Director/PDMR Shareholding

RNS Number : 9287D

BowLeven Plc

10 December 2009

 



10 December 2009

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

Lapse of 2006 Awards and Grant of 2009 Awards to directors 

pursuant to the Bowleven Long Term Incentive Plan

Bowleven plc ("the Company") wishes to announce that on 10 December 2009 the Company's Remuneration Committee resolved that the relevant performance conditions applying to the following Awards which were granted on 6 December 2006 under the Bowleven Long Term Incentive Plan ("LTIP") to the directors listed below had not been met and that accordingly the 2006 Awards listed below have lapsed.

Director                                                     No. of Shares in Award 

John D Brown                                                         170,000

Kevin Hart                                                              775,000

John Morrow                                                          230,000

Chief Tabetando                                                      230,000

Peter G Wilson                                                        170,000

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. That period expires on Monday 14 December. Accordingly at its meeting on 10 December 2009 the Company's Remuneration Committee also resolved to grant the following Awards under the LTIP to the directors listed below.  

Director                                                     No. of Shares in Award    

John D Brown                                                          270,000    

Kevin Hart                                                               585,000    

John Morrow                                                           270,000    

Chief Tabetando                                                       270,000    

Ed Willett                                                                225,000    

Peter G Wilson                                                         165,000    

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 Company'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 three year period.

In addition the Directors have agreed to receive a substantial proportion of their bonus for 2009 in the form of shares to be issued by the Company based upon a share price of £0.82, being the closing share price as at 9 December. The number of shares to be issued, the total shareholding and percentage of issued share capital in the Company after the issue for each of the directors are listed below:

Director	Shares Acquired	Total Shareholding	% of Issued Share Capital
John D Brown	49,390	85,090	0.04
Kevin Hart	117,073	1,967,073	1.02
John Morrow	61,738	125,401	0.06
Chief Tabetando	61,738	1,047,738	0.54
Ed Willett	54,878	102,237	0.05
Peter Wilson	49,390	238,390	0.12
TOTAL	394,207	3,565,929	1.84

In conformity with the Transparency Directive's transitional provision 6, Bowleven is required to notify the market of the following:-

Pursuant to the above issue of shares of 10 pence each, Bowleven's issued share capital consists of 193,367,525
ordinary shares of 10 pence each, with voting rights. Bowleven does not hold any ordinary shares in Treasury.  

Therefore, the total number of voting rights in Bowleven is 193,367,525. The shares in issue of 193,367,525 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Bowleven under the Financial Service Authority's Disclosure and Transparency Rules.  

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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