Last checked at 28 Jun 2013 13:02
28 June 2013
Bowleven plc ("Bowleven" or the "Company")
grant of award under bowleven long term incentive plan to newly appointed director
Further to the appointment of David Clarkson as a director of Bowleven on 26 June 2013, the Company's Remuneration Committee has confirmed the grant of an award in favour of Mr Clarkson over 393,442 ordinary shares in the Company ("the Award") made under the Bowleven Long Term Incentive Plan ("LTIP").
In accordance with the Rules of the LTIP, the above Award will vest on the third anniversary of grant but only to the extent that certain performance conditions are satisfied by the Company over that period. In addition, prior to any Award vesting, the Company's Remuneration Committee are required to be satisfied that there has been a satisfactory and sustained improvement in the underlying financial performance of the Company over that same three year period. No consideration was payable by Mr Clarkson for the grant of the above Award.
Following this Award, Mr Clarkson's beneficial interests in shares under option in the Company is 393,442.
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
Catriona McDermott
BofA Merrill Lynch (NOMAD)
Derek Ross 00 44 207 628 1000
Tony White
Notes:
Details of the LTIP, including the performance conditions attaching to any award made thereunder were approved by shareholders at a general meeting held on 6 December 2006. Details of the scheme, and a copy of the scheme rules, are available on the Company's website at www.bowleven.com