Last checked at 27 Jun 2016 16:51
27 June 2016
Bowleven plc ("Bowleven" or "the Company")
Vesting of 2013 LTIP Award
Bowleven announces that, today, a total of 314,753 ordinary shares of £0.10 each in the Company ("Shares") vested in favour of David Clarkson, Chief Operating Officer, under the terms of Bowleven's 2006 Long Term Incentive Plan ("the 2006 LTIP"). This vesting related to an award that was granted to him under the 2006 LTIP on 26 June 2013 ("the 2013 LTIP Award"). The 2013 LTIP Award was 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 25 June 2016, following which it was determined that the Company's TSR was ranked between median and upper quartile levels in the comparator list producing a vesting percentage for the 2013 LTIP Award of 80%.
The vesting of the 2013 LTIP Award has been satisfied by the transfer of Shares for no consideration to David Clarkson by the trustee of the Company's Employee Benefit Trust. David Clarkson has decided to retain all of the Shares which have vested and to meet the tax and national insurance liabilities arising on vesting from his own funds. Following the transaction set out above, David Clarkson's beneficial interest in the Shares of Bowleven are as set out in the table below.
Director | No. of Shares held (pre-vesting) | Shares that vested on 27 June 2016 | No. of Shares held (post-vesting) | Percentage of issued share capital |
David Clarkson | 65,000 | 314,753 | 379,753 | 0.12 |
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)
Ken Fleming 00 44 203 037 2000
Nick Stamp