Conditional vesting of 2009 LTIP Awards

RNS Number : 2281T

BowLeven Plc

11 December 2012

 



11 December 2012

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

Conditional vesting of 2009 LTIP Awards and Grant of 2012 LTIP Awards to directors

pursuant to the Bowleven Long Term Incentive Plan

Conditional Vesting of 2009 LTIP Awards

Bowleven wishes to announce that, following the expiry of the 3 year Performance Period in respect of the 2009 grant of Awards under the Bowleven Long Term Incentive Plan (LTIP) (the 2009 LTIP Awards) on 9 December 2012, Bowleven's Total Shareholder Return (TSR) calculated in accordance with the LTIP was in median place in the Comparator List and as a result 20% of the 2009 LTIP Awards would ordinarily have vested in favour of the following directors:- 

Director	No. of Shares originally comprised in 2009 LTIP Award	20% of 2009 LTIP Award
John Brown	270,000	54,000
Kevin Hart	585,000	117,000
Chief Tabetando	270,000	54,000
Ed Willett	225,000	45,000
Peter Wilson	165,000	33,000

However, in recognition of the absolute share price performance over the Performance Period and in order to ensure a greater degree of alignment with shareholders, the Executive Directors and the Remuneration Committee have agreed that the vesting of the 2009 LTIP Awards should be deferred. 

Consequently, it has been deemed appropriate that the vesting of the 2009 LTIP Awards should made subject to further conditions, including the Company formally resolving to proceed with the proposed initial development of the Etinde Permit ("FID").   The Group is currently targeting FID in the second half of 2013.

Grant of 2012 LTIP Awards

In accordance with the Company's remuneration policy, on 10 December 2012 the Company's Remuneration Committee also resolved to grant Awards under the LTIP to the directors listed below.

Director	No. of Shares over which awards granted on 10 December 2012	Percentage of Basic Salary
John Brown	287,826	100%
Kevin Hart	721,878	141%
Chief Tabetando	359,784	100%
Ed Willett	319,807	100%
Peter Wilson	287,826	100%

The above Awards should ordinarily vest on or around the third anniversary of the date of grant but only to the extent that certain performance conditions are satisfied by the Company during that period. 

Pursuant to the Rules of the LTIP, Awards may only be made to directors at certain prescribed times, including within 42 days of the announcement by the Company of its annual results.  Awards under the LTIP are restricted to 200% of the annual salary of the relevant employee in any one financial year and no more than 400% of salary over any three year period. 

The number of shares comprised in the above Awards is based upon a share price of 69 pence being the Company's closing share price on Friday 7 December 2012.

No consideration was payable by the directors for the grant of the above Awards.

ENQUIRIES

 For further information please contact:

Bowleven plc

Kevin Hart, Chief Executive                                                00 44 131 524 5678

Peter Wilson, Company Secretary

Brunswick Group LLP

Patrick Handley                                                                         00 44 207 404 5959

Catriona McDermott

BofA Merrill Lynch (NOMAD)                                                          

Derek Ross                                                                                 00 44 207 628 1000

Tony White

 

END

 

 

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