1 Aug 2017 08:46
1 August 2017
Faroe Petroleum plc
("Faroe Petroleum" or the "Company")
Notification of Directors' interests
Faroe Petroleum Incentive Plan
On 28 July 2017 the Remuneration Committee of the Company approved an annual award under the Faroe Petroleum Incentive Plan ('FPIP") to the Executive Directors by way of grant of nil-cost options ("Options") over ordinary shares of 10p each in the Company ("Ordinary Shares") as detailed below:
FPIP Annual Awards
Director | Role | Number of Ordinary Shares subject to the Option |
Graham Stewart | Chief Executive | 1,192,277 |
Helge Hammer | Chief Operating Officer | 710,293 |
Jonathan Cooper | Chief Financial Officer | 644,083 |
The actual number of Options which the recipients could receive under the FPIP ranges from zero to 100% subject to the achievement of the performance targets. For the purposes of disclosure and maintenance of certain statutory records, the number of Nil-Cost Options is taken to be 100% of the number of Nil-Cost Options awarded, as detailed above.
Performance will be measured at the end of a three year performance period against two equally weighted performance conditions, namely one half absolute Total Shareholder Return ("TSR"), and one half relative TSR. Awards granted to the recipients will be required to be held for an additional two year holding period after the three year performance period.
Total Holdings
Following these transactions the Executive Directors hold the following Ordinary Shares together with options over the same (including Matching Shares) exercisable at various prices as follows:
Director | No of Ordinary Shares of 10p each | No. of options over ordinary shares of 10p each |
Graham Stewart* | 1,718,863 | 6,165,860 |
Helge Hammer** | 811,503 | 3,855,136 |
Jonathan Cooper*** | 262,005 | 3,384,495 |
*On 24 July 2017 460,236 FPIP Nil-Cost options lapsed
** On 24 July 2017 255,130 FPIP Nil-Cost options lapsed
*** On 24 July 2017 248,627 FPIP Nil-Cost options lapsed
- 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 20 7236 1010 |
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.
The notification set out below is provided in accordance with the requirements of the EU Market Abuse Regulation.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITES AND PERSONS CLOSELY ASSOCIATED WITH THEM
1 | Details of PDMR/person closely associated with them ('PCA')
| ||||||
a)
| Name | Graham Stewart | |||||
2 | Reason for the notification | ||||||
a)
| Position/status
| Director and Chief Executive Officer | |||||
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
| Nil-cost options over ordinary shares
GB0033032904 | |||||
b)
| Nature of the transaction | Award of stock options | |||||
c)
| Price(s) and volume(s)
|
| |||||
d)
| Aggregated information - Aggregated volume - Price
|
1,192,277
Nil | |||||
e)
| Date of the transaction | 28 July 2017 | |||||
f)
| Place of the transaction | XLON | |||||
1 | Details of PDMR/person closely associated with them ('PCA')
| ||||||
a)
| Name | Helge Hammer | |||||
2 | Reason for the notification | ||||||
a)
| Position/status
| Director and Chief Operating Officer | |||||
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
| Nil-cost options over ordinary shares
GB0033032904 | |||||
b)
| Nature of the transaction | Award of stock options | |||||
c)
| Price(s) and volume(s)
|
| |||||
d)
| Aggregated information - Aggregated volume - Price
|
710,293
Nil | |||||
e)
| Date of the transaction | 28 July 2017 | |||||
f)
| Place of the transaction | XLON | |||||
1 | Details of PDMR/person closely associated with them ('PCA')
| ||||||
a)
| Name | Jonathan Cooper | |||||
2 | Reason for the notification | ||||||
a)
| Position/status
| Director and Chief Financial Officer | |||||
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
| Nil-cost options over ordinary shares
GB0033032904 | |||||
b)
| Nature of the transaction | Award of stock options | |||||
c)
| Price(s) and volume(s)
|
| |||||
d)
| Aggregated information - Aggregated volume - Price
|
644,083 Nil | |||||
e)
| Date of the transaction | 28 July 2017 | |||||
f)
| Place of the transaction | XLON | |||||