Share Incentive Plan

RNS Number : 7049Z

Rockhopper Exploration plc

20 March 2012

 



20 March 2012

ROCKHOPPER EXPLORATION PLC

("Rockhopper" or the 'Company')

Share Incentive Plan  

Rockhopper Exploration plc (AIM: RKH), the North Falkland Basin oil and gas exploration company, announces that pursuant to the authorities granted by shareholders at the Company's AGM on 6 September 2011, the Company is launching an HMRC approved Share Incentive Plan ("SIP") that will be made available to employees of the Company, including the executive directors.

Under the terms of the SIP subscribing employees are capable of being granted, for the 2011/2012 tax year, a free award of up to £3,000 worth of Ordinary Shares in the Company ("Shares") each (the "Free Shares"). In addition, subject to employees purchasing up to £1,500 worth of Shares each (the "Partnership Shares"), an additional conditional award of twice the number of Partnership Shares are being granted (the "Matching Shares"). The Shares in relation to the SIP for the 2011/ 2012 tax year will be allotted on 23^rd March 2012 and are to be satisfied by the allotment of new Shares based on the closing price of the Company's Shares on the day before the allotment. The executive directors of the Company ("Directors") have elected to participate in the SIP and further detail on their elections is set out below. The Free Shares and Matching Shares will be held on trust for participants by the trustee of the SIP, Capita IRG Trustees Limited, and cannot be released to participants until three years after the date of allotment except in specific circumstances.  

For the 2012/13 tax year, employees will be eligible for monthly, or one off, participation in the SIP whereby they can acquire up to annual amount of £1,500 worth of Partnership Shares and will additionally be granted two Matching Shares for each Partnership Share. Any Free Share Award to be made in the 2012/13 tax year is at the discretion of the Company's Remuneration Committee and would most likely be made in or around March 2013. Under the terms of the Company's share dealing code, employees will not be permitted to join or leave the SIP or change their contributions during close periods.

The Company's Remuneration Committee will review annually the operation of the SIP.

Directors' Elections

In respect of the 2011/2012 tax year the Directors' participation in relation to the SIP is set out below:

Director	Value of Free Shares  to be Awarded	Value of Partnership Shares to be acquired	Value of Matching Shares  to be Awarded
Sam Moody	£3,000	£1,500	£3,000
Peter Dixon-Clarke	£3,000	£1,500	£3,000
Dave Bodecott	£3,000	£1,500	£3,000

Directors' participation in the Partnership/Matching part of the SIP for 2012/13 will be by way of a single grant annually which is expected to be in or around March 2013.

The Company will make a further announcement on 23^rd March 2012, confirming the exact number of shares to be issued under the SIP in respect of the 2011/2012 tax year and the number of Shares acquired by and awarded to the Directors.

Rockhopper Exploration plc
Sam Moody - CEO	01722 414 419
M: Communications Ltd
Patrick d'Ancona or Ben Simons	0207 153 1547
Canaccord Genuity (NOMAD and Broker)
Charles Berkeley / Henry Fitzgerald-O'Connor	020 7050 6500

 

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