Falkland Oil and Gas Limited SHARE OPTION PLAN, LONG TERM INCENTIVE PLAN AWARDS (8431Y)
January 30 2014 - 2:01AM
UK Regulatory
TIDMFOGL
RNS Number : 8431Y
Falkland Oil and Gas Limited
30 January 2014
30 January 2014
Falkland Oil and Gas Limited
("FOGL" or "the Company")
FOGL SHARE OPTION PLAN AND LONG TERM INCENTIVE PLAN AWARDS
FOGL, the oil & gas exploration company focused on its
extensive licence areas to the North, South and East of the
Falkland Islands, announces the following arrangements in respect
of 2013 awards to be made under its Share Option Plan and its Long
Term Incentive Plan for executive directors:-
THE FOGL SHARE OPTION PLAN:
Awards are granted under the FOGL Share Option Plan as options
with a market value exercise price. At the discretion of the
Remuneration Committee, market value options are awarded to the
executive directors as 'one-off' tranches of options up to a level
of five times annual salary and as annual awards under the LTIP.
From time to time the options granted as one-off awards are
topped-up to maintain the five times salary multiple. The tranche
of options awarded in December 2010 has now lapsed and the Board
has approved the granting of replacement options as follows:
Vesting Performance Conditions: Market value options will vest
according to absolute share price growth calculated over three
years. Growth under 50% will not be rewarded. Growth of 50% will
result in vesting of 25% of the total award. Growth of 125% will
result in vesting of 100% of the total award. Vesting will follow a
linear relationship between 25% growth and 125% growth. Continued
employment with FOGL is required for vesting.
Exercise Period: Awards vested may be exercised up to ten years
from the date of award.
Exercise Price: The exercise price for the market value options
for the 2013 award is 25p, being the share price as at close on
28(th) January 2014.
Awards: In accordance with the scheme rules, the following
grants were awarded on 29(th) January 2014:
Tim Bushell - 2,947,200 market value options have been awarded,
calculated as the value of the salary multiple of the lapsed
options of GBP736,800, divided by the exercise price of 25p.
Colin More - 2,480,240 market value options have been awarded,
calculated as the value of the salary multiple of the lapsed
options of GBP620,060, divided by the exercise price of 25p.
THE FOGL LONG TERM INCENTIVE PLAN (LTIP):
Awards are granted under the FOGL LTIP as a combination of
restricted shares and market value options. Each year, at the
discretion of the Remuneration Committee a new grant is awarded.
For 2013, new grants of restricted shares of 50% annual salary and
market value options of 100% annual salary have been approved as
follows:
Conditions: The conditions described above for the market value
options awarded under the Share Option Plan in relation to Vesting
and Performance Conditions, Exercise Period and Exercise Price,
apply also to restricted shares and market value options awarded
under the LTIP.
Awards: In accordance with the scheme rules, grants have been
awarded to Tim Bushell and Colin More on 29(th) January 2014, as
follows:-
Tim Bushell
-- 491,200 restricted shares have been awarded, calculated as
50% annual salary divided by the Company's share price as at close
on 28(th) January 2014.
-- 982,400 market value options have been awarded, calculated as
100% annual salary divided by the Exercise Price of 25p.
Colin More
-- 442,900 restricted shares have been awarded, calculated as
50% annual salary divided by the Company's share price as at close
on 28(th) January 2014.
-- 885,800 market value options have been awarded, calculated as
100% annual salary divided by the Exercise Price of 25p.
Enquiries:
Falkland Oil and Gas Ltd +44 (0) 207 563 1260
Richard Liddell, Chairman
RBC (Nominated Advisor and Joint
Broker) +44 (0) 207 653 4000
Matthew Coakes / Daniel Conti
/ Jeremy Low
Jefferies Hoare Govett (Joint
Broker)
Alex Grant / Chris Zeal / Graham
Hertrich +44 (0) 207 029 8000
FTI Consulting +44 (0) 207 831 3113
Ed Westropp / Natalia Erikssen
This information is provided by RNS
The company news service from the London Stock Exchange
END
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