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30 Jul 2015 07:01
30 July 2015
PRESIDENT ENERGY PLC
("President" or "the Company")
Award of Options
President announces that it has granted share options to acquire ordinary shares in the Company to select directors and senior management in accordance with the Company's Global Incentive Plan ("GIP").
The options are subject to standard conditions under the GIP including share price performance targets, three year vesting periods and have an exercise price of 11.5p, being the market closing share price of yesterday.
In making this award the remuneration committee has taken into account that 16.0 million of previously issued options have lapsed since year-end 2014.
Executive | No. of Options Awarded | No. of Total Options |
Peter Levine | 8,500,000 | 11,100,000* |
Miles Biggins | 4,900,000 | 5,700,000 |
Ben Wilkinson | 3,650,000 | 5,000,000 |
Senior Management | 2,000,000 | 10,536,000 |
* 2.6 million with a 100p performance target due to expire November 2015
Each of the awarded options have a share price performance condition, for each equal one third tranche, of 17.25p (first tranche), 25.86p (second tranche) and 33.64p (third tranche).
In total, including existing awards and adjustments for lapsed option awards, the number of options granted to management to acquire ordinary shares is now 32,336,000, or 6.7% of the Company's issued share capital ("ISC"). Post November, due to the lapsing of options, this number is expected to fall to approximately 26.5 million or 5.5% of ISC.
Contact:
President Energy PLC
Peter Levine, Chairman +44 (0) 207 016 7950
Miles Biggins, COO +44 (0) 207 016 7950
Ben Wilkinson, Finance Director +44 (0) 207 016 7950
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