29th Nov 2011 08:55
29 November 2011
Faroe Petroleum plc
("Faroe Petroleum" or the "Company")
Notification of Director's Interests and conditional award of shares
Graham Stewart (Chief Executive), Iain Lanaghan (Finance Director) and Helge Hammer (Chief Operating Officer), have notified the Company that on 28 November 2011 they acquired the following ordinary shares of 10p each in the Company ('Partnership Shares') and have been awarded the following conditional shares ('Matching Shares') under the Faroe Petroleum Share Investment Plan (the "SIP") at a price of £1.415 each:
Partnership Shares (no.) | Purchase price | Matching Shares (no.) | Purchase price | |
Graham Stewart | 87 | £1.415 | 174 | £1.415 |
Iain Lanaghan | 87 | £1.415 | 174 | £1.415 |
Helge Hammer | 91 | £1.415 | 182 | £1.415 |
The SIP is open to all employees on the same terms where, for every share purchased by an employee the Company will match it with two matching shares. The matching shares are released at the end of a three year holding period (subject to the SIP rules) and the maximum amount that may be invested in Partnership Shares in any tax year is £1,500 per employee. Graham Stewart, Iain Lanaghan and Helge Hammer have committed to invest the maximum of £125/month (noting that Mr Hammer, being resident in Norway, has committed to the SIP in Norwegian Krona and as such the Sterling investment varies slightly from month to month).
At present market purchase shares are being used to satisfy the matching shares.
Following this transaction Graham Stewart, Iain Lanaghan and Helge Hammer hold the following ordinary shares of 10 pence each in the Company, together with options over the same (including matching shares) exercisable at various prices up to 186.25 pence, as follows:
Name | No of Ordinary Shares of 10p each | No. of options over ordinary shares of 10p each |
Graham Stewart | 228,651 | 5,512,359 |
Iain Lanaghan | 78,294 | 1,991,622 |
Helge Hammer | 140,412 | 2,734,814 |
The foregoing total of options held reflects a correction to the number of ordinary shares of 10p each in the Company awarded under the Faroe Petroleum plc Co-Investment Plan at a price per ordinary share of 183.25 pence each ("CIP Matching Shares") as announced on 12 April 2011. The correct number of CIP Matching Shares announced and the corrected numbers are as follows:
CIP Matching Shares (no.) | |||
As announced | Corrected | Difference | |
Graham Stewart | 6,690 | 13,653 | 6,963 |
Iain Lanaghan | 5,101 | 10,412 | 5,311 |
Helge Hammer | 4,953 | 10,745 | 5,792 |
Graham Stewart also holds an option to acquire 84,547 ordinary shares under a Long Term Incentive Plan exercisable at the nominal price of 10 pence per share.
- Ends -
For further information please contact:
Faroe Petroleum plc Graham Stewart
| Tel: +44 1224 650 920 |
Panmure Gordon (UK) Limited Katherine Roe/Callum Stewart
| Tel: +44 20 7459 3600
|
Oriel Securities Limited Michael Shaw/ Ashton Clanfield
| Tel: +44 20 7710 7600 |
Financial Dynamics Billy Clegg/Edward Westropp
| Tel: +44 20 7831 3113 |
Related Shares:
Faroe Petroleum Plc