Long Term Incentive Plan and Deferred Bonus Plan

RNS Number : 3661L
Gulf Keystone Petroleum Ltd.
29 April 2020
 

 

29 April 2020

 

Gulf Keystone Petroleum Limited (LSE: GKP)

("Gulf Keystone" or "the Company")

 

Long Term Incentive Plan ("LTIP") Award

Issue under the Deferred Bonus Plan ("DBP")

 

 

LTIP

 

Gulf Keystone Petroleum Limited announces that pursuant to the 2014 Gulf Keystone Long Term Incentive Plan, on 28 April 2020 awards over Common Shares ("2020 Awards") were granted to staff and the persons discharging managerial responsibilities ("PDMRs") listed below.

 

The LTIP was approved by Gulf Keystone Petroleum Limited's shareholders at the Company's Annual General Meeting held on 17 July 2014; this is the third award to be made under the LTIP and is in accordance with the agreed annual issue cycle which follows release of the Company's full year results.  The awards are made to eligible employees of the wider workforce, including to employees in Kurdistan.

 

The quantum of 2020 Awards was determined based on a price of 74.4p being the closing mid-market price of the Company on 27 April 2020.  The vesting date for 2020 Awards is 28 April 2023, being the third anniversary from the award date.  The 2020 Awards are in the form of nil cost options and vesting of them will be in accordance with performance conditions.  No consideration is payable for the grant of an Award. 

 

Performance Conditions

 

Vesting of the 2020 Awards is subject to both absolute and relative total shareholder return ("TSR") targets being met, each measure having a 50% weighting.  TSR will be measured over the period of three years from the award date. In accordance with recent governance guidelines, the Remuneration Committee has the discretion to review vesting outcomes to ensure a fair reflection of performance.

 

Awards

 

The following PDMRs have been granted 2020 Awards under the LTIP:

 

Name

Position

Number of awards

Jane Barker

HR Director

217,452

Stuart Catterall

Chief Operating Officer

419,355

Ross Deutscher

Country Manager Kurdistan

230,022

Nadzeya Kernoha

Head of Finance

182,796

Gabriel Papineau-Legris

Chief Commercial Officer

328,495

Mark Parsley

Subsurface Manager

186,397

Alasdair Robinson

Legal Director/Company Secretary

211,316

Ian Weatherdon

Chief Financial Officer

733,871

 

In addition to the above, 2020 Awards over a total of 2,230,511 shares in aggregate have also been granted under the LTIP to eligible employees who are not PDMRs.

 

DBP

 

At the Company's AGM in June 2019, shareholders approved the DBP.  This provides for 30% of the annual bonus attributable to executive directors to be paid in the form of nil cost options.  These will vest after three years.  There are no performance conditions other than the executive director must continue to be employed for this period (subject to certain limited exceptions). The award was made on 28 April 2020 and the vesting date is 28 April 2023, being the third anniversary from the award date.   This the first issue under the DBP and the following award was granted.

 

Name

Position

Number of awards

Jón Ferrier

CEO

113,407

 

 

 

Enquiries:



Celicourt Communications:

+ 44(0) 20 8434 2754

Mark Antelme

Jimmy Lea


   

or visit:  www.gulfkeystone.com  

 

 

 

 

The information set out below is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014.

 

 

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Jón Ferrier

2

Reason for the notification

a)

Position/status

CEO

b)

Initial notification/Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Gulf Keystone Petroleum Limited

b)

LEI

213800QTAQOSSTNTPO15

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

 

Identification code

Common shares of $1.00 each in Gulf Keystone Petroleum Limited

 

ISIN: BMG4209G2077

b)

Nature of the transaction

Grant of nil cost award under the Deferred Bonus Plan

c)

Price(s) and volume(s)

Price(s)

Volume(s)

Nil

113,407

d)

Aggregated information

-

Aggregated volume

-

Price

 

Single transaction as in 4c) above.


Nil consideration

e)

Date of the transaction

28 April 2020

f)

Place of the transaction

Outside a trading venue

 

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Jane Barker

2

Reason for the notification

a)

Position/status

Human Resources Director

b)

Initial notification/Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Gulf Keystone Petroleum Limited

b)

LEI

213800QTAQOSSTNTPO15

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

 

Identification code

Common shares of $1.00 each in Gulf Keystone Petroleum Limited

 

ISIN: BMG4209G2077

b)

Nature of the transaction

Grant of nil cost award under the 2014 Long Term Incentive Plan

c)

Price(s) and volume(s)

Price(s)

Volume(s)

Nil

217,452

d)

Aggregated information

-

Aggregated volume

-

Price

 

Single transaction as in 4c) above.


Nil consideration

e)

Date of the transaction

28 April 2020

f)

Place of the transaction

Outside a trading venue

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Stuart Catterall

2

Reason for the notification

a)

Position/status

Chief Operating Officer

b)

Initial notification/Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Gulf Keystone Petroleum Limited

b)

LEI

213800QTAQOSSTNTPO15

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

 

Identification code

Common shares of $1.00 each in Gulf Keystone Petroleum Limited

 

ISIN: BMG4209G2077

b)

Nature of the transaction

Grant of nil cost award under the 2014 Long Term Incentive Plan

c)

Price(s) and volume(s)

Price(s)

Volume(s)

Nil

419,355

d)

Aggregated information

-

Aggregated volume

-

Price

 

Single transaction as in 4c) above.


