1st Apr 2011 10:04
Notification of Transactions of Directors or Persons Discharging Managerial Responsibility and Connected Persons
Performance Share Plan
It was confirmed on 1 April 2011 that on 31 March 2011 the following awards under the Afren plc Performance Share Plan were made to Executive Directors of the Company:
Directors | Allocation of Performance Shares (see Note below) |
Osman Shahenshah | 788,644 |
Shahid Ullah | 530,048 |
Darra Comyn | 473,186 |
Note: Under the Performance Share Plan, awards are granted as a conditional allocation, where a participant will receive ordinary shares in the Company on the vesting of an award subject to continuing employment. The shares vest after a three year period and the full award is made only if the Company's Total Shareholder Return has performed in the top quartile when compared against a peer group of upstream oil and gas companies. If the Company does not achieve at least median performance in the peer group, no shares will be awarded. For the purposes of these calculations, the awards were made at a share price of £1.585. No consideration was paid for the grant of the awards. No price is payable on the vesting of the awards.
Following the award, the Director's Equity Interests are as follows:
Director | Shares | Options | Total Number of Shares under the Performance Share Plan following this award |
Osman Shahenshah | 4,181,515 | 13,200,000 | 2,676,152 |
Shahid Ullah | 3,268,961 | 3,000,000 | 1,852,648 |
Darra Comyn | - | 1,850,000 | 473,186 |
The above holdings are at 1 April 2011, being the date of this announcement, and include holdings for Connected Persons.
The above information has been disclosed under DTR 3.1.4
Enquiries
Elekwachi Ukwu
Deputy Company Secretary
Afren plc
+ 44 20 7451 9700
Related Shares:
AFR.L