30 Jun 2020 18:00
Premier Oil plc
(the 'Company' or 'Premier')
Grant of Deferred Bonus Awards inrelation to the year ended 31 December 2019
As set out in the Company's Annual Report for the year ended 31 December 2019, annual bonuses in relation to 2019 performance were approved by the Remuneration Committee in March 2020 and, in line with the Company's Remuneration Policy, an element of the annual bonus is deferred into shares for three years for Executive Directors and other key employees. However, due to the uncertain outlook caused by COVID-19 and the fall in the Company's share price at that time, the Remuneration Committee took the decision to delay the grant of the Deferred Bonus Awards (the "Awards") from its normal timetable following the publication of its Full Year Results, until a more appropriate time.
Following a recovery in commodity markets over recent weeks, reflected in the recovery in the share price, and the approval of the Company's Remuneration Report at the Company's AGM on 25 June 2020, the Remuneration Committee concluded that it is now appropriate to make the Awards to all eligible employees in accordance with the Company's Remuneration Policy.
The Awards have been granted in the form of contingent share awards over ordinary shares in the Company and will normally vest three years from the date of award. In line with corporate governance best practice the Committee will also take into account corporate performance and the shareholder experience with regard to the vesting of these Awards.
As a result of the above, Awards were granted to the Executive Directors named below in relation to 2019 annual bonuses above 50% of salary. The Awards were calculated by reference to the average of the mid-market closing prices over the five dealing days preceding the date of award, being £0.51184.
Director | Shares awarded | Award price | Date of award |
Tony Durrant | 311,269 | £0.51184 | 25 June 2020 |
Richard Rose | 193,517 | £0.51184 | 25 June 2020 |
Rachel RickardPremier Oil plc+44 (0)20 7824 1067
The information set out below is provided in accordance with the requirements of Article 19(3) of MAR.
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Tony Durrant | ||||
2 | Reason for the notification | |||||
a) | Position/status | 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 | Premier Oil plc | ||||
b) | LEI | 213800YPC42DYBKVPF97 | ||||
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 | Ordinary shares of 12.5 pence each GB00B43G0577 | ||||
b) | Nature of the transaction | Grant of Deferred Bonus Awards. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information
|
311,269 £0.00 | ||||
e) | Date of the transaction | 2020-06-25 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Richard Rose | ||||
2 | Reason for the notification | |||||
a) | Position/status | Finance Director | ||||
b) | Initial notification/Amendment | Initial notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Premier Oil plc | ||||
b) | LEI | 213800YPC42DYBKVPF97 | ||||
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 | Ordinary shares of 12.5 pence each GB00B43G0577 | ||||
b) | Nature of the transaction | Grant of Deferred Bonus Awards. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information
|
193,517 £0.00 | ||||
e) | Date of the transaction | 2020-06-25 | ||||
f) | Place of the transaction | Outside a trading venue | ||||