FTO.L Regulatory News (FTO)

RNS Number : 2545O

Fortune Oil PLC

25 June 2010

 

 

25 June 2010

FORTUNE OIL PLC

("Fortune Oil" or "the Company")

 

Transfer of the vested Long Term Incentive Plan ("LTIP") Shares in respect of the 2006 awards and Directors' shareholdings

 

On 24 June 2009, the Company announced that certain Directors/PDMRs, who were so entitled, had chosen not to exercise their options granted under the Company's 2004 Senior Executive Incentive Plan (the "Plan") in respect of the 2006 awards. Therefore the shares over which they held options, as detailed in that announcement, were carried forward in the Employee Benefit Trust (the "EBT").

 

These awards were rights to acquire ordinary shares for nil consideration, subject to the rules of the Plan; and could have benefited from an increase in the number of shares under the awards subject to the Company's achieving performance milestones over the period 21 June 2006 - 20 June 2009. 

 

No additional entitlements to shares arose in respect of the three year period above, so a total of 2,383,886 ordinary shares of 1 pence each ("Shares") were transferred on 24 June 2010 to the relevant recipients by the trustee of the Company's EBT. Of the individuals concerned one is Director and four are Person Discharging Managerial Responsibility ("PDMR") of the Company,.

 

Following these transactions, each Director/PDMR now has a direct interest in shares as follows:

 

Director/ PDMR	Existing share holding	Percentage of issued class	LTIP Shares transferred in respect of the 2006 awards	Percentage of issued class	Resultant direct share holding	Total Percentage of issued class (Direct share holding)
LI Ching	19,722,058	0.992%	642,856	0.032%	20,364,914	1.025%
John PEXTON	1,041,273	0.052%	535,703	0.027%	1,576,976	0.079%
TIAN Jun	1,851,516	0.093%	535,703	0.027%	2,387,219	0.120%
GONG Min	229,882	0.012%	334,812	0.017%	564,694	0.028%
YE Qing	229,882	0.012%	334,812	0.017%	564,694	0.028%

 

Accordingly they hold directly the voting rights attached to their resultant shares, which rank pari passu in all respects with Fortune Oil's existing ordinary shares in issue, representing the percentage stated in the table above, of the issued share capital of the Company.

 

They also have indirect holdings of shares, both vested and unvested, awards of shares under the Plan.

 

Director/PDMR	LTIP Shares vested in respect of the 2007 awards and held in the EBT	Shares unvested and held in the EBT (2009 awards)	Percentage of issued class
LI Ching (Director)	311,925	1,185,600	0.075%
John PEXTON (PDMR)	271,668	336,338	0.031%
TIAN Jun (PDMR)	173,370	0	0.009%
GONG Min (PDMR)	169,804	373,692	0.027%
YE Qing (PDMR)	169,804	373,692	0.027%

 

In respect of the Director named above, this notification is made in accordance with DTR 3.14R(1)(a) and (c), and in respect of the PDMRs named above, in accordance with DTR 3.14R(1)(a) of the Disclosure and Transparency Rules.

 

Enquiries:  

Fortune Oil PLC

TEE, Kiam Poon, Chief Executive Tel: 00 852 2583 3125 (Hong Kong)  

 

Pelham Bell Pottinger

Archie Berens Tel: 020 7861 3112 or 07802 442 486

This information is provided by RNS

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