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22 Aug 2014 14:30
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS
Premier Oil plc (the "Company")
LONG TERM INCENTIVE PLAN - PERFORMANCE SHARE & EQUITY POOL AWARD POINTS
Further to the appointment of Tony Durrant as Chief Executive Officer of the Company on 25 June 2014, additional Performance Shares and Equity Pool Award points have been awarded to him, under the on-going cycles of the Company's Long Term Incentive Plan ("LTIP"), as detailed in the table below. The additional awards were made on 22 August 2014, in London, using the closing middle market quotation ("MMQ") for shares in the Company on 21 August 2014. The awards are in accordance with the Company's Remuneration Policy for executive directors, such that the total face value of Performance Shares awarded during the financial year totals no more than 150% of his current base salary, and that the Equity Pool Award opportunity is no more than 6% of the Equity Pool for any one cycle. These additional awards bring Tony Durrant's LTIP opportunity in line with that of the previous CEO, with the awards having been pro-rated to take into account Tony Durrant's tenure as CEO 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 MMQ21 August 2014) | Number of Performance Shares awarded under the Plan | Number of Equity Pool Award points |
01/01/2012 - 31/12/2014 | 1 January 2015 | £3.347 | 4,679 | 45.31 |
01/01/2013 - 31/12/2015 | 1 January 2016 | £3.347 | 13,005 | 132.93 |
01/01/2014 - 31/12/2016 | 1 January 2017 | £3.347 | 92,974 | 220.55 |
Date Company informed of transactions: 22 August 2014Date of notification: 22 August 2014Rachel BenjaminPremier Oil plc+44 (0)20 7730 1111
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