Director/PDMR Shareholding

RNS Number : 9723R

Enteq Upstream PLC

18 September 2014

 

Enteq Upstream plc

(the "Company" or the "Group")

Awards under the Enteq Upstream plc Performance Share Plan ("PSP")

Enteq Upstream plc announces that on 17 September 2014 its Remuneration Committee approved a Performance Share Plan ("PSP") for senior executives. The initial grant of awards under this scheme include the Executive Directors as well as other Executive Managers.

The awards pursuant to the PSP, combined with the on-going all employee share option scheme already in existence, will remain within the overall limits already approved by the Company's shareholders.

The initial grants from the PSP were made on 17 September 2014 with a vesting date of 1 April 2017. The performance conditions relate to the Group's Earnings per Share growth and Total Shareholder Return in equal proportion, and in order to achieve the full benefit of the award a 30% compound annual growth rate for each of the financial years ending 31 March 2015, 31 March 2016 and 31 March 2017 in each of these measures will need to be achieved.  The consideration payable for these awards is 1p per ordinary share of 1p each in the capital of the Company ("Ordinary Shares").

Martin Perry (CEO) and Raymond Garcia (COO) were each provisionally granted, subject to the performance conditions and rules of the scheme, a maximum of 538,462 Ordinary Shares.   David Steel (Finance Director) was provisionally granted, subject to the performance conditions and rules of the scheme, a maximum of 147,692 Ordinary Shares.

For further information, please contact: Enteq Upstream plc [phone] Martin Perry, Chief Executive Officer David Steel, Finance Director Investec Bank plc (NOMAD & Broker) [phone] Patrick Robb David Anderson

 

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