Last checked at 23 Dec 2014 14:29
23 December 2014
Bowleven plc ("Bowleven" or the "Company")
Grant of 2014 Bowleven Long-Term Incentive Plan ('LTIP') Awards to Directors
2014 Directors Remuneration
Although a number of key objectives were met during the year, the Company's Remuneration Committee, with the support of the Executive Directors, has resolved that no bonuses will be payable to Directors in respect of the calendar year ending 31 December 2014.
Grant of 2014 LTIP Awards
In accordance with the Company's remuneration policy the Remuneration Committee also resolved to grant the following awards under the shareholder-approved LTIP to the Directors listed below.
Director | No. of Shares over which awards granted on 23 December 2014 |
David Clarkson | 1,370,000 |
Kerry Crawford | 1,030,000 |
Kevin Hart | 2,075,000 |
Ed Willett | 1,295,000 |
Peter Wilson | 1,165,000 |
Pursuant to the rules of the LTIP, awards under the LTIP may only be made to Directors at certain prescribed times, including within 42 days of the announcement by the Company of its annual results. That period expires on 24 December 2014.
The above awards ordinarily vest on or around the third anniversary of the date of grant but only to the extent that certain performance conditions are satisfied by the Company during that period. Consistent with previous awards, these performance conditions are determined by the relative total shareholder return ('TSR') generated by the Company over the relevant three year performance period compared to a selected group of 14 comparator companies chosen by the Remuneration Committee. Awards under the LTIP only vest where Bowleven's TSR over the relevant performance period is at least the median of the comparator group. 20% of an award vests where Bowleven's TSR is the median (i.e. 8th position); 40% where Bowleven's TSR is in 7th position; 60% where Bowleven's TSR is in 6th position; 80% where Bowleven's TSR is in 5th position; and 100% where Bowleven's TSR is in the upper quartile (i.e. 4th position or above). In addition, no awards vest unless the Remuneration Committee in their absolute discretion are also satisfied that there has been an overall satisfactory and sustained improvement in the performance of the Company during the relevant performance period.
The 2014 LTIP awards referred to above are based on a share price of 26.25 pence being the Company's closing share price yesterday, Monday 22 December 2014.
No consideration was payable by the Directors for the grant of the above awards.
ENQUIRIES
For further information please contact:
Bowleven plc
Kevin Hart, Chief Executive 00 44 131 524 5678
Peter 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