1st Jul 2008 11:50
1 July 2008
Fortune Oil PLC
("Fortune Oil" or the "Company")
Long Term Incentive Plan (LTIP) Shares
On 27 June 2006, the Directors/Persons Discharging Managerial Responsibility (PDMR) of the Company were awarded nil-paid options under the Company's LTIP over the following number of shares. These awards reflected the notional bonuses granted on 23 June 2005 and the performance over the period 1 June 2005 to 31 May 2006.
Directors No. of shares Exercise period
LI Ching 648,283 27 June 2008 - 26 June 2015
John PEXTON 551,716 27 June 2008 - 26 June 2015
GONG Min 172,416 27 June 2008 - 26 June 2015
Louisa HO 496,550 27 June 2008 - 26 June 2015
TIAN Jun 413,800 27 June 2008 - 26 June 2015
YE Qing 172,416 27 June 2008 - 26 June 2015
These awards vested on 27 June 2008, being 3 years following the date of the initial grant of the notional bonuses and each Director has the right to exercise their option and accept delivery of the shares or roll them forward in the Company's Employee Benefit Trust (the "EBT").
Directors have chosen not to exercise their option and will keep their shares in the EBT for further enhancement subject to the Company's performance described below.
For the Directors who have rolled over their award into the EBT, have the opportunity to increase the number of shares received under this award dependant on the Company's performance, as previously outlined on 23 June 2005. There are two thresholds for Company performance - good and exceptional; and the uplift in awards under each scenario is outlined in the table below.
|
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 increases in awards in each period are percentage increases on the initial award and
are not cumulative.
The criteria for determining good and exceptional Company performance is 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 6670 or 07802 442 486
Robert Koh Tel: 0203 170 7444
Related Shares:
FTO.L