1 Jul 2016 07:00
1 July 2016
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 6.75p, being the market closing share price of yesterday.
In making this award the remuneration committee has noted that 3.1 million of previously issued options have lapsed since year-end 2015.
Executive | No. of Options Awarded | No. of Total Options |
Miles Biggins | 4,300,000 | 10,000,000 |
Senior Management | 12,000,000 | 13,700,000 |
Peter Levine has declined to accept any grant of options.
Each of the awarded options have a share price performance condition, for each equal one third tranche, of 10.13p (first tranche), 15.19p (second tranche) and 19.74p (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 40,676,000 or 7.7% of the Company's issued share capital ("ISC").
Contact:
President Energy PLC Peter Levine, Chairman Miles Biggins, COO
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+44 (0) 207 016 7950 +44 (0) 207 016 7950
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Peel Hunt LLP (Nominated Advisor & Joint Broker) Richard Crichton, Ross Allister
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+44 (0) 207 418 8900 |
RBC Capital Markets (Joint Broker) Matthew Coakes, Daniel Conti
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+44 (0) 207 653 4000 |
Bell Pottinger Gavin Davis, Henry Lerwill and Charles Stewart |
+44 (0) 203 772 2500
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PPC.L (PPC)