Last checked at 23 Dec 2015 16:04
23 December 2015
Bowleven plc ("Bowleven" or "the Company")
Vesting of 2012 LTIP Awards
Vesting of 2012 LTIP Awards
Bowleven announces that, on 22 December 2015, a total of 1,251,559 ordinary shares in the Company ("Shares") vested in favour of the undernoted Executive Directors under the terms of Bowleven's 2006 Long Term Incentive Plan ("the 2006 LTIP"). This vesting, details of which are provided in the table below, related to awards that were granted under the 2006 LTIP on 10 December 2012 ("the 2012 LTIP Awards"). These awards were subject to a performance condition that, amongst other things, compared Bowleven's total shareholder return ("TSR") over a three-year period with the TSR achieved by a comparator group of companies. This period expired on 10 December 2015, following which it was determined that the Company's TSR was ranked in the upper quartile in the comparator list meaning that the 2012 LTIP Awards vested in full.
The vesting of the 2012 LTIP Awards was satisfied by the transfer of Shares for no consideration to the relevant individuals by the trustee of the Company's Employee Benefit Trust.
Current interests in Shares
Following the transaction set out above, the beneficial interests of the undernoted Executive Directors in the Shares of Bowleven are as set out in the table below.
Director | No. of shares held (pre-vesting) | Shares that vested on 22 December 2015 | No. of Shares held (post-vesting) | Percentage of issued share capital |
Kevin Hart | 3,204,364 | 721,878 | 3,926,242 | 1.20 |
Kerry Crawford | 337,385 | 209,874 | 547,259 | 0.17 |
Ed Willett | 503,613 | 319,807 | 823,420 | 0.25 |
2015 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 2015.
ENQUIRIES
For further information please contact:
Bowleven plc
Kevin Hart, Chief Executive 00 44 131 524 5678
Kerry Crawford, Finance Director
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