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RNS Number : 7071M
Faroe Petroleum PLC
01 August 2017
 

1 August 2017

Faroe Petroleum plc

("Faroe Petroleum" or the "Company")

Notification of Directors' interests

Faroe Petroleum Incentive Plan

On 28 July 2017 the Remuneration Committee of the Company approved an annual award under the Faroe Petroleum Incentive Plan ('FPIP") to the Executive Directors by way of grant of nil-cost options ("Options") over ordinary shares of 10p each in the Company ("Ordinary Shares") as detailed below:

 

FPIP Annual Awards

 

Director

Role

Number of Ordinary Shares

subject to the Option

Graham Stewart

Chief Executive

1,192,277

Helge Hammer

Chief Operating Officer

710,293

Jonathan Cooper

Chief Financial Officer

644,083

 

The actual number of Options which the recipients could receive under the FPIP ranges from zero to 100% subject to the achievement of the performance targets. For the purposes of disclosure and maintenance of certain statutory records, the number of Nil-Cost Options is taken to be 100% of the number of Nil-Cost Options awarded, as detailed above.

 

Performance will be measured at the end of a three year performance period against two equally weighted performance conditions, namely one half absolute Total Shareholder Return ("TSR"), and one half relative TSR. Awards granted to the recipients will be required to be held for an additional two year holding period after the three year performance period.

 

Total Holdings

 

Following these transactions the Executive Directors hold the following Ordinary Shares together with options over the same (including Matching Shares) exercisable at various prices as follows:

 

Director 

No of Ordinary Shares

of 10p each

No. of options over

ordinary shares of 10p each

Graham Stewart*

1,718,863

6,165,860

Helge Hammer**

811,503

3,855,136

Jonathan Cooper***

262,005

3,384,495

 

 

*On 24 July 2017 460,236 FPIP Nil-Cost options lapsed

** On 24 July 2017 255,130 FPIP Nil-Cost options lapsed

*** On 24 July 2017 248,627 FPIP Nil-Cost options lapsed

 

- Ends -

 

For further information please contact:

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014, and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.

The notification set out below is provided in accordance with the requirements of the EU Market Abuse Regulation.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITES AND PERSONS CLOSELY ASSOCIATED WITH THEM

1 

Details of PDMR/person closely associated with them ('PCA')

 

a)

 

Name 

Graham Stewart

2

Reason for the notification

a)

 

Position/status

  

Director and Chief Executive Officer

b)

 

Initial notification /Amendment

  

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor 

 

a)

 

Name

  

Faroe Petroleum plc

b)

 

LEI

  

213800RE18GVZGNYB270

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

Identification code

 

Nil-cost options over ordinary shares

 

GB0033032904

b)

 

Nature of the transaction

Award of stock options

c)

 

Price(s) and volume(s)

 

 

 

Price(s)

 

Volume(s)

Nil

1,192,277 

 

 

 

d)

 

Aggregated information

 - Aggregated volume

 - Price

 

 

 

1,192,277

 

Nil

e)

 

Date of the transaction

28 July 2017

f)

 

Place of the transaction 

XLON

 

1 

Details of PDMR/person closely associated with them ('PCA')

 

a)

 

Name 

Helge Hammer

2

Reason for the notification

a)

 

Position/status

  

Director and Chief Operating Officer

b)

 

Initial notification /Amendment

  

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor 

 

a)

 

Name

  

Faroe Petroleum plc

b)

 

LEI

  

213800RE18GVZGNYB270

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

Identification code

 

Nil-cost options over ordinary shares

 

GB0033032904

b)

 

Nature of the transaction

Award of stock options

c)

 

Price(s) and volume(s)

 

 

 

Price(s)

 

Volume(s)

Nil

710,293

 

 

 

d)

 

Aggregated information

 - Aggregated volume

 - Price

 

 

 

710,293

 

Nil

e)

 

Date of the transaction

28 July 2017

f)

 

Place of the transaction 

XLON

 

1 

Details of PDMR/person closely associated with them ('PCA')

 

a)

 

Name 

Jonathan Cooper

2

Reason for the notification

a)

 

Position/status

  

Director and Chief Financial Officer

b)

 

Initial notification /Amendment

  

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor 

 

a)

 

Name

  

Faroe Petroleum plc

b)

 

LEI

  

213800RE18GVZGNYB270

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

Identification code

 

Nil-cost options over ordinary shares

 

GB0033032904

b)

 

Nature of the transaction

Award of stock options

c)

 

Price(s) and volume(s)

 

 

 

Price(s)

 

Volume(s)

Nil

644,083

 

 

 

d)

 

Aggregated information

 - Aggregated volume

 - Price

 

 

 

644,083

Nil

e)

 

Date of the transaction

28 July 2017

f)

 

Place of the transaction 

XLON

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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