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Notifications of Transactions of PDMR

19th Sep 2013 09:05

RNS Number : 4013O
Afren PLC
19 September 2013
 



Notification of Transactions of Directors or Persons Discharging Managerial Responsibility and Connected Persons

Performance Share Plan

Afren plc ("Afren" or the "Company") announces that on 18 September 2013 the following awards under the Afren plc. Performance Share Plan were made to Executive Directors of the Company and Persons Discharging Managerial Responsibility (PDMR):

 

Directors

Allocation of Performance Shares (see Note below)

Osman Shahenshah

891,493

Shahid Ullah

595,655

Darra Comyn

534,896

Galib Virani

263,724

Iain Wright

284,010

 

Note: The awards granted on 18 September 2013 will vest after a three year period subject to continued employment and the satisfaction of performance conditions. The figures represent the maximum number of shares that might vest in three years' time - the actual number vesting will depend on the extent to which the performance conditions are satisfied over the three year performance period. The full award will only be made if the Company achieves a top quartile Total Shareholder Return ("TSR") against an industry and FTSE 250 peer group and if the Company meets or exceeds its target Reserves Replacement Ratio ("RRR"). If the Company does not achieve at least median performance in relation to the peer group, no shares will be awarded. For the purposes of these calculations, the awards were made at a share price of £1.44 (the closing mid-market price of the Company's shares on 17 September 2013). 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 and other PDMR's Equity Interests are as follows:

 

Director

Shares

Options

Total number of shares under the Performance Share Plan following this award

Osman Shahenshah

5,895,319

13,200,000

2,982,220

Shahid Ullah

4,645,722

3,000,000

1,964,547

Darra Comyn

573,598

1,850,000

1,789,332

Galib Virani

864,139

2,421,667

1,034,387

Iain Wright

913,688

850,000

1,121,283

 

The above holdings are at 19 September 2013, 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

Company Secretary

Afren plc

+ 44 (0) 20 7864 3755 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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