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29 Jun 2012 15:55
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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 28 June the following awards under the Afren plc. Performance Share Plan were made to Executive Directors of the Company and Persons Discharging Managerial Responsibility (PDMR):
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Β Directors | Allocation of Performance Shares (see Note below) | |
Osman Shahenshah | 1,302,083 | |
Shahid Ullah | 838,844 | |
Darra Comyn | 781,250 | |
Iain Wright | 370,469 | |
Galib Virani | 341,016 |
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Note: The awards granted on 28 June 2012 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 meets or exceeds its target Reserves Replacement Ratio. 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 Β£0.96. No consideration was paid for the grant of the awards. No price is payable on the vesting of the awards.
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Following the award, the Director's and other PDMR's Equity Interests are as follows:
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Director | Shares | Options | Total Number of Shares under the Performance Share Plan following this award |
Osman Shahenshah | 4,895,856 | 13,200,000 | 2,090,727 |
Shahid Ullah | 4,360,106 | 3,000,000 | 1,368,892 |
Darra Comyn | - | 1,850,000 | 1,254,436 |
Iain Wright | 921,153 | 850,000 | 837,273 |
Galib Virani | 587,936 | 2,421,667 | 770,663 |
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The above holdings are at 29 June 2012, being the date of this announcement, and include holdings for Connected Persons.
The above information has been disclosed under DTR 3.1.4
Enquiries
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Elekwachi Ukwu
Deputy Company Secretary
Afren plc
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+ 44 (0) 2078 64 37 55Β
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