Director/PDMR Shareholding

RNS Number : 4645D

Petrofac Limited

23 March 2011

 



23 March 2011

Petrofac Limited (the "Company")

Notification of Transactions by

Persons Discharging Managerial Responsibilities (PDMRs)

Pursuant to the Company's obligations under Disclosure and Transparency Rule 3.1.4, the Company hereby notifies the following awards and vestings of ordinary shares of US$0.02 each in the Company (the "Shares") under the Petrofac Performance Share Plan ("PSP") and the Petrofac Deferred Bonus Share Plan ("DBSP"). The awards and vestings took place on Saturday, 19 March 2011, and any Shares sold in relation to the vestings were sold on Monday, 21 March 2011.

These awards and vestings form part of the Company's annual bonus cycle and in line with previous years, some of the Directors and PDMRs elected to sell Shares resulting from their respective vestings. Details of each Director's and PDMR's position before and after the awards and vestings are outlined in the tables below.

PSP awards are made by the Company to senior executives and generally vest on the third anniversary of the date of grant provided a participant does not leave the Company's employment and to the extent that performance conditions have been satisfied.  Awards are made at nil cost to participants.       

Under the DBSP, selected employees are required, or in some instances invited, to defer a proportion of their annual cash bonus in Shares. Subject to a number of limited exceptions and provided a participant does not leave the Company's employment, Shares awarded under the DBSP may either vest in full on the third anniversary of grant; or alternatively vest one third on the first anniversary of grant, one third on the second anniversary of grant and the final third on the third anniversary of grant.  Awards are made at nil cost to participants.      

Directors

PSP

	Total number of Shares  held under the PSP prior to 19 March 2011	Number of Shares vested on 19 March 2011	Number of       Shares sold on 21 March 2011	Number of  Shares awarded under the PSP on 19 March 2011	Total number of Shares held under the PSP after 21 March 2011
Ayman Asfari1	333,662	114,844	58,990	104,555	323,373
Maroun Semaan	201,527	52,712	-	48,911	197,726
Andy Inglis	-	-	-	107,789	107,789
Keith Roberts	161,463	51,040	51,040	35,929	146,352

¹Ayman Asfari elected not to sell any Shares in excess of the number required to be sold to satisfy his tax liability. His shareholding in the Company has therefore increased by the number of his unsold vested Shares. See the table below for details of his shareholding after 21 March 2011. 

Shares were sold at an average price of 1417.9 pence per Share.

Following these transactions, the Directors continue to hold the following beneficial interests in the Company.

	Total number of Shares held in the Company prior to 19 March 2011	Total number of Shares held in the Company after 21 March 2011	Total number of Shares held in the Company after 21 March 2011, expressed as % of the total shares in issue
Ayman Asfari	62,782,114	62,837,968	18.176
Maroun Semaan	28,082,676	28,135,388	8.138
Andy Inglis1	-	-	-
Keith Roberts	2,120,000	2,120,000	0.613

¹Andy Inglis does not currently have a shareholding in the Company albeit he has been made awards under the Company's Restricted Share Plan and the PSP.

PDMRs

PSP

	Total number of Shares  held under the PSP prior to 19 March 2011	Number of Shares vested on 19 March 2011	Number of Shares sold on 21 March 2011	Number of Shares awarded under the PSP on 19 March 2011	Total number of Shares held under the PSP after   21 March 2011
Marwan Chedid1	72,817	21,297	-	20,009	71,529
William Dunnett2	50,820	7,974	4,096	17,964	60,810
Gordon East2	43,514	15,949	8,193	10,778	38,343
Paul Groves	3,717	-	-	5,030	8,747
Robert Jewkes	56,472	21,266	21,266	14,371	49,577
Richard Milne	85,497	31,900	31,900	19,761	73,358
Robin Pinchbeck	95,726	34,608	34,608	-	61,118
SS Sarma1	45,484	10,647	-	13,339	48,176
Rajesh Verma1	58,415	15,972	-	13,339	55,782

¹ Marwan Chedid, SS Sarma and Rajesh Verma elected not to sell any Shares and as a consequence their respective shareholdings in the Company have increased by the number of Shares vested. See the final table for details of PDMR shareholdings after 21 March 2011. 

² William Dunnett and Gordon East elected not to sell any Shares in excess of the number required to be sold to satisfy their respective tax liabilities. Their shareholdings in the Company have therefore increased by the number of their unsold vested Shares. See the final table for details of PDMR shareholdings after 21 March 2011.  

DBSP

	Total number of Shares held under the DBSP prior to 19 March 2011	Number of Shares Vested on 19 March 2011	Number of Shares Sold on 21 March 2011	Number of Shares awarded under the DBSP on 19 March 2011	Total number of Shares held under the DBSP after 21 March 2011
Marwan Chedid1	96,872	41,470	-	33,346	88,748
William Dunnett2	75,276	36,498	18,748	19,760	58,538
Gordon East2	31,916	17,956	9,224	10,778	24,738
Paul Groves2	3,632	1,206	605	4,310	6,736
Robert Jewkes	46,244	26,516	26,516	14,370	34,098
SS Sarma1	70,532	28,008	-	26,676	69,200
Rajesh Verma1	85,036	39,046	-	28,900	74,890

¹Marwan Chedid, SS Sarma, and Rajesh Verma elected not to sell any Shares and as a consequence their respective shareholdings in the Company have increased by the number of Shares vested. See the table below for details of PDMR shareholdings after 21 March 2011. 

² William Dunnett, Gordon East and Paul Groves elected not to sell any Shares in excess of the number required to be sold to satisfy their respective tax liabilities. Their shareholdings in the Company have therefore increased by the number of their unsold vested Shares. See the table below for details of PDMR shareholdings after 21 March 2011. 

Shares were sold at an average price of 1417.9 pence per Share.

Following all the transactions detailed above, the PDMRs hold the following beneficial interests in the Company.

	Total number of Shares held in the Company prior to 19 March 2011	Total number of Shares held in the Company after 21 March 2011	Total number of Shares held in the Company after 21 March 2011, expressed as % of the total shares in issue
Marwan Chedid	1,220,998	1,283,765	0.371
Gordon East	39,457	55,945	0.016
William Dunnett	28,965	50,593	0.015
Paul Groves	-	601	0.000
Robert Jewkes	1,000,000	1,000,000	0.289
Richard Milne	570,000	570,000	0.165
Robin Pinchbeck	700,000	700,000	0.202
SS Sarma	540,839	579,494	0.168
Rajesh Verma	1,198,074	1,253,092	0.362

If participants and their connected persons hold Shares outside the PSP and DBSP (or any other Company share incentive scheme), separate announcements are made under the Disclosure and Transparency Rules as required.

The Company's issued share capital consists of 345,715,053 Shares with voting rights. Each Share carries the right to one vote. The Company does not hold any Shares in Treasury.

Contact for enquiries:

Petrofac Limited

Sofia Bernsand

020 7811 4900

 

END

 

 

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