Long Term Incentive Plan Awards

RNS Number : 4205E

Wentworth Resources PLC

11 March 2022

 

11 March 2022

WENTWORTH RESOURCES PLC
("Wentworth" or the "Company")

Long Term Incentive Plan Awards 

Wentworth Resources (AIM: WEN), the independent, Tanzania-focused natural gas production company is pleased to announce that the Remuneration Committee has approved an award of options under the Company's Long-Term Incentive Plan ("LTIP") to its Chief Executive Officer, Katherine Roe.

The award will be granted after the announcement of the Company's annual results, currently planned for the week commencing 4  April 2022. At that time, the exact number of shares to be awarded under the LTIP will be determined in accordance with the LTIP scheme rules, with reference to the market value of the Company's shares at the date of grant.

The award will be at the upper limit of the LTIP scheme rules which, as previously reported to shareholders as part of the Company's remuneration policy, is capped in value at 200% of the CEO's annual base salary.

The award will be subject to a three-year performance period from the date of grant (the "Performance Period").  The award is further subject to claw back and malus provisions for an additional two years from vesting.

The performance conditions for the award, in accordance with the Company's remuneration policy, will be that 50% of each award is subject to meeting absolute Total Shareholder Return ("TSR") metrics and the remaining 50% of each award is subject to meeting relative TSR, measured against a selection of constituent companies of the FTSE AIM All-Share Energy Index ("AXOIG").   

In relation to the proportion of the award subject to absolute TSR performance, the percentage of the award that will vest will be based on the TSR at the end of the Performance Period, with 25% of the award vesting if the TSR at the end of the Performance Period has increased by an 8% compounded annual growth rate and 100% of the award vesting if the TSR has increased by a 16% compound annual growth rate.  Should the TSR increase between 8% and 16%, awards will vest on a linear sliding scale between 25% and 100% and should the TSR at the end of the Performance Period be below 8% no part of this proportion of the award will vest.

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Enquiries:  Wentworth Resources Katherine Roe, Chief Executive Officer   [e-mail] [phone]     Stifel Nicolaus Europe Limited   AIM Nominated Adviser and Joint Broker  Callum Stewart Ashton Clanfield Simon Mensley   [phone]   Peel Hunt LLP   Joint Broker  Richard Crichton Alexander Allen   [phone]   FTI Consulting   Communications Advisor  Sara Powell Ben Brewerton    [phone] About Wentworth Resources Wentworth Resources plc (AIM: WEN) is a leading, domestic natural gas producer in Tanzania with a core producing asset at Mnazi Bay in the onshore Rovuma Basin in Southern Tanzania.

Inside Information

The information contained within this announcement is deemed by Wentworth to constitute inside information as stipulated under the Market Abuse Regulation (EU) no. 596/2014 ("MAR") (as in force in the UK and as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019). On the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

 

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