12 Apr 2022 07:00
PRESS RELEASE
12 April 2022
WENTWORTH RESOURCES PLC("Wentworth" or the "Company")
Long Term Incentive Plan Awards
Wentworth Resources (AIM: WEN), the independent, Tanzania-focused natural gas production company announces, further to its 11 March 2022 announcement, that Katherine Roe, CEO, has been awarded an option over 3,014,590 shares under the Company's Long-Term Incentive Plan ("LTIP"). Following this award Katherine will have options over a total of 9,328,899 shares in Wentworth.
The award is subject to a three-year performance period, which runs from 12 April 2022 to 11 April 2025 (the "Performance Period") and the Vesting Date will be 12 April 2025. The award is also subject to claw back and malus provisions for an additional two years from vesting.
The performance condition for the award is 50% of the award is subject to absolute Total Shareholder Return ("TSR") and the remaining 50% of the award is subject to relative TSR measured against a selection of constituent companies of the FTSE AIM All-Share Energy Index ("AXOIG"). The percentage of the award that will vest will be equal to the TSR at the end of the performance period compared to a 16% compound annual growth rate in TSR over the Performance Period with 25% of the award vesting if the TSR at the end of the Performance Period has increased by an 8% compounded annual growth rate and 100% of the award vesting if the TSR has increased by a 16% compound annual growth rate. Should the TSR increase between 8% and 16%, awards will vest on a linear sliding scale between 25% and 100% and should the TSR at the end of the Performance Period be below 8% no part of the award will vest.
Ends
About Wentworth Resources Wentworth Resources plc (AIM: WEN) is a leading, domestic natural gas producer in Tanzania with a core producing asset at Mnazi Bay in the onshore Rovuma Basin in Southern Tanzania. | |||||||||||||
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
1 | Details of the person discharging managerial responsibilities / person closely associated | ||
a) | Name | KATHERINE ROE | |
2 | Reason for the notification | ||
a) | Position/status | CHIEF EXECUTIVE | |
b) | Initial notification/Amendment | INITIAL NOTIFICATION | |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a) | Name | WENTWORTH RESOURCES PLC | |
b) | LEI | 213800L172PPXRPJZM82 | |
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||
a) | Description of the financial instrument, type of instrument | CONDITIONAL RIGHTS OVER ORDINARY SHARES | |
Identification code | JE00BGT34J81 | ||
b) | Nature of the transaction | GRANT OF CONDITIONAL RIGHTS OVER ORDINARY SHARES | |
c) | Price(s) and volumes(s) | Price(s) | Volume(s) |
£0.217 | 3,014,590 | ||
d) | Aggregated information | ||
Aggregated volume | 3,014,590 | ||
Price | £0.217 | ||
e) | Date of the transaction | 12 April 2022 | |
f) | Place of the transaction | XOFF | |
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") (as in force in the UK and as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019). On the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.