Last checked at 26 Mar 2015 07:00
26 March 2015
Bowleven plc ("Bowleven" or "the Company")
Vesting of Deferred Awards to directors pursuant to the Bowleven Long Term Incentive Plan and vesting of Deferred Share Award
Bowleven wishes to announce that the undernoted Awards originally made under the Bowleven Long Term Incentive Plan ("LTIP") on 6 December 2009 ("the 2009 Awards") vested in favour of the undernoted directors on 25 March 2015.
The deferred awards listed below represent 20% of the 2009 Awards on the basis that Bowleven's Total Shareholder Return (TSR) calculated in accordance with the terms of the LTIP over the 3 year performance period ending on 10 December 2012 was in median place in the Comparator List. The Awards below should ordinarily have vested in December 2012 in accordance with the LTIP scheme rules but, by agreement with the Directors affected, the Company's Remuneration Committee deferred vesting until completion of the Lukoil/New Age Etinde Farm-in transaction:-
Director | Deferred 2009 LTIP Award |
Kerry Crawford | 32,000 |
Kevin Hart | 117,000 |
Chief Tabetando | 54,000 |
Ed Willett | 45,000 |
Peter G Wilson | 33,000 |
Total | 281,000 |
In addition to the above, Kerry Crawford, the Company's Finance Director, received a further 21,249 shares under a Deferred Share Award dated 28 December 2012. This Deferred 2012 Share Award was made in lieu of part of Mrs Crawford's 2012 performance bonus. The Deferred 2012 Share Award was likewise deferred until completion of the Lukoil/New Age Etinde Farm-in transaction.
Although the Lukoil/New Age Farm-in transaction formally completed on Monday 16 March 2015, the Company was in a close period (under the AIM Rules) on that date and continued to be so until announcement of the Company's interim results yesterday and therefore the above Awards vested at the end of that close period, on 25 March 2015.
Further to vesting of the deferred 2009 LTIP Awards and the vesting of Mrs Crawford's Deferred 2012 Share Award, the above shares have been transferred to the relevant individuals by the trustee of the Company's Employee Benefit Trust.
Following these transfers, instructions were given by Kerry Crawford and Chief Tabetando to sell a proportion of their entitlement, in the case of Kerry Crawford only to sell such number of shares as was necessary to account for the tax payable on the vesting of her Awards. The number of shares sold on behalf of Mrs Crawford and Chief Tabetando are set out below. The sales were made on 25 March at a sale price of 30 pence per share:-
Director | No of shares sold |
Kerry Crawford | 24,500 |
Chief Tabetando | 30,000 |
Further Directors' Share Purchases
In addition, the Company announces that the following directors purchased shares in the Company on 25 March 2015 at a price of 30 pence per share:-
Director | No of Shares purchased |
David Clarkson | 65,000 |
Kevin Hart | 275,000 |
Ed Willett | 70,500 |
Peter G Wilson * | 125,120 |
Total | 535,620 |
· Peter Wilson's shares were purchased by his Self-Invested Pension Plan (SIPP)
Following the above transactions, the interests of the above directors in the shares of Bowleven are as follows:-
Director | No of shares held | Percentage of issued share capital |
David Clarkson | 65,000 | 0.02% |
Kerry Crawford | 337,385 | 0.10% |
Kevin Hart | 3,204,364 | 0.99% |
Chief Tabetando | 1,581,701 | 0.49% |
Ed Willett | 503,613 | 0.16% |
Peter G Wilson | 588,120 | 0.18% |
ENQUIRIES
For further information please contact:
Bowleven plc
Kevin Hart, Chief Executive 00 44 131 524 5678
Peter G Wilson, Company Secretary
Brunswick Group LLP
Patrick Handley 00 44 207 404 5959
Simon Maine
Macquarie Capital (Europe) Limited (Nomad)
Jon Fitzpatrick 00 44 203 037 2000
Ken Fleming
Nick Stamp