Nil consideration

e)

Date of the transaction

28 April 2020

f)

Place of the transaction

Outside a trading venue

 



 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Ross Deutscher

2

Reason for the notification

a)

Position/status

Country Manager - Kurdistan

b)

Initial notification/Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Gulf Keystone Petroleum Limited

b)

LEI

213800QTAQOSSTNTPO15

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

 

Identification code

Common shares of $1.00 each in Gulf Keystone Petroleum Limited

 

ISIN: BMG4209G2077

b)

Nature of the transaction

Grant of nil cost award under the 2014 Long Term Incentive Plan

c)

Price(s) and volume(s)

Price(s)

Volume(s)

Nil

230,022

d)

Aggregated information

-

Aggregated volume

-

Price

 

Single transaction as in 4c) above.

 


Nil consideration

e)

Date of the transaction

28 April 2020

f)

Place of the transaction

Outside a trading venue

 



 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Nadzeya Kernoha

2

Reason for the notification

a)

Position/status

Head of Finance

b)

Initial notification/Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Gulf Keystone Petroleum Limited

b)

LEI

213800QTAQOSSTNTPO15

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

 

Identification code

Common shares of $1.00 each in Gulf Keystone Petroleum Limited

 

ISIN: BMG4209G2077

b)

Nature of the transaction

Grant of nil cost award under the 2014 Long Term Incentive Plan

c)

Price(s) and volume(s)

Price(s)

Volume(s)

Nil

182,796

d)

Aggregated information

-

Aggregated volume

-

Price

 

Single transaction as in 4c) above.


Nil consideration

e)

Date of the transaction

28 April 2020

f)

Place of the transaction

Outside a trading venue



 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Gabriel Papineau-Legris

2

Reason for the notification

a)

Position/status

Chief Commercial Officer

b)

Initial notification/Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Gulf Keystone Petroleum Limited

b)

LEI

213800QTAQOSSTNTPO15

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

 Identification code

Common shares of $1.00 each in Gulf Keystone Petroleum Limited

 

ISIN: BMG4209G2077

b)

Nature of the transaction

Grant of nil cost award under the 2014 Long Term Incentive Plan

 

c)

Price(s) and volume(s)

Price(s)

Volume(s)

nil

  328,495

d)

Aggregated information

-

Aggregated volume

-

Price

 

Single transaction as in 4c) above.


Nil consideration

e)

Date of the transaction

28 April 2020

f)

Place of the transaction

Outside a trading venue

 





 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Mark Parsley

2

Reason for the notification

a)

Position/status

Subsurface Manager

b)

Initial notification/Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Gulf Keystone Petroleum Limited

b)

LEI

213800QTAQOSSTNTPO15

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

 

Identification code

Common shares of $1.00 each in Gulf Keystone Petroleum Limited

 

ISIN: BMG4209G2077

b)

Nature of the transaction

Grant of nil cost award under the 2014 Long Term Incentive Plan

c)

Price(s) and volume(s)

Price(s)

Volume(s)

Nil

186,397

d)

Aggregated information

-

Aggregated volume

-

Price

 

Single transaction as in 4c) above.

 


Nil consideration

e)

Date of the transaction

28 April 2020

f)

Place of the transaction

Outside a trading venue

 

 

 

 

 

 

 

 1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Alasdair Robinson

2

Reason for the notification

a)

Position/status

Legal Director & Company Secretary

b)

Initial notification/Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Gulf Keystone Petroleum Limited

b)

LEI

213800QTAQOSSTNTPO15

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

 

Identification code

Common shares of $1.00 each in Gulf Keystone Petroleum Limited

 

ISIN: BMG4209G2077

b)

Nature of the transaction

Grant of nil cost award under the 2014 Long Term Incentive Plan

c)

Price(s) and volume(s)

Price(s)

Volume(s)

Nil

  211,316

d)

Aggregated information

-

Aggregated volume

-

Price

 

Single transaction as in 4c) above.


Nil consideration

e)

Date of the transaction

28 April 2020

f)

Place of the transaction

Outside a trading venue

 

 

 

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Ian Weatherdon

2

Reason for the notification

a)

Position/status

CFO

b)

Initial notification/Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Gulf Keystone Petroleum Limited

b)

LEI

213800QTAQOSSTNTPO15

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

 

Identification code

Common shares of $1.00 each in Gulf Keystone Petroleum Limited

 

ISIN: BMG4209G2077

b)

Nature of the transaction

Grant of nil cost award under the 2014 Long Term Incentive Plan

c)

Price(s) and volume(s)

Price(s)

Volume(s)

Nil

733,871

d)

Aggregated information

-

Aggregated volume

-

Price

 

Single transaction as in 4c) above.


Nil consideration

e)

Date of the transaction

28 April 2020

f)

Place of the transaction

Outside a trading venue

 

 

 

Disclaimer

 

This announcement contains certain forward-looking statements.  These statements are made by the Company's Directors in good faith based on the information available to them up to the time of their approval of this announcement but such statements should be treated with caution due to inherent uncertainties, including both economic and business factors, underlying such forward-looking information.  This announcement has been prepared solely to provide additional information to shareholders to assess the Group's strategies and the potential for those strategies to succeed.  This announcement should not be relied on by any other party or for any other purpose.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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