Grant of Directors' Awards

RNS Number : 8544U

BowLeven Plc

05 December 2013

 

5 December 2013

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

Grant of 2013 LTIP Awards to directors

pursuant to the Bowleven Long Term Incentive Plan ("LTIP")

In accordance with the Company's remuneration policy the Company's Remuneration Committee resolved at a meeting held on Wednesday 4 December 2013 to grant Awards under the LTIP to the following directors:-

Director	No. of Shares over which awards granted	Percentage of Basic Salary
John Brown	397,200	75%
David Clarkson	480,000	75%
Kevin Hart	706,136	75%
Chief Tabetando	496,502	75%
Ed Willett	441,334	75%
Peter Wilson	397,200	75%

The number of shares comprised in the above Awards is based upon 75% of basic salary divided by 37.5 pence, being the Company's closing share price on Tuesday 3 December 2013.  

Subject to certain performance conditions being satisfied by the Company, the above Awards should ordinarily vest on or around the third anniversary of the date of grant.  The Remuneration Committee resolved that, for the purposes of determining the Company's performance against the other companies in the Comparator Group over the three year performance period, the Company's share price as at the date of grant should be adjusted upwards and deemed to be 50 pence, a higher reference price for future share awards than is required under the terms of the LTIP.

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

Simon Maine                                                                              00 44 207 404 5959

BofA Merrill Lynch (NOMAD)                                                          

Derek Ross                                                                                 00 44 207 628 1000

Tony White

 

END

 

 

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