TIDMFPM
RNS Number : 5814P
Faroe Petroleum PLC
29 May 2018
29 May 2018
Faroe Petroleum plc
("Faroe Petroleum" or the "Company")
Issue of Equity, Notification of Directors' interests and Total
Voting Rights
Faroe Petroleum Incentive Plan
On 24 May 2018 the Remuneration Committee of the Company, which
consists solely of Non Executive Directors, made an annual award to
the Executive Directors under the Faroe Petroleum Incentive Plan
('FPIP") by way of grant of nil-cost options ("Options") over
ordinary shares of 10p each in the Company ("Ordinary Shares") as
detailed below:
FPIP Annual Awards
Director Role Number of Ordinary
Shares
subject to the Option
================= ================= =======================
Graham Stewart Chief Executive 714,219
================= ================= =======================
Chief Operating
Helge Hammer Officer 431,853
================= ================= =======================
Chief Financial
Jonathan Cooper Officer 385,844
================= ================= =======================
The actual number of Options which the recipients could receive
under the FPIP ranges from zero to 100% subject to the achievement
of the performance targets. For the purposes of disclosure and
maintenance of certain statutory records, the number of Nil-Cost
Options is taken to be 100% of the number of Nil-Cost Options
awarded, as detailed above.
Performance will be measured at the end of a three year
performance period against two equally weighted performance
conditions, namely one half absolute Total Shareholder Return
("TSR"), and one half relative TSR. Awards granted to the
recipients will be required to be held for an additional two year
holding period after the three year performance period.
Acquisition of Ordinary Shares by the Faroe Petroleum Employee
Benefit Trust
The maximum dilution limit available to fund awards made under
the FPIP (and the Co Investment Plan ('CIP')) is 15% of the
Company's share capital; however, equity grants each year are made
on the basis that the estimated 'expected' vesting, including the
exercise of vested awards in the previous 10 years, will be less
than 10% (i.e. taking into account the likelihood that not all
awards shall vest as a result of the performance conditions not
being met in full). The maximum dilution which would result if all
relevant outstanding FPIP/CIP awards were to vest would be 9.8%.
Taking into account performance-to-date under the outstanding
FPIP/CIP cycles, the Company estimates the 'expected' dilution to
be 9.5%. Accordingly on 29 May 2018, to satisfy this new award of
FPIPs and the associated Restricted Share Plan to all employees and
making an allowance for a reasonable proportion that the Company
deems will not vest, 2,782,743 Ordinary shares have been acquired
by the Company's Employee Benefit Trust.
Director Shareholdings
On 24 May 2018, the Executive Directors and other employees of
the Company exercised vested nil-cost options ("Options") over a
total of 5,854,511 Ordinary Shares previously awarded under the
FPIP and the CIP. To meet only the associated tax liability arising
from the exercise of these Options, the Executive Directors and
other employees have also sold a proportion of those Ordinary
Shares at a price of 137.60 pence per Ordinary Share, and have
retained the balance to increase their shareholding in the Company
as detailed below. Whilst any vested awards granted to the
Executive Directors and Senior Executives under the FPIP are
required to be held for an additional two year holding period after
the three year vesting period, awards may be exercised during the
holding period so long as the resultant shares are then held for
such period (other than those which may be sold to meet any
associated tax liabilities).
Issue of Equity and Total Voting Rights
Faroe Petroleum has applied to the London Stock Exchange for
5,854,511 new Ordinary Shares (the "New Ordinary Shares") to be
admitted to trading on AIM ("Admission").
It is expected that Admission will become effective on 4 June
2018. The New Ordinary Shares will, following allotment, rank pari
passu in all respects with the existing issued Ordinary Shares.
Following Admission, the Company's issued share capital will be
372,838,872 Ordinary Shares. The Company does not hold any Ordinary
Shares in treasury. Therefore the total number of voting rights in
the Company will be 372,838,872.
Shareholders may use this figure as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in, the
share capital of the Company under the FCA's Disclosure and
Transparency Rules.
Total Holdings
Following these transactions the Executive Directors hold the
following Ordinary Shares of 10p each in the Company, together with
options over the same (including Matching Shares) exercisable at
nil cost.
Director No of Ordinary No. of options over
Shares ordinary shares
of 10p each of 10p each
================= =============== ====================
Graham Stewart 2,486,967 5,354,159
================= =============== ====================
Helge Hammer 1,318,189 3,285,277
================= =============== ====================
Jonathan Cooper 653,716 3,018,491
================= =============== ====================
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them
(Disclosure in relation to purchase of shares and award of
matching shares)
Details of the person discharging managerial
1 responsibilities / person closely associated
----- -------------------------------------------------------------------
a) Name Graham Duncan Stewart
----- --------------------------- --------------------------------------
2 Reason for the notification
----- -------------------------------------------------------------------
a) Position/status Chief Executive
----- --------------------------- --------------------------------------
b) Initial notification Initial notification
/Amendment
----- --------------------------- --------------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
----- -------------------------------------------------------------------
a) Name Faroe Petroleum plc
----- --------------------------- --------------------------------------
b) LEI 213800RE18GVZGNYB270
----- --------------------------- --------------------------------------
4 Details of the transaction(s): section to
be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; and (iv) each place where transactions
have been conducted
----- -------------------------------------------------------------------
a) Description of 714,219 Nil cost options over
the financial Ordinary Shares of 10p each
instrument, type in Faroe Petroleum plc.
of instrument 1,428,479 Ordinary Shares of
Identification 10p each in Faroe Petroleum
code plc.
685,670 Ordinary Shares of
10p each in Faroe Petroleum
plc.
