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8 Apr 2015 07:05
08 April 2015
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Amerisur Resources Plc ("Amerisur" or the "Company")
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LTIP Awards Update
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Amerisur Resources Plc ("Amerisur" or the "Company"), the oil and gas producer and explorer focused on South America, announces that, following a thorough consultation process conducted by Stephen Foss, the Company's Senior Independent Director with the Company's significant shareholders and their corporate governance departments, the Remuneration Committee is revising the quantum and distribution of the LTIP awards announced on 9th February 2015.
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The Remuneration Committee is reducing the number of Director LTIP awards from 25,480,000 to 13,140,000 and increasing LTIP awards to the staff LTIP awards pool from 6,000,000 to 8,600,000.
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The below table outlines the changes:
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Name | Share Price growth (previous) | Share price growth (new) | Pipeline (previous) | Pipeline (new) | Total (previous) | Total (new) |
John Wardle | Â 6,370,000 | 6,370,000 | 6,370,000 | 3,770,000 | 12,740,000 | 10,140,000 |
Giles Clarke | Â 3,640,000 | 1,500,000 | 3,640,000 | 0 | 7,280,000 | 1,500,000 |
Nick Harrison | Â 2,730,000 | 1,500,000 | 2,730,000 | 0 | 5,460,000 | 1,500,000 |
Total | 12,740,000 | 9,370,000 | 12,740,000 | 3,770,000 | 25,480,000 | 13,140,000 |
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As a reminder, the LTIP awards in the Share Price Growth column in the table are five year awards with a three year vesting period. The base price for the share price growth is 37.22p, a 55% increase from yesterday's closing price of 24.0p. They will vest when certain performance criteria have been met - 50% when a 33% growth from the base price share price has been achieved (a 106% increase from yesterday's closing price) within three years (10% per annum compound), a further 25% on a 52% increase from the base price (a 136% increase from yesterday's closing price), (15% per annum compound) over three years and the final 25% on a 73% increase from the base price (an 168% increase from yesterday's closing price), (20% per annum compound) over three years. The share price target must also be held for 30 calendar days.
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The LTIP awards in the Pipeline column in the table are five year LTIP awards with a three year vesting period and relate to the successful installation of the pipeline and commencement of operations. The vesting of the pipeline LTIP awards will be determined by the Remuneration Committee's assessment of the results of the commissioning and operations of the pipeline.
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Ends
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ENQUIRIES:
Stephen Foss Amerisur  | c/o Billy Clegg: Tel: +44(0)203 757 4980 |
Billy Clegg/Georgia Mann | Tel: +44(0)203 757 4980 |
Camarco | |
 Jeremy Low/Daniel Conti |  Tel: +44 (0)207 653 4000 |
RBC Capital Markets  | |
Chris Sim | Tel: +44 (0)207 597 4000 |
Investec |
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