Our latest Investing Matters Podcast episode with QuotedData's Edward Marten has just been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksSEY.L Regulatory News (SEY)

  • There is currently no data for SEY

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Grant of Options under Long Term Incentive Plan

28 Oct 2014 07:00

RNS Number : 3975V
Sterling Energy PLC
28 October 2014
 

 

28 October 2014

STERLING ENERGY PLC

 

Grant of Options under Long Term Incentive Plan

 

Sterling Energy Plc ("Sterling" or the "Company") (AIM:SEY), the independent oil and gas exploration and production company advises of the following grant of options over ordinary shares in the Company of 40p nominal value ("Ordinary Shares") to certain executive directors under the Sterling Energy Plc All Staff Long Term Incentive Plan ("All Staff LTIP").

 

The options are granted with a 5 year term; after 3 years the Performance Conditions (see below) are used to determine the proportion of options that vest; vested options may be exercised during the following 2 year period. The options are granted as nominal cost options with an exercise price of 40p per share.

 

Under the 2014 awards, the following directors have been awarded options over 40p Ordinary Shares in the Company.

 

Director

Ordinary Shares under option pursuant to the All Staff 2014 Awards

Total number of Ordinary Shares under option

Alastair Beardsall

727,100

2,384,600

Philip Frank

936,100

2,406,850

 

During 2009 the Panel on Takeovers and Mergers (the "Panel") deemed that Alastair Beardsall was acting in concert with Waterford Finance and Investments Limited who hold 29.9 per cent. of the issued shares in Sterling; therefore any grant of options to Alastair Beardsall is made subject to a Rule 9 waiver being granted by the Panel, and being approved by shareholders of the Company at a general meeting. The Company expects to post a circular to its shareholders during Q1 2015 setting out details of a waiver for the 2013 and 2014 Awards and seeking such approval with the notice for the next annual general meeting which is likely to be held in April 2015.

 

In addition to the options listed above, a further 2,897,900 options have been issued to Sterling's staff under the All Staff LTIP scheme. In total, there are currently 12,786,433 options over Ordinary Shares in issue representing 5.8% of the issued share capital of the Company.

 

The Performance Conditions for the options recently granted under the All Staff LTIP are as follows

 

1. The quantity of options that vest is based on the change of the Company's share price ("SESP") and FTSE350 index ("Index") over 3 years; the performance period runs from 1 October 2014 to 30 September 2017. The reference values for 1 October 2014 are based on the average share price and index during September of SESP of 26.6 pence and the Index of 3,679.

 

2. If the SESP performance matches the Index performance, then 25% of the share options will be earned.

 

3. If the SESP performance is between matching the Index and out-performing by 50%, the amount of the share options that will be earned will be determined by extrapolating on a straight line basis.

 

4. If the SESP out performs the Index performance by 50% or more, then 100% of the share options will be earned.

 

5. If the SESP under-performs the Index performance by 10% or more, then no share options will be earned and the share options will lapse.

 

6. If the SESP performance is between matching the Index and under-performing by 10%, the amount of the share options that will be earned will be determined by extrapolating on a straight line basis.

 

 

Further information:

 

Sterling Energy Plc

+44 20 7405 4133

Alastair Beardsall, Chairman

 

Peel Hunt LLP

+44 20 7418 8900

Richard Crichton

Andy Crossley

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
RDSBUBDGCBDBGSR
Date   Source Headline
30th Apr 202111:28 amRNSResult of 2021 General Meeting
21st Apr 20212:58 pmRNSNotification of Major Holdings
13th Apr 20214:00 pmRNSChange of Name and Notice of General Meeting
30th Mar 20217:00 amRNSBoard Changes
16th Mar 20215:18 pmRNSHolding(s) in Company
16th Mar 20217:00 amRNSExecutive Director Appointments & Joint Broker
3rd Mar 20211:51 pmRNSHolding(s) in Company
23rd Feb 20215:50 pmRNSRelevant changes to significant shareholders
23rd Feb 202110:37 amRNSHolding(s) in Company
22nd Feb 20215:59 pmRNSHolding(s) in Company
18th Feb 20215:34 pmRNSMajor Shareholding Changes & Board Appointments
7th Dec 20207:00 amRNSDirectorate Change
21st Oct 20204:36 pmRNSPrice Monitoring Extension
23rd Sep 202012:50 pmRNSHolding(s) in Company
18th Sep 20207:00 amRNSResults for the six months ending 30 June 2020
26th Aug 20204:35 pmRNSPrice Monitoring Extension
21st Aug 20204:35 pmRNSPrice Monitoring Extension
25th Jun 202011:54 amRNSResult of AGM
22nd May 20207:00 amRNSPublication of Report & Financial Statements 2019
21st May 202012:50 pmRNSTR-1: Notification of major holdings
24th Apr 202010:34 amRNSHolding(s) in Company
15th Apr 20207:00 amRNSAnnual results for the year ended 31 December 2019
9th Dec 20194:49 pmRNSChange of Adviser
13th Sep 20197:00 amRNSOdewayne, Republic of Somaliland
26th Jul 20197:00 amRNSResults for the six months ending 30 June 2019
25th Apr 20191:36 pmRNSResult of AGM
23rd Apr 20193:23 pmRNSPDMR Dealings
29th Mar 20197:00 amRNSPosting of Annual Report and Notice of AGM
25th Mar 20197:00 amRNSAnnual results for the year ended 31 December 2018
10th Oct 20187:01 amRNSInterim Management Statement
10th Oct 20187:00 amRNSAppointment of GMP FirstEnergy as Joint Broker
11th Sep 20184:40 pmRNSSecond Price Monitoring Extn
11th Sep 20184:35 pmRNSPrice Monitoring Extension
27th Jul 20187:00 amRNSResults for the six months ending 30 June 2018
6th Jun 201811:31 amRNSDirectorate Change
25th Apr 201811:49 amRNSResult of AGM
25th Apr 20187:00 amRNSInterim Management Statement
28th Mar 20185:30 pmRNSPosting of Annual Report and Notice of AGM
22nd Mar 20187:00 amRNSAnnual results for the year ended 31 December 2017
1st Feb 20185:45 pmRNSCircular re Electronic Communications
26th Jan 20182:20 pmRNSChinguetti - Termination of Funding Agreement
5th Jan 20181:59 pmRNSHolding(s) in Company
28th Dec 201710:27 amRNSHolding(s) in Company
21st Dec 20172:25 pmRNSResignation of CEO
6th Nov 20177:00 amRNSInterim Management Statement
2nd Nov 20172:06 pmRNSUpdate on Block C-10, Mauritania
13th Oct 20171:08 pmRNSChange of Registered Office
4th Sep 20177:00 amRNSOdewayne, Republic of Somaliland
28th Jul 20177:00 amRNSResults for the six months ending 30 June 2017
14th Jun 20173:45 pmRNSCompletion of Capital Reduction

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.