9 Sep 2014 15:30
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS
Premier Oil plc (the "Company")
LONG TERM INCENTIVE PLAN AND CONDITIONAL SHARE AWARDS
Further to the appointment of Richard Rose as Finance Director of the Company on 8 September 2014, he has today received the share awards detailed below. Full details of Richard Rose's total remuneration will be disclosed in the 2015 Annual Report.
Long Term Incentive Plan
Performance Shares and Equity Pool Award points have been awarded to Richard Rose, under the on-going cycles of the Company's Long Term Incentive Plan ("LTIP"), as detailed in the table below. The awards were made on 9 September 2014, in London, using the closing middle market quotation ("MMQ") for shares in the Company on 8 September 2014.
The awards are in accordance with the Company's Remuneration Policy for executive directors. The total face value of Performance Shares awarded to Richard Rose total no more than 125% of his current base salary, and the Equity Pool Award opportunity is no more than 4.25% of the Equity Pool for any one cycle. These awards have been pro-rated to take into account Richard Rose's Board tenure in each of the outstanding LTIP cycles.
The Performance Share awards are subject to a Total Shareholder Return ("TSR") performance condition which will require the Company's TSR to be at least at the median of a comparator group of international oil and gas sector peers. The funding of the Equity Pool is based on three-year annualised compound growth in the Company's equity value per share. Threshold performance requires compound growth in the Company's equity value per share of at least 10 per cent per annum at which 1 per cent of the compound growth is credited to the Equity Pool. Full details regarding the LTIP and performance criteria is available in the Remuneration Report contained within the Annual Report and Financial Statements for the year ended 31 December 2013.
50% of any shares vesting from the Equity Pool and Performance Shares will be subject to a mandatory deferral period of three years and will be eligible for a discretionary Matching Share Award, awarded as shares and subject to a further three year performance period.
LTIP Award Cycle |
Earliest Vesting Date | Share Price used to calculate award (Closing MMQ8 September 2014) |
Number of Performance Shares awarded under the Plan |
Number of Equity Pool Award points |
01/01/2012 - 31/12/2014 | 1 January 2015 | 341.3p | 4,818 | 66.37 |
01/01/2013 - 31/12/2015 | 1 January 2016 | 341.3p | 20,266 | 279.12 |
01/01/2014 - 31/12/2016 | 1 January 2017 | 341.3p | 84,788 | 491.95 |
Conditional Share Award
To compensate Richard Rose for incentive arrangements forfeit on leaving his previous employer, he has today received a Conditional Share Award ("CSA") over 26,135 shares in the Company. The CSA is made in accordance with the Company's Remuneration Policy for the recruitment remuneration for a new executive director and as permitted under Listing Rule 9.4.2R. The earliest release date for the share award will be 31 December 2016 and subject to Richard Rose's continued employment with the Company. The CSA has been calculated on an equivalent expected value basis, in accordance with the Company's Remuneration Policy. The share price used to calculate the award was the closing middle market quotation ("MMQ") for shares in the Company on 8 September 2014, 341.3p per share.
Date Company informed of transactions: 9 September 2014Date of notification: 9 September 2014Rachel BenjaminPremier Oil plc+44 (0)20 7730 1111