oil plc+44 (0)20 7730 1111
The information set out below is provided in accordance with the requirements of Article 19(3) of MAR.
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Tony Durrant | ||||
2 | Reason for the notification | |||||
a) | Position/status | Chief Executive Officer | ||||
b) | Initial notification/Amendment | Initial notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Premier Oil plc | ||||
b) | LEI | 213800YPC42DYBKVPF97 | ||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 12.5 pence each GB00B43G0577 | ||||
b) | Nature of the transaction | (i) Shares withheld to cover tax liabilities following the vesting of Awards under the 2009 LTIP; (ii) Net shares released following the vesting of Awards under the 2009 LTIP; and (iii) Grant of Deferred Share Awards under the 2009 LTIP. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information
|
589,699 £0.00 | ||||
e) | Date of the transaction | 2019-03-14 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Robin Allan | ||||
2 | Reason for the notification | |||||
a) | Position/status | Director, North Sea and Exploration | ||||
b) | Initial notification/Amendment | Initial notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Premier Oil plc | ||||
b) | LEI | 213800YPC42DYBKVPF97 | ||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 12.5 pence each GB00B43G0577 | ||||
b) | Nature of the transaction | (i) Shares withheld to cover tax liabilities following the vesting of Awards under the 2009 LTIP; (ii) Net shares released following the vesting of Awards under the 2009 LTIP; and (iii) Grant of Deferred Share Awards under the 2009 LTIP. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information
|
336,570 £0.00 | ||||
e) | Date of the transaction | 2019-03-14 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Richard Rose | ||||
2 | Reason for the notification | |||||
a) | Position/status | Finance Director | ||||
b) | Initial notification/Amendment | Initial notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Premier Oil plc | ||||
b) | LEI | 213800YPC42DYBKVPF97 | ||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 12.5 pence each GB00B43G0577 | ||||
b) | Nature of the transaction | (i) Shares withheld to cover tax liabilities following the vesting of Awards under the 2009 LTIP; (ii) Net shares released following the vesting of Awards under the 2009 LTIP; and (iii) Grant of Deferred Share Awards under the 2009 LTIP. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information
|
302,998 £0.00 | ||||
e) | Date of the transaction | 2019-03-14 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
Related Shares:
PMO.L