31st Oct 2008 07:00
31 October 2008
FORTUNE OIL PLC
("Fortune Oil" or "the Company")
Long Term Incentive Plan Awards
Fortune Oil announces today the 2008 notional bonus awards for the performance period 1 June 2008 to 31 May 2009 under the Fortune Oil PLC Senior Executive Incentive Plan (the "Plan"). The Plan is operated by the trustees of the Company's Employee Benefit Trust, JTC Trustees Limited, subject to the rules of the Company's Long Term Incentive Plan (the "LTIP Rules"). The ordinary shares of 1p each of the Company ("Fortune Shares") over which the options will be exercisable have already been issued and are held in the Company's Employee Benefit Trust.
Each option is a nil cost option and the number of Fortune Shares to which the individual is entitled under the option will vary. Each award is subject to the satisfaction of personal performance targets and may be enhanced on meeting Company performance targets. This announcement refers to Fortune Shares awardable in respect of the year commencing 1 June 2008; the announcements on 26 June and 1 July gave details of awards for the years commencing 1 June 2007 and 2005 respectively.
The number of Fortune Shares over which the options will be granted is the number of Fortune Shares which the notional bonus can buy on the first anniversary of the date of grant of the option. The following Directors and the Persons Discharging Managerial Responsibility (PDMRs) have accepted notional bonus for the performance period 1 June 2008 to 31 May 2009:
|
Notional bonus for Good personal performance |
Notional bonus for Exceptional personal performance |
|
|
Directors LI Ching |
£23,889 |
£47,777 |
|
John PEXTON |
£20,331 |
£40,661 |
|
TIAN Jun |
£16,265 |
£32,529 |
|
GONG Min |
£10,345 |
£20,690 |
|
YE Qing |
£10,345 |
£20,690 |
|
PDMRs |
||
|
Paul KWONG |
£12,451 |
£24,903 |
The Company's Remuneration Committee will determine whether each Director/PDMRs' personal performance for the year is acceptable, good or exceptional.
Except in exceptional circumstances, the options will only be exercisable after three years and will lapse after the tenth anniversary of grant if not exercised before that date. Where an option is exercised on or after the third anniversary of the grant, then the number of shares under the option will be increased according to when the option is exercised and whether the Company has achieved its growth performance targets in the three year period. Again, there are two thresholds for Company performance - good and exceptional.
The increase in the number of Fortune Shares covered by each of the options as a result of good or exceptional Company performance is calculated as follows:
|
Date of Exercise |
Increase in notional bonus for Good Company Performance |
Increase in notional bonus for Exceptional Company Performance |
|
On or after 3rd anniversary but before 4th anniversary |
20% |
40% |
|
On or after 4th anniversary but before 5th anniversary |
40% |
100% |
|
On or after 5th anniversary |
100% |
200% |
The criteria for determining good and exceptional Company performance are in accordance with the methodology approved at the Company's Annual General Meeting on 25 June 2004.
Enquiries:
Fortune Oil PLC
John Pexton - Deputy Chief Executive Tel: 00 852 2583 3113(Hong Kong)
Pelham Public Relations
Archie Berens Tel: 020 7743 6679 or 07802 442 486
Robert Koh Tel: 020 3170 7444
Related Shares:
FTO.L