12th Dec 2008 08:59
12 December 2008
Bowleven plc ("Bowleven" or the "Company")
Grant of Awards to directors pursuant to the Bowleven Long Term Incentive Plan
On 11 December 2008 the Board of Bowleven plc ("the Company") granted Awards under the Bowleven Long Term Incentive Plan ("LTIP") to the directors listed below. Pursuant to the Rules of the LTIP, Awards are made annually 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 relevant percentage of salary in respect of the following awards, based upon a share price of 33 pence per share, is also indicated below.
Director No. of Shares in Award Percentage of basic salary
John D Brown 327,273 60%
Kevin Hart 775,758 80%
John Morrow 409,091 60%
Chief Tabetando 477,273 70%
Ed Willett 424,242 70%
Peter Wilson 327,273 60%
The release of shares pursuant to an Award is dependant upon achievement by the Company of certain performance conditions over a period of three years from the date of the Award. In addition, prior to an Award vesting, the Remuneration Committee are required to be satisfied that there has been a satisfactory and sustained improvement in the underlying financial performance of the Company over the next three year period.
ENQUIRIES
For further information please contact:
Bowleven plc
Kevin Hart, Chief Executive Officer Tel: +44 131 524 5656
Kerry Crawford, Deputy Finance Director/ Tel: +44 131 524 5673
Head of Investor Relations
Brunswick Group LLP
Patrick Handley Tel: +44 207 404 5959
Deborah Spencer
RBS Hoare Govett Limited
Andrew Foster Tel: +44 207 678 8000
Related Shares:
BLVN.L