22nd Sep 2009 13:16
22 September 2009
FORTUNE OIL PLC
("Fortune Oil" or "the Company")
Transfer of the vested Long Term Incentive Plan ("LTIP") Shares in respect of the 2005 awards and Directors' shareholdings
On 1 July 2008, the Company announced that certain Directors/PDMRs who were so entitled had chosen not to exercise their options granted under the Company's 2004 Senior Executive Incentive Plan (the "Plan") in respect of the 2005 awards. Therefore the shares over which they held options, as detailed in that announcement, were carried forward in the Employee Benefit Trust (the "EBT").
These awards were rights to acquire ordinary shares for nil consideration, subject to the rules of the Plan; and could have benefited from an increase in the number of shares under the awards subject to the Company's achieving performance milestones over the period 23 June 2005 - 23 June 2008.
Since no additional entitlements to shares, arose as confirmed in the 2008 Annual Report, a total of 2,800,014 ordinary shares of 1 pence each ("Shares") have been transferred on 21 September 2009 to the relevant individual recipients, of whom six are Directors of the Company, by the trustee of the Company's EBT.
Following these transactions, each Director/PDMR now has the direct interest in shares as follows:
|
Directors |
Existing share holding |
Percentage of issued class |
LTIP Shares transferred in respect of the 2005 awards |
Percentage of issued class |
Resultant direct share holding |
Total Percentage of issued class (Direct share holding) |
|
LI Ching |
18,893,775 |
0.985% |
648,283 |
0.034% |
19,632,058 |
1.018% |
|
John PEXTON |
489,557 |
0.025% |
551,716 |
0.029% |
1,041,273 |
0.054% |
|
GONG Min |
57,466 |
0.003% |
172,416 |
0.009% |
229,882 |
0.012% |
|
TIAN Jun |
68,966 |
0.004% |
413,800 |
0.021% |
482,766 |
0.025% |
|
YE Qing |
57,466 |
0.003% |
172,416 |
0.009% |
229,882 |
0.012% |
|
Louisa HO |
82,750 |
0.004% |
496,550 |
0.026% |
579,330 |
0.030% |
Accordingly they hold directly the voting rights attached to their resultant shares, which rank pari passu in all respects with Fortune Oil's existing ordinary shares in issue, representing the percentage stated in the table above, of the issued share capital of the Company.
Five of the Directors named above also have indirect holdings of shares, both vested and unvested, awards of shares under the Plan.
|
Directors |
LTIP Shares vested in respect of the 2006 awards and held in the EBT |
Shares unvested and held in the EBT |
Percentage of issued class |
|
LI Ching |
642,856 |
311,925 |
0.050% |
|
John PEXTON |
535,703 |
271,668 |
0.042% |
|
GONG Min |
334,812 |
169,804 |
0.026% |
|
TIAN Jun |
535,703 |
173,370 |
0.037% |
|
YE Qing |
334,812 |
169,804 |
0.026% |
In respect of all the Directors named above, these notification are made in accordance with DTR 3.14R(1)(a) and (b) of the Disclosure and Transparency Rules.
Enquiries:
Fortune Oil PLC
John Pexton, Deputy Chief Executive Tel: 00 852 2583 3113 (Hong Kong)
Pelham Public Relations
Archie Berens Tel: 020 7337 1509 or 07802 442 486
Related Shares:
FTO.L