Award of Performance Shares

RNS Number : 8999K
Alkane Energy PLC
21 April 2015
 

 

 

21 April 2015

 

Alkane Energy plc

("Alkane" or "the Company")

Award of Performance Shares

 

Alkane announces that on 21 April 2015, a total of 1,692,751 performance shares were awarded under the Alkane Energy plc Employee Performance Share Plan ("Performance Share Plan"), including 1,317,751 to the following directors:

 


Share options and performance shares held prior to the award

Performance shares awarded under the Performance Share Plan

Share options and performance shares held after the award

Share options and performance shares held as % of issued share capital

Neil O'Brien, Chief Executive Officer

3,069,686

738,788

3,808,474

2.46%

Steve Goalby, Finance Director

855,547

578,963

1,434,510

0.93%

 

The Performance Share Plan awards are in respect of ordinary shares of 0.5p each, with a subscription price of 0.5p per share. Subject to certain performance conditions the performance shares are exercisable on 31 March 2018.  A maximum of 50% of the award will vest if the Company's share price increases from a base of 20.0p to agreed levels on the vesting date. A maximum of a further 50% of the award will vest if the Company's adjusted profit per share (on a fully diluted basis) increases from that reported in the year ended 31 December 2014 to agreed levels in the year ended 31 December 2017.  In respect of both conditions, the awards will vest in proportion to the level of achievement, with no shares vesting if the cumulative increase per annum is less than 10% and the maximum number of shares vesting if the cumulative increase per annum is 15% or greater.

 

The Company also confirm that 568,233 performance shares awarded to Neil O'Brien and 445,300 performance shares awarded to Stephen Goalby on 2 May 2012 have lapsed due to performance conditions not being met ahead of their 31 March 2015 exercise date.

 

Neil O'Brien's current shareholding is 1,121,840 ordinary shares of 0.5p each, representing approximately 0.73% of the existing issued share capital.  Steve Goalby's current shareholding is 1,074,381 ordinary shares of 0.5p each, representing approximately 0.69% of the existing issued share capital.

 

Enquiries:

 

Alkane Energy plc

Neil O'Brien/Steve Goalby

 

Tel: 01623 827927

Liberum

Clayton Bush/Josh Hughes

 

Tel: 020 3100 2000

 


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