15 Oct 2020 18:30
Premier Oil plc
(the 'Company' or 'Premier')
Vesting of Awards under the Company's2017 Long Term Incentive Plan ("2017 LTIP")
As set out in the Company's Annual Report for the year ended 31 December 2019, in March 2020 the Remuneration Committee approved the vesting of Performance Share Awards and Restricted Share Awards granted in 2017 under the 2017 LTIP (the "Awards"). The Awards were in respect of a performance period that ran from 1 January 2017 to 31 December 2019, further details of which are set out in the Directors' Remuneration Report for 2019.
The normal vesting date of the Awards was 1 September 2020; however, the Remuneration Committee resolved at that time that the vesting should be delayed in view of the ongoing negotiations with the Company's creditors regarding a long term refinancing and subsequent discussions with Chrysaor. Following the announcement on 6 October 2020 regarding the proposed merger with Chrysaor, the Remuneration Committee has resolved that the Awards can now vest as set out in the table below.
All of the net shares from the Awards vesting to the Directors are subject to a two-year holding period in accordance with the Directors' Remuneration Policy.
| Gross number of Performance Share Awards vesting | Gross number of Restricted Share Awards vesting | Shares withheld to cover tax liabilities | Net shares released subject to a two-year holding period |
Tony Durrant | 343,986 | 68,969 | 194,090 | 218,865 |
Richard Rose | 213,857 | 42,878 | 120,666 | 136,069 |
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 | (i) Shares withheld to cover tax liabilities following the vesting of Awards under the 2017 LTIP; (ii) Net shares released following the vesting of Awards under the 2017 LTIP; and | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information
|
412,955 £0.00 | ||||
e) | Date of the transaction | 2020-10-13 | ||||
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 | (i) Shares withheld to cover tax liabilities following the vesting of Awards under the 2017 LTIP; (ii) Net shares released following the vesting of Awards under the 2017 LTIP; and | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information
|
256,735 £0.00 | ||||
e) | Date of the transaction | 2020-10-13 | ||||
f) | Place of the transaction | Outside a trading venue | ||||