26 Nov 2012 07:00
26 November 2012
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 the following directors in accordance with the Company's global incentive plan. In the case of Mr. Levine and Mr. Hamilton, these are first time awards. Mr. Levine has voluntarily elected to extend his share price conditions beyond the Company's usual performance vesting conditions. All the options will vest on the third anniversary of the grant of award, subject to President's ordinary shares trading above predetermined share performance conditions (pence per share) for a minimum period of 30 consecutive days within a period of three years from the date of grant. Following vesting, the options are exercisable for 30 days, subject to an extension in the event the Company is in a close period.
Director | Options Granted | Exercise Price (pence) | Share Performance Condition (pence) | Total Options |
Peter Levine | 2,600,000 | 25 | 100 | 2,600,000 |
John Hamilton | 2,200,000 | 25 | 40, 59, 76 (3 equal tranches) | 2,200,000 |
Ben Wilkinson | 750,000 | 25 | 40 | 1,350,000 |
Awards to other senior management of 2.90 million options have also been granted with similar share price hurdles. In total, including existing awards and adjustments for lapsed option awards, the total number of options granted to management to acquire ordinary shares is now 14,309,131, or 5.3% of issued share capital.
President Energy PLC
John Hamilton, CEO +44 (0) 207 811 0140
Ben Wilkinson, Finance Director +44 (0) 207 811 0140
RBC Capital Markets
Jeremy Low, Matthew Coakes, Daniel Conti +44 (0) 207 653 4000
Jefferies Hoare Govett
Simon Hardy, Max Jones +44 (0) 207 029 8316
Pelham Bell Pottinger +44 (0) 207 861 3232
James Henderson, Mark Antelme