26 Sep 2014 13:39
26 September 2014
Faroe Petroleum plc
("Faroe Petroleum" or the "Company")
Quarterly notification of Directors' interests and conditional award of shares
Graham Stewart (Chief Executive), Jonathan Cooper (Chief Financial Officer) and Helge Hammer (Chief Operating Officer), have notified the Company that on 25 September 2014 they acquired the following ordinary shares of 10p each in the Company ('Partnership Shares') and have been awarded the following conditional shares ('Matching Shares') under the Faroe Petroleum Share Investment Plan (the "SIP") at a price of £1.0975 each:
Partnership Shares (no.) | Purchase price | Matching Shares (no.) | Purchase price | |
Graham Stewart | 342 | £1.0975 | 684 | £1.0975 |
Jonathan Cooper | 342 | £1.0975 | 684 | £1.0975 |
Helge Hammer | 328 | £1.0975 | 656 | £1.0975 |
The SIP is open to all employees on the same terms where, for every share purchased by an employee the Company will match it with two matching shares. The matching shares are released at the end of a three year holding period (subject to the SIP rules) and the maximum amount that may be invested in Partnership Shares in any tax year is £1,500 per employee. Graham Stewart, Jonathan Cooper and Helge Hammer have committed to invest the maximum of £1,500/year (noting that Mr Hammer, being resident in Norway, has committed to the SIP in Norwegian Krona and as such the Sterling investment varies slightly from quarter to quarter).
At present market purchase shares are being used to satisfy the matching shares.
Following this transaction the directors hold the following ordinary shares of 10 pence each in the Company, together with options over the same (including matching shares) exercisable at various prices up to 186.25 pence, as follows:
Name | No of Ordinary Shares of 10p each | No. of options over ordinary shares of 10p each |
Graham Stewart | 363,940 | 4,614,629 |
Jonathan Cooper | 34,294 | 850,141 |
Helge Hammer | 245,659 | 2,543,940 |
John Bentley | 100,842 | - |
Timothy Read | 90,000 | - |
Roger Witts | 68,331 | 43,168 |
Jorunn Saetre | - | - |
Graham Stewart also holds an option to acquire 84,547 ordinary shares under a Long Term Incentive Plan exercisable at the nominal price of 10 pence per share.
- Ends -
For further information please contact:
Faroe Petroleum plc Graham Stewart, CEO
|
Tel: +44 1224 650 920
|
Oriel Securities Limited Michael Shaw/Ashton Clanfield
| Tel: +44 20 7710 7600 |
RBC Capital Markets Matthew Coakes/Jeremy Low
| Tel: +44 20 7653 4000 |
FTI Consulting Edward Westropp/Tom Hufton
| Tel: +44 20 7831 3113 |