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Novera Energy PLC (NVE)

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Monday 30 June, 2008

Novera Energy PLC

Long Term Incentive Plan

RNS Number : 8032X
Novera Energy PLC
30 June 2008
 





30 June 2008



Novera Energy plc


Long Term Incentive Plan



Novera Energy plc ("the Company") announces that annual awards were made on 27 June 2008 to employees under the Novera Energy plc Long Term Incentive Plan ("the Plan"). Awards under the Plan take the form of an opportunity to receive shares in the Company ("2008 Award")


The performance condition under the 2008 Award is based on the Company reaching a share price target over a three year period from June 2008 to June 2011. The target share price is 176p, which requires the Company to achieve a 25 per cent (compound) increase in the share price of the Company (based on a share price of 90p) for the maximum number of shares to vest.


The 2008 Award also provides for 25 per cent of the award shares to vest to the award holders if a threshold share price of 112p is reached (with a pro-rata vesting of shares between the threshold and target).


Awards have been made to employees which, if vested in full, would lead to those employees becoming entitled to a maximum of 1,674,716 ordinary shares in the Company. Included in this figure is an award to David Fitzsimmons, Chief Executive Officer of the Company, of a maximum of 385,000 ordinary shares in the Company and an award to Rory Quinlan, Chief Financial Officer, of a maximum of 183,333 ordinary shares in the Company.


Enquiries:


Novera Energy plc

020 7845 9720

David Fitzsimmons (CEO) / Rory Quinlan (CFO)




Oriel Securities Limited (Nominated Adviser)

020 7710 7600

Richard Crawley / Michael Shaw




Gavin Anderson (PR)

020 7554 1400

Ken Cronin / Kate Hill


www.noveraenergy.com


This information is provided by RNS
The company news service from the London Stock Exchange
 
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