Northern Petroleum PLC Salary substitution option award (5464U)
January 19 2017 - 2:00AM
UK Regulatory
TIDMNOP
RNS Number : 5464U
Northern Petroleum PLC
19 January 2017
Northern Petroleum Plc
("Northern Petroleum" or "the Company")
Salary substitution option award
Northern Petroleum (AIM: NOP) announces that it has awarded
options to acquire ordinary shares in the Company, at a cost of the
nominal value of the shares, under the terms of the Northern
Petroleum Incentive Plan ("NPIP") as part of an ongoing salary
substitution scheme. The details of the awards are set out
below.
As announced on 12 November 2015 and updated on 14 July 2016,
directors and certain senior management agreed to further reduce
their salaries from 1 November 2015 in exchange for the issue of
options, under the terms of the NPIP. This agreement is reviewed on
a quarterly basis by the Remuneration Committee and is currently
continuing in place.
The amount of options granted for the third quarter of the
substitution scheme, from 1 May 2016 to 31 July 2016, was
calculated using the salary foregone divided by 3.21 pence, which
was the volume weighted average price of the Company's ordinary
shares during this period.
The amount of options granted for the fourth quarter of the
substitution scheme, from 1 August 2016 to 31 October 2016, was
calculated using the salary foregone divided by 3.06 pence, which
was the volume weighted average price of the Company's ordinary
shares during this period.
The options granted yesterday in accordance with the NPIP are as
follows:
No. of options
awarded
1 May 1 Aug
16 to 16 to
31 Jul 31 Oct
16 16
--------------- -------- --------
Jon Murphy 77,994 81,804
Iain Lanaghan 39,016 40,922
Keith Bush 350,871 368,007
Nick Morgan 311,948 327,183
Paul Lafferty 155,974 163,591
--------------- -------- --------
All these options vest three years after award and expire ten
years after award.
In addition, 89,957 options were granted yesterday to a staff
member in relation to a reduction in salary taken, again under the
terms of the NPIP. These options vest immediately.
The number of options awarded or granted to allow Directors,
senior management and staff to acquire ordinary shares in the
Company, at a cost of the nominal value of the shares, now totals
10,129,712, which represents approximately 3.2 per cent. of the
Company's issued share capital. The total number of options now
awarded or granted to persons discharging managerial
responsibilities are as follows:
No. of
options
awarded
Jon Murphy 338,495
Iain Lanaghan 169,331
Keith Bush 3,065,753
Nick Morgan 2,604,898
Paul Lafferty 1,593,590
--------------- ----------
-Ends-
For further information please contact:
Northern Petroleum Plc Tel: +44 (0)20 7469 2900
Keith Bush, Chief Executive Officer
Nick Morgan, Finance Director
Stockdale Securities Limited (Nomad and Joint Broker) Tel: +44
(0)20 7601 6100
Antonio Bossi
David Coaten
FirstEnergy Capital LLP (Joint Broker) Tel: +44 (0)20 7448
0200
Jonathan Wright
Note to Editors:
Northern Petroleum is an oil and gas company focused on
production led growth. The Company is undertaking a redevelopment
and production project in north west Alberta and has a broader
portfolio of exploration and appraisal opportunities in countries
of relatively low political risk, primarily Italy. Comprehensive
information on Northern Petroleum and its oil and gas operations,
including press releases, annual reports and interim reports are
available from Northern Petroleum's website:
www.northernpetroleum.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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