LTIP 2017 Award In perspective -17m23 Apr 2018 21:55
RNS after 4:30 never good but necessary, before everyone gets rabid, no awards in 2016 Accts and huge NO. of elapsed option down in total -17m, also none for GC, See below analysis and they CAPPED JW which is excellent in his reserves issue, but we are at +6.5kbopd at $74.8 FFS Quote, Position in 2016 based upon 2015 Stat Accts - Re 2016 LTIP Awards were 2 years ago
Name Awards Vesting date Total options following this grant
Staff 5,000,000 May-19 12,876,141
John Wardle 4,200,000 May-19 24,340,000
Giles Clarke 1,100,000 May-19 9,900,000
Nick Harrison 1,000,000 May-19 9,800,000
Total 11,300,000 56,916,141
2018 based upon 2017 Accounts NO Awards based upon 2016 Accounts
Name Awards Vesting date Total options following this grant
Staff 6,300,000 Apr-21 18,000,000
John Wardle 5,484,028 Apr-21 16,696,028
Nick Harrison 1,170,614 Apr-21 5,170,614
Total 12,954,642 39,866,642
TOTAL REDUCTION IN OPTIONS 2016 TO 2018 -17,049,499 - so there is a huge reduction even after the new awards. Quote P 50 Annual report - 6,500,000 LTIP awards subject to a total shareholder return performance condition were made to Directors in February 2014. The performance conditions attached to 4,750,000 of these awards was not met and these awards lapsed in full during 2017. The remaining awards of 1,750,000 had no performance conditions attached and these can be exercised up to 15 February 2019. 13,140,000 LTIP awards were made to Directors in February 2015. 9,370,000 LTIP awards were due to vest during the first quarter of 2018 subject to a total shareholder return performance condition. This performance condition was not met and these
awards have lapsed. 3,770,000 awards were made to John Wardle with a three-year vesting period subject
to a performance condition relating to the successful installation of the OBA pipeline and the commencement
of operations. The Remuneration Committee has considered performance against this condition and,
following consultation with the Company�s largest shareholders and advisers, determined that 60%
of these awards (2,262,000) will vest. So they capped JW and the substantial shareholders are getting stuck in and GC NO AWARDS, let see if he buys. I think this is the last material bad bit of statutory RNS before the uptick. GLA I think for the first time in 5 years, the Company's trading is NOW Ahead of the LTIP, where before they over shot their bolt. I Agree with JTD SH is a taker, the TWT needs to buy in now FFS, Simon is the man for value creation. GLA I'm going to buy below 16.6p which is the VWAP for the LTIP placing. The flood of positives next week, they had to get this out now and The II's have their stamp on it.