6 Jan 2020 07:00
PRESS RELEASE 6 January 2020
WENTWORTH RESOURCES PLC("Wentworth" or the "Company")
Directorate Change and Long Term Incentive ("LTIP") Awards
Wentworth (AIM: WEN), the AIM listed independent, East Africa-focused natural gas company is pleased to announce the appointment of Katherine Roe as Chief Executive Officer on a permanent basis, having acted as Interim CEO and Chief Financial Officer since November 2019.
Katherine will retain oversight of the finance function supported by a strong team in both the UK and Tanzania, with continued full support from the Board.
Bob McBean, Chairman, commented:
"I am delighted Katherine is stepping up into the CEO role on a permanent basis. Her appointment ensures continuity as she and the Board seek to address the opportunities ahead for Wentworth. Katherine has all the skillsets and experience required to drive the business forward as we look to deliver the right growth opportunities for the Company and our shareholders. We look forward to a positive 2020."
On 3 January 2020, the Remuneration Committee of the Company, which consists solely of Non-Executive Directors, made an award under the Long Term Incentive Plan ("LTIP").
Name | Role | LTIP award | Vesting date | Total options following the grant |
Katherine Roe | Chief Executive Officer | 2,485,621 | 2 January 2023 | 3,675,696 |
The award is subject to a three-year performance period (the "Performance Period") and further subject to claw back and malus provisions.
The performance condition for the award is share price growth over the Performance Period, with 25% of the award vesting if the Company's share price at the end of the Performance Period has increased by an 8% compound annual growth rate, and 100% of the award vesting if the share price has increased by a 16% compound annual growth rate. Should the share price increase between 8% and 16%, awards will vest on a linear sliding scale between 25% and 100%.
- Ends -
Enquiries: Wentworth | Katherine Roe,Chief Executive Officer | katherine.roe@wentplc.com+44 (0)118 2065428 |
Stifel Nicolaus Europe Limited | AIM Nominated Adviser and Joint Broker Callum StewartAshton ClanfieldSimon Mensley | +44 (0) 20 7710 7600 |
Peel Hunt LLP | Joint Broker Richard CrichtonJames Bavister | +44 (0) 20 7418 8900 |
Vigo | Investor Relations Adviser Patrick d'AnconaChris McMahon | +44 (0) 20 7390 0230 |
About Wentworth Resources
Wentworth Resources is a publicly traded (AIM: WEN), independent oil & gas company with natural gas production, exploration and appraisal opportunities in the Rovuma Delta Basin of coastal southern Tanzania.
Inside Information
The information contained within this announcement is deemed by Wentworth to constitute inside information as stipulated under the Market Abuse Regulation (EU) no. 596/2014 ("MAR"). On the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.
-Ends-