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Director/PDMR Shareholding

4 May 2017 08:30

RNS Number : 1659E
Faroe Petroleum PLC
04 May 2017
 

4 May 2017

Faroe Petroleum plc

("Faroe Petroleum" or the "Company")

Issue of Equity, Notification of Directors' interests and Total Voting Rights

On 3 May 2017, Roger Witts, a Non-Executive Director of the Company exercised nil-cost options ("Options") over a total of 43,168 ordinary shares of 10 pence each in the share capital of the Company ("Ordinary Shares") under the Faroe Petroleum Incentive Plan ("FPIP").

 

Director Shareholdings

 

To meet the associated income tax liability arising from the exercise of the Options, he has also sold a proportion of those Ordinary Shares at a price of 92.6 pence per Ordinary Share, and has retained the balance to increase his shareholding in the Company as detailed below.

 

Following these transactions the Directors hold Ordinary Shares, together with options over the same (including Matching Shares) exercisable at various prices up to 127.50 pence as also detailed below.

 

The nil-cost options held by Roger Witts were derived from an historic award of share options under the Faroe Petroleum Option Scheme made whilst serving as an executive director, and were exchanged for nil cost options under the FPIP in July 2013.

 

Issue of Equity and Total Voting Rights

 

Faroe Petroleum has applied to the London Stock Exchange for 43,168 new Ordinary Shares (the "New Ordinary Shares") to be admitted to trading on AIM ("Admission").

 

It is expected that Admission will become effective on 9 May 2017. The New Ordinary Shares will, following allotment, rank pari passu in all respects with the existing issued Ordinary Shares.

 

Following Admission, the Company's issued share capital will be 366,571,040 Ordinary Shares. The Company does not hold any Ordinary Shares in treasury. Therefore the total number of voting rights in the Company will be 366,571,040.

 

Shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules.

 

 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

(Disclosure in relation to exercise of share options and sale of shares)

 

 1 

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Roger Charles Witts

2

Reason for the notification 

a)

Position/status 

Non-Executive Director

b)

Initial notification /Amendment 

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name 

Faroe Petroleum plc

b)

LEI

213800RE18GVZGNYB270

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument 

Identification code 

43,168 Ordinary Shares of 10p each in Faroe Petroleum plc.

 

Sale of 17,319 Ordinary shares of 10p each in Faroe Petroleum plc.

ISIN: GB0033032904

b)

Nature of the transaction 

(i) Exercise of Options to acquire new Ordinary shares of 10p each

(ii) Sale of new ordinary shares of 10p each

c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

(i) 0.00 p

43,168

(ii) 92.6 p

17,319

d)

 

Aggregated information 

 

25,849 Ordinary Shares of 10p each in Faroe Petroleum plc.

e)

Date of the transaction 

3 May 2017

f)

Place of the transaction 

XLON

 

 

Total Holdings

 

Following these transactions the Directors hold the following Ordinary Shares together with options over the same (including historic Matching Shares) exercisable at various prices up to 127.5 pence, as follows:

 

Director

No of Ordinary Shares

of 10p each

No. of options over

ordinary shares of 10p each

Graham Duncan Stewart

1,717,785

5,635,606

Helge Ansgar Hammer

810,440

3,527,070

Jonathan Robert Cooper

260,933

3,071,432

John Bentley

172,270

0

Roger Witts

109,180

0

Timothy Read

160,000

0

Jorunn Saetre

28,571

0

 

- Ends -

For further information please contact:

 

Faroe Petroleum plc

Graham Stewart, CEO

 

 

Tel: +44 1224 650 920

 

Stifel Nicolaus Europe Limited

Callum Stewart /Nicholas Rhodes/Ashton Clanfield

 

Tel: +44 20 7710 7600

BMO Capital Markets

Neil Haycock/ Tom Rider/ Jeremy Low

 

Tel: +44 (0) 207 236 1010

FTI Consulting

Edward Westropp/Emerson Clarke

 

Tel: +44 20 7831 3113

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014, and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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