Vesting of 2012 LTIP Awards

RNS Number : 0924K

BowLeven Plc

23 December 2015

 

23 December 2015                                                                                                                                                  

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

Vesting of 2012 LTIP Awards

Vesting of 2012 LTIP Awards

Bowleven announces that, on 22 December 2015, a total of 1,251,559 ordinary shares in the Company ("Shares") vested in favour of the undernoted Executive Directors under the terms of Bowleven's 2006 Long Term Incentive Plan ("the 2006 LTIP").   This vesting, details of which are provided in the table below, related to awards that were granted under the 2006 LTIP on 10 December 2012 ("the 2012 LTIP Awards").  These awards were subject to a performance condition that, amongst other things, compared Bowleven's total shareholder return ("TSR") over a three-year period with the TSR achieved by a comparator group of companies.  This period expired on 10 December 2015, following which it was determined that the Company's TSR was ranked in the upper quartile in the comparator list meaning that the 2012 LTIP Awards vested in full.  

The vesting of the 2012 LTIP Awards was satisfied by the transfer of Shares for no consideration to the relevant individuals by the trustee of the Company's Employee Benefit Trust.  

Current interests in Shares

Following the transaction set out above, the beneficial interests of the undernoted Executive Directors in the Shares of Bowleven are as set out in the table below.

Director	No. of shares held (pre-vesting)	Shares that vested on 22 December 2015	No. of Shares held (post-vesting)	Percentage of issued share capital
Kevin Hart	3,204,364	721,878	3,926,242	1.20
Kerry Crawford	337,385	209,874	547,259	0.17
Ed Willett	503,613	319,807	823,420	0.25

2015 Directors' Remuneration

Although a number of key objectives were met during the year, the Company's Remuneration Committee, with the support of the Executive Directors, has resolved that no bonuses will be payable to Directors in respect of the calendar year ending 31 December 2015. 

ENQUIRIES

For further information please contact:

Bowleven plc

Kevin Hart, Chief Executive                                                        00 44 131 524 5678

Kerry Crawford, Finance Director

Brunswick Group LLP

Patrick Handley                                                                             00 44 207 404 5959

Simon Maine                                                                    

Macquarie Capital (Europe) Limited (Nomad)                                                   

Jon Fitzpatrick                                                                                00 44 203 037 2000

Ken Fleming

Nick Stamp

 

END

 

 

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