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BowLeven Plc (BLVN)

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Tuesday 11 January, 2011

BowLeven Plc

Director/PDMR Shareholding

RNS Number : 2885Z
BowLeven Plc
11 January 2011
 



   

 

 

 

11 January 2011

 

Bowleven plc ("Bowleven" or the "Company")

 

Vesting and grant of awards to directors pursuant to the

Bowleven Long Term Incentive Plan

 

1.       Vesting of awards pursuant to the Bowleven Long Term Incentive Plan

 

Bowleven wishes to announce that on 11 January 2011, a total of 203,145 ordinary shares of 10 pence each in the Company ("Shares") vested in favour of certain directors under the terms of the Bowleven Long Term Incentive Plan ("the Plan").  This vesting, details of which are provided below, relates to awards granted under the Plan on 13 December 2007 and was subject to specified conditions relating to the Company's Total Shareholder Return performance.  In accordance with those conditions the number of shares vesting in each case represents 46.7% of the maximum possible awards under the Plan.  Ordinarily, these awards would have vested on the third anniversary of the date of award, in December 2010.  However, such vesting was delayed due to the recent close period (which expired on 10 January 2011) arising from drilling operations on the Sapele-1 well.

 

Director

No. of Shares that vested on

11 January 2011

Kevin Hart

51,370

Chief Tabetando

32,690

John Morrow

32,690

Ed Willett

32,690

John Brown

25,685

Peter Wilson

28,020

TOTAL

203,145

 

In accordance with the rules of the Plan, all of the above Shares have been transferred to the relevant individuals by the trustee of the Company's Employee Benefit Trust.  Following this transfer, a total of 89,178 Shares were sold at a price of £3.9487 per Share on behalf of the directors on 11 January 2011, primarily in order to account for tax payable on vesting.  Details of these sales are set out below:

 

Director

No. of Shares sold on

11 January 2011

Kevin Hart

28,443

John Morrow

16,672

Ed Willett

16,672

John Brown

13,100

Peter Wilson

14,291

 

2.         Grant of awards pursuant to the Bowleven Long Term Incentive Plan

 

Bowleven also wishes to announce that, on 11 January 2011, further awards over a total of 363,158 Shares were granted to certain directors under the Plan, as set out below:

 

Director

No. of Shares over which awards granted on 11 January 2011

Kevin Hart

105,263

Chief Tabetando

56,579

John Morrow

52,632

Ed Willett

60,526

John Brown

48,684

Peter Wilson

39,474

 

The above awards will ordinarily vest on or around the third anniversary of grant but only to the extent that certain performance conditions are satisfied by the Company over a specified period of three years.  In addition, prior to an award vesting, Bowleven's Remuneration Committee are required to be satisfied that there has been a satisfactory and sustained improvement in the underlying financial performance of the Company over that same three year period.  No consideration was payable by the directors for the grant of their awards. 

 

3.         Summary of current holdings of relevant directors

 

Following the above notifications, the relevant directors' beneficial interests in Shares are as follows:

 

 

Director

 

Shareholding

 


Awards under LTIP

Previous holding

Current holding

% Issued Share Capital

 

 

 

 

Total no. of Shares subject to awards now held

% Issued Share Capital

Kevin Hart

1,967,073

1,990,000

0.92


1,466,021

0.68

Chief Tabetando

1,047,738

1,080,428    

0.50


803,852

0.37

John Morrow

125,401

141,419    

0.07


731,723

0.34

Ed Willett

176,217

192,235

0.09


709,768

0.33

John Brown

85,090

97,675

0.05


645,957

0.30

Peter Wilson

238,390

252,119

0.12


531,747

0.25

 

 



 

ENQUIRIES

 

For further information please contact:

 

Bowleven plc

Kevin Hart, Chief Executive Officer                                                      00 44 131 524 5678

Kerry Crawford, Head of Investor Relations                                      00 44 131 524 5678

 

Brunswick Group LLP

Patrick Handley                                                                                             00 44 207 404 5959

Natalia Erikssen

 

RBS Hoare Govett                                                                                        

Stephen Bowler                                                                                            00 44 207 678 8000

Jamie Buckland

 


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