Last checked at 20 Apr 2010 12:20
Director/PDMR Shareholding
EnQuest PLC (the "Company")
Notification of Transactions by
Persons Discharging Management Responsibility ('PDMRs').
Pursuant to the Company's obligations under Disclosure and Transparency Rule 3.1.4, the Company hereby notifies that the Company's Remuneration Committee granted the following awards to Directors and PDMRs of Ordinary Shares of £0.05 each in the Company (the "Shares") under the EnQuest Restricted Share Plan ("RSP") and the EnQuest Deferred Bonus Share Plan ("DBSP") on 19 April 2010.
It was stated in the Company's Prospectus dated 18 March 2010, that following admission of the Company's Shares to the Official List and to trading on the London Stock Exchange's main market (which took place on 6 April 2010), further awards may be made under the RSP and DBSP to those employees of the Company who were previously employed by Lundin Britain Limited and Petrofac Services Limited, and whose awards under the Lundin Petroleum AB Unit Bonus Plan or under the Petrofac Limited share plans had vested early or lapsed as a result of the acquisition of Lundin Britain Limited by the Company, and the transfer of certain employees of Petrofac Services Limited to the Company.
Accordingly, on 19 April 2010, RSP Awards were granted to Company employees who had previously held awards under the Petrofac Limited share plans. The RSP Awards for Directors and PDMRs were granted in the form of nil-cost options (as permitted under the rules of the RSP) and will vest on the second, third and fourth anniversaries of the award date in tranches of 25%, 25% and 50% respectively, each being exercisable (subject to each of their continuing employment with the EnQuest group) up to the tenth anniversary of the date of grant.
In addition, Company employees who transferred across with Lundin Britain Limited were invited under the rules of the DBSP to invest 50% of the net proceeds arising from the maturity of their awards under the Lundin Petroleum AB Unit Bonus Plan (the 'Net Proceeds') in the DBSP. On 19 April 2010, Matching Awards were granted over an equal number of shares that were purchased by the DBSP participants using their Net Proceeds. Shares awarded under the DBSP vest on the second, third and fourth anniversaries of the date of grant in tranches of 25%, 25%, and 50% respectively, subject to each of their continuing employment with the EnQuest group.
Awards granted to Directors and PDMRs on 19 April 2010 under the RSP and DBSP were as follows:-
| Director/PDMR | RSP Award 19 April 2010 | Total number of shares held under the RSP following the Award | DBSP Award 19 April 2010 | Total number of shares held under the DBSP following the Award |
| Amjad Bseisu | 591,324 | 2,200,387 | - | - |
| Jonathan Swinney | 163,387 | 699,741 | - | - |
| Craig Mathew | 285,631 | 377,669 | - | - |
| Paul Lindop | - | 187,724 | 75,594 | 75,594 |
| Brian Fraser | - | 134,088 | 58,192 | 58,192 |
If participants and their connected persons hold Shares outside the RSP and
DBSP (or any other Company share incentive scheme), separate announcements are made under the Disclosure and Transparency Rules as required.
Contact for enquiries:
EnQuest PLC
Paul Waters
Company Secretary
020 7925 4900