ISIN: GB0033032904
----- --------------------------- --------------------------------------
b) Nature of the (i) Grant of Nil cost options
transaction over Ordinary Shares
(ii) Exercise of Nil cost options
over Ordinary Shares
(iii) Sale of Ordinary Shares
----- --------------------------- --------------------------------------
c) Price(s) and Price(s) Volume(s)
volume(s)
----- --------------------------- ---------------------- --------------
(i) 0.0p 714,219
-------------------------------------------------------- --------------
(ii) 0.0p 1,428,479
-------------------------------------------------------- --------------
(iii) 137.60p 685,670
-------------------------------------------------------- --------------
d) Aggregated information 1,457,028 Ordinary Shares of
10p each in Faroe Petroleum
plc.
----- --------------------------- --------------------------------------
e) Date of the transaction (i) & (ii) 24 May 2018 (iii)
29 May 2018
----- --------------------------- --------------------------------------
f) Place of the XLON
transaction
----- --------------------------- --------------------------------------
Details of the person discharging managerial
1 responsibilities / person closely associated
----- ------------------------------------------------------------------
a) Name Helge Ansgar Hammer
----- -------------------------- --------------------------------------
2 Reason for the notification
----- ------------------------------------------------------------------
a) Position/status Chief Operating Officer
----- -------------------------- --------------------------------------
b) Initial notification Initial notification
/Amendment
----- -------------------------- --------------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
----- ------------------------------------------------------------------
a) Name Faroe Petroleum plc
----- -------------------------- --------------------------------------
b) LEI 213800RE18GVZGNYB270
----- -------------------------- --------------------------------------
4 Details of the transaction(s): section to
be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; and (iv) each place where transactions
have been conducted
----- ------------------------------------------------------------------
a) Description of 431,853 Nil cost options over
the financial Ordinary Shares of 10p each
instrument, type in Faroe Petroleum plc.
of instrument 912,454 Ordinary Shares of
Identification 10p each in Faroe Petroleum
code plc.
425,204 Ordinary Shares of
10p each in Faroe Petroleum
plc.
ISIN: GB0033032904
----- -------------------------- --------------------------------------
b) Nature of the (i) Grant of Nil cost options
transaction over Ordinary Shares
(ii) Exercise of Nil cost options
over Ordinary Shares
(iii) Sale of Ordinary Shares
----- -------------------------- --------------------------------------
c) Price(s) and Price(s) Volume(s)
volume(s)
----- -------------------------- ---------------------- --------------
(i) 0.0p 431,853
------------------------------------------------------- --------------
(ii) 0.0p 912,454
------------------------------------------------------- --------------
(iii) 137.6.0p 425,204
------------------------------------------------------- --------------
d) Aggregated information 919,103 Ordinary Shares of
10p each in Faroe Petroleum
plc.
----- -------------------------- --------------------------------------
e) Date of the transaction (i) & (ii) 24 May 2018 (iii)
29 May 2018
----- -------------------------- --------------------------------------
f) Place of the XLON
transaction
----- -------------------------- --------------------------------------
Details of the person discharging managerial
1 responsibilities / person closely associated
----- -------------------------------------------------------------------
a) Name Jonathan Robert Cooper
----- --------------------------- --------------------------------------
2 Reason for the notification
----- -------------------------------------------------------------------
a) Position/status Chief Financial Officer
----- --------------------------- --------------------------------------
b) Initial notification Initial notification
/Amendment
----- --------------------------- --------------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
----- -------------------------------------------------------------------
a) Name Faroe Petroleum plc
----- --------------------------- --------------------------------------
b) LEI 213800RE18GVZGNYB270
----- --------------------------- --------------------------------------
4 Details of the transaction(s): section to
be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; and (iv) each place where transactions
have been conducted
----- -------------------------------------------------------------------
a) Description of 385,844 Nil cost options over
the financial Ordinary Shares of 10p each
instrument, type in Faroe Petroleum plc.
of instrument 704,436 Ordinary Shares of
Identification 10p each in Faroe Petroleum
code plc.
331,085 Ordinary Shares of
10p each in Faroe Petroleum
plc.
ISIN: GB0033032904
----- --------------------------- --------------------------------------
b) Nature of the (i) Grant of Nil cost options
transaction over Ordinary Shares
(ii) Exercise of Nil cost options
over Ordinary Shares
(iii) Sale of Ordinary Shares
----- --------------------------- --------------------------------------
c) Price(s) and Price(s) Volume(s)
volume(s)
----- --------------------------- ---------------------- --------------
(i) 0.0p 385,844
-------------------------------------------------------- --------------
(ii) 0.0p 704,436
-------------------------------------------------------- --------------
(iii) 137.60p 331,085
-------------------------------------------------------- --------------
d) Aggregated information 759,195 Ordinary Shares of
10p each in Faroe Petroleum
plc.
----- --------------------------- --------------------------------------
e) Date of the transaction (i) & (ii) 24 May 2018 (iii)
29 May 2018
----- --------------------------- --------------------------------------
f) Place of the XLON
transaction
----- --------------------------- --------------------------------------
- Ends -
For further information please contact:
Faroe Petroleum plc Tel: +44 1224 650 920
Graham Stewart, CEO
Stifel Nicolaus Europe Tel: +44 207 710 7600
Limited
Callum Stewart /Nicholas
Rhodes/Ashton Clanfield
BMO Capital Markets Tel: +44 207 236 1010
Neil Haycock / Tom
Rider / Jeremy Low
FTI Consulting Tel: +44 207 831 3113
Edward Westropp/Tom
Hufton
The information contained within this announcement is considered
to be inside information prior to its release, as defined in
Article 7 of the Market Abuse Regulation No. 596/2014, and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
DSHEKLFLVEFLBBF
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