Director/PDMR Shareholding

RNS Number : 0240K

BowLeven Plc

12 December 2008

 



12 December 2008

Bowleven plc ('Bowleven' or the 'Company')

Grant of Awards to directors pursuant to the Bowleven Long Term Incentive Plan

On 11 December 2008 the Board of Bowleven plc ('the Company') granted Awards under the Bowleven Long Term Incentive Plan ('LTIP') to the directors listed below. Pursuant to the Rules of the LTIP, Awards are made annually 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 relevant percentage of salary in respect of the following awards, based upon a share price of 33 pence per share, is also indicated below.

Director    No. of Shares in Award    Percentage of basic salary

John D Brown             327,273                                  60%

Kevin Hart                 775,758                                  80%

John Morrow               409,091                                 60%

Chief Tabetando         477,273                                  70%

Ed Willett                    424,242                                 70%

Peter Wilson                327,273                                 60%

The release of shares pursuant to an Award is dependant upon achievement by the Company of certain performance conditions over a period of three years from the date of the Award. In addition, prior to an Award vesting, the 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 the next three year period.

ENQUIRIES

For further information please contact: 

Bowleven plc

Kevin Hart, Chief Executive Officer                          Tel: [phone]

Kerry Crawford, Deputy Finance Director/                  Tel: [phone] 

Head of Investor Relations  

Brunswick Group LLP 

Patrick Handley                                                Tel: [phone] 

Deborah Spencer 

RBS Hoare Govett Limited                                             

Andrew Foster                                                   Tel: [phone]

 

END

 

 

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