10th Aug 2016 11:35
10 August 2016
Faroe Petroleum plc
("Faroe Petroleum" or the "Company")
Notification of Directors' interests
Faroe Petroleum Incentive Plan
On 9 August 2016, the Remuneration Committee of the Company approved an annual award under the Faroe Petroleum Incentive Plan ("FPIP") to the Executive Directors by way of grant of nil-cost options ("Options") over ordinary shares of 10p each in the Company ("Ordinary Shares") as detailed below:
FPIP Annual Awards
Director | Role | Number of Ordinary Shares subject to the Option |
Graham Stewart | Chief Executive | 1,395,287 |
Helge Hammer | Chief Operating Officer | 831,235 |
Jonathan Cooper | Chief Financial Officer | 753,752 |
The actual number of Options which the recipients could receive under the FPIP ranges from zero to 100% subject to the achievement of certain performance targets. For the purposes of disclosure and maintenance of certain statutory records, the number of Options is taken to be 100% of the number of Options awarded, as detailed above.
Performance will be measured at the end of a three year performance period against two equally weighted performance conditions, namely one half absolute Total Shareholder Return ("TSR"), and one half relative TSR. Awards granted to the recipients will be required to be held for an additional two year holding period after the three year performance period before they vest.
Total Holdings
Following these transactions the Executive Directors hold the following Ordinary Shares together with options over the same (including Matching Shares) exercisable at various prices up to 127.5 pence, as follows:
Director | No of Ordinary Shares of 10p each | No. of options over ordinary shares of 10p each |
Graham Stewart* | 1,025,278 | 6,624,015 |
Helge Hammer** | 544,481 | 3,762,048 |
Jonathan Cooper*** | 200,957 | 2,965,225 |
*On 24 July 2016 304,400 FPIP Nil-Cost options and 51,223 Faroe Petroleum Co-Investment Plan Matching shares lapsed
** On 24 July 2016 188,561 FPIP Nil-Cost options and 52,208 Faroe Petroleum Co-Investment Plan Matching shares lapsed
*** On 24 July 2016 123,475 FPIP Nil-Cost options and 51,223 Faroe Petroleum Co-Investment Plan Matching shares lapsed
For further information please contact:
Faroe Petroleum plc Graham Stewart, CEO
|
Tel: +44 1224 650 920
|
Stifel Nicolaus Europe Limited Callum Stewart/Ashton Clanfield
| Tel: +44 20 7710 7600
|
RBC Capital Markets Matthew Coakes/ Daniel Conti/Roland Symonds
| Tel: +44 20 7653 4000 |
FTI Consulting Edward Westropp/Tom Hufton
| Tel: +44 20 7831 3113 |
The notification set out below is provided in accordance with the requirements of the EU Market Abuse Regulation.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITES AND PERSONS CLOSELY ASSOCIATED WITH THEM
1 | Details of PDMR/person closely associated with them ('PCA')
| ||||||
a)
| Name | Graham Stewart | |||||
2 | Reason for the notification | ||||||
a)
| Position/status
| Director and Chief Executive Officer | |||||
b)
| Initial notification /Amendment
| Initial notification | |||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||||
a)
| Name
| Faroe Petroleum plc | |||||
b)
| LEI
| 213800RE18GVZGNYB270 | |||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| ||||||
a)
| Description of the financial instrument, type of instrument Identification code
| Nil-cost options over ordinary shares
GB0033032904 | |||||
b)
| Nature of the transaction | Award of stock options | |||||
c)
| Price(s) and volume(s)
|
| |||||
d)
| Aggregated information - Aggregated volume - Price
|
1,395,287
Nil-cost | |||||
e)
| Date of the transaction | 9 August 2016 | |||||
f)
| Place of the transaction | XLON | |||||
1 | Details of PDMR/person closely associated with them ('PCA')
| ||||||
a)
| Name | Helge Hammer | |||||
2 | Reason for the notification | ||||||
a)
| Position/status
| Director and Chief Operating Officer | |||||
b)
| Initial notification /Amendment
| Initial notification | |||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||||
a)
| Name
| Faroe Petroleum plc | |||||
b)
| LEI
| 213800RE18GVZGNYB270 | |||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| ||||||
a)
| Description of the financial instrument, type of instrument Identification code
| Nil-cost options over ordinary shares
GB0033032904 | |||||
b)
| Nature of the transaction | Award of stock options | |||||
c)
| Price(s) and volume(s)
|
| |||||
d)
| Aggregated information - Aggregated volume - Price
|
831,235
Nil-cost | |||||
e)
| Date of the transaction | 9 August 2016 | |||||
f)
| Place of the transaction | XLON | |||||
1 | Details of PDMR/person closely associated with them ('PCA')
| ||||||
a)
| Name | Jonathan Cooper | |||||
2 | Reason for the notification | ||||||
a)
| Position/status
| Director and Chief Financial Officer | |||||
b)
| Initial notification /Amendment
| Initial notification | |||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||||
a)
| Name
| Faroe Petroleum plc | |||||
b)
| LEI
| 213800RE18GVZGNYB270 | |||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| ||||||
a)
| Description of the financial instrument, type of instrument Identification code
| Nil-cost options over ordinary shares
GB0033032904 | |||||
b)
| Nature of the transaction | Award of stock options | |||||
c)
| Price(s) and volume(s)
|
| |||||
d)
| Aggregated information - Aggregated volume - Price
|
753,752
Nil-cost | |||||
e)
| Date of the transaction | 9 August 2016 | |||||
f)
| Place of the transaction | XLON | |||||
Related Shares:
Faroe Petroleum Plc