TIDMFPM
RNS Number : 0159M
Faroe Petroleum PLC
02 January 2019
02 January 2019
Faroe Petroleum plc
("Faroe Petroleum" or the "Company")
Quarterly notification of Directors' Interests and conditional
award of shares
Graham Stewart (Chief Executive), Jonathan Cooper (Chief
Financial Officer) and Helge Hammer (Chief Operating Officer), have
notified the Company that on 31 December 2018 they acquired the
following ordinary shares of 10p each in the Company ('Partnership
Shares') and have been awarded the following conditional shares
('Matching Shares') under the Faroe Petroleum Share Investment Plan
(the "SIP") at a price of GBP1.454 each:
Partnership Shares Purchase Matching Shares Purchase
(no.) price (no.) price
Graham Stewart 258 GBP1.454 516 GBP1.454
Jonathan Cooper 258 GBP1.454 516 GBP1.454
Helge Hammer 253 GBP1.454 506 GBP1.454
The SIP is open to all employees on the same terms where, for
every share purchased by an employee the Company will match it with
two matching shares. The matching shares are released at the end of
a three year holding period (subject to the SIP rules) and the
maximum amount that may be invested in Partnership Shares in any
tax year is GBP1,500 per employee. Graham Stewart, Jonathan Cooper
and Helge Hammer have committed to invest the maximum of
GBP1,500/year, with four scheduled quarterly investments of GBP375
each (noting that Mr Hammer, being resident in Norway, has
committed to the SIP in Norwegian Krona and as such the Sterling
investment varies slightly from quarter to quarter).
At present, market purchase shares are being used to satisfy the
matching shares.
Following this transaction the directors, and persons closely
associated with them, hold the following ordinary shares of 10
pence each in the Company, together with options over the same
(including matching shares) exercisable at nil cost.
No of Ordinary Shares No. of options over
Name of 10p each ordinary shares of 10p
each
Graham Stewart* 2,491,043 5,374,078
Jonathan Cooper** 657,792 3,028,395
Helge Hammer*** 1,322,010 3,296,636
John Bentley 172,270 -
Katherine Roe - -
Roger Witts 109,180 -
Jorunn Saetre 28,571 -
Brent Cheshire 15,000 -
* shareholding includes 1,370 shares awarded following the
vesting of SIP matching shares between 01.10.18 and 31.12.18 with
an equal and opposite movement in the options total.
** shareholding includes 1,370 shares awarded following the
vesting of SIP matching shares between 01.10.18 and 31.12.18 with
an equal and opposite movement in the options total.
*** shareholding includes 1,238 shares awarded following the
vesting of SIP matching shares between 01.10.18 and 31.12.18 with
an equal and opposite movement in the options total.
- Ends -
For further information please contact:
Faroe Petroleum plc Tel: +44 1224 650 920
Graham Stewart, CEO
Stifel Nicolaus Europe Limited Tel: +44 207 710 7600
Callum Stewart /Nicholas Rhodes
/ Ashton Clanfield
BMO Capital Markets Tel: +44 207 236 1010
Tom Rider / Jeremy Low/Tom
Hughes
FTI Consulting Tel: +44 207 831 3113
Ben Brewerton/ Emerson Clarke
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.
Disclosure requirements of the Takeover Code
Under Rule 8.3(a) of the Takeover Code, any person who is
interested in 1 per cent. or more of any class of relevant
securities of an offeree company or of any securities exchange
offeror (being any offeror other than an offeror in respect of
which it has been announced that its offer is, or is likely to be,
solely in cash) must make an Opening Position Disclosure following
the commencement of the offer period and, if later, following the
announcement in which any securities exchange offeror is first
identified. An Opening Position Disclosure must contain details of
the person's interests and short positions in, and rights to
subscribe for, any relevant securities of each of (i) the offeree
company and (ii) any securities exchange offeror(s). An Opening
Position Disclosure by a person to whom Rule 8.3(a) applies must be
made by no later than 3.30 pm (London time) on the 10th Business
Day following the commencement of the offer period and, if
appropriate, by no later than 3.30 pm (London time) on the 10th
Business Day following the announcement in which any securities
exchange offeror is first identified. Relevant persons who deal in
the relevant securities of the offeree company or of a securities
exchange offeror prior to the deadline for making an Opening
Position Disclosure must instead make a Dealing Disclosure.
Under Rule 8.3(b) of the Takeover Code, any person who is, or
becomes, interested in 1 per cent. or more of any class of relevant
securities of the offeree company or of any securities exchange
offeror must make a Dealing Disclosure if the person deals in any
relevant securities of the offeree company or of any securities
exchange offeror. A Dealing Disclosure must contain details of the
dealing concerned and of the person's interests and short positions
in, and rights to subscribe for, any relevant securities of each of
(i) the offeree company and (ii) any securities exchange
offeror(s), save to the extent that these details have previously
been disclosed under Rule 8. A Dealing Disclosure by a person to
whom Rule 8.3(b) applies must be made by no later than 3.30 pm
(London time) on the Business Day following the date of the
relevant dealing.
If two or more persons act together pursuant to an agreement or
understanding, whether formal or informal, to acquire or control an
interest in relevant securities of an offeree company or a
securities exchange offeror, they will be deemed to be a single
person for the purpose of Rule 8.3.
Opening Position Disclosures must also be made by the offeree
company and by any offeror and Dealing Disclosures must also be
made by the offeree company, by any offeror and by any persons
acting in concert with any of them (see Rules 8.1, 8.2 and
8.4).
Details of the offeree and offeror companies in respect of whose
relevant securities Opening Position Disclosures and Dealing
Disclosures must be made can be found in the Disclosure Table on
the Panel's website at www.thetakeoverpanel.org.uk, including
details of the number of relevant securities in issue, when the
offer period commenced and when any offeror was first identified.
You should contact the Panel's Market Surveillance Unit on +44
(0)20 7638 0129 if you are in any doubt as to whether you are
required to make an Opening Position Disclosure or a Dealing
Disclosure.
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
MSCBRGDBLUGBGCD
(END) Dow Jones Newswires
January 02, 2019 12:59 ET (17:59 GMT)
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