28th Sep 2007 15:27
Sterling Energy PLC28 September 2007 Sterling Energy Plc ("Sterling" or the "Company") LTIP Allotment The Board of Sterling Energy plc reports implementation of the Long TermIncentive Plan ("LTIP") as approved by shareholders on 24th July 2007. In accordance with the approved LTIP, on 27th September 2007 the Company haveagreed to grant nominal cost options to the Directors to acquire ordinary shares("Shares") (the 'A' Options) and at the same time, will grant nominal costoptions to acquire Shares to the trustees of the Sterling Energy Plc EmployeeBenefit Trust (the "EBT") (the 'B' Options). The trustees of the EBT haveindicated their agreement to make awards to the directors of reversionaryinterests, which will initially be represented by the B Options. Subject to the trustees exercising their discretion the combined awards underthe A and B Options will be as follows: Director Face value of the award Maximum number of shares awarded under the LTIP Dick Stabbins £100,000 851,000Non-Executive Chairman Harry Wilson £692,000 5,889,000Chief Executive Graeme Thomson £506,000 4,306,000Finance Director Paul Griggs £384,000 3,268,000Commercial Director Andrew Grosse £404,000 3,438,000Exploration and Technical Director Peter Wilde £63,000 536,000Non-Executive Director Chris Callaway £63,000 536,000Non-Executive Director Also on 27th September 2007 the Company agreed to award nominal cost options toacquire Shares to other employees under the approved LTIP as set out below. Face value of the award Maximum number of Shares awarded under the LTIP Awards to other staff £3,049,992 25,928,000 The actual number of shares that will be finally awarded out of the maximumnumbers stated above under the LTIP, or alternative cash settlement at theCompany's option, will depend upon the achievement of performance criteriameasured over a vesting period of three years for each award. For this purposethe original share price to be used in the calculation was the closing marketprice on 27 September 2007, being 11.75p. 28 September 2007 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
SEY.L