TIDMFPM
RNS Number : 9216M
Faroe Petroleum PLC
11 January 2019
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN INTO OR FROM ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF THAT JURISDICTION
FOR IMMEDIATE RELEASE
11 January 2019
Faroe Petroleum plc
("Faroe Petroleum" or the "Company")
Exercise of share options, Issue of Equity, Notification of
Directors' interests and Total Voting Rights
The Board of Faroe (the "Board", "we") notes the announcement by
DNO ASA ("DNO") made on 11 January 2019 that it now owns or
controls shares representing approximately 63.32 per cent of the
Company's total issued share capital.
This has triggered the change in control provisions under the
Faroe Petroleum Incentive Plan ("FPIP"), the Faroe Petroleum Co-
Investment Plan ("FPCIP") and the Co-Investment Plan ("CIP) and,
following confirmation from the Company's remuneration advisers
that the various awards have met the associated performance tests,
a total of 25,809,863 nil cost options over ordinary shares of 10
pence each in the share capital of the Company (the "New Ordinary
Shares") have now vested and have been exercised by plan
participants including the Executive Directors. The resultant New
Ordinary Shares have been issued to the Faroe Petroleum Employee
Benefit Trust (the "EBT") who will assent those shares into the
Offer as directed by the underlying plan participants.
The Executive Directors have exercised the following nil cost
options and have directed the EBT to assent the resultant New
Ordinary Shares into the Offer. The Executive Directors have also
assented their other existing shareholdings into the Offer.
In addition, as particularised below, the company's
Non-Executive Directors have also assented their shareholdings into
the Offer:
Name Existing Options and Options Vested Ordinary Shares
Ordinary Shares Matching Shares and Exercised Assented into
forfeit the Offer
No. No. No. No.
================= ================= =============== ================
Graham Stewart 2,491,043 (28,700) 5,345,378 7,836,421
================= ================= =============== ================
Jonathan Cooper 657,792 (22,415) 3,005,980 3,663,772
================= ================= =============== ================
Helge Hammer 1,322,010 (22,347) 3,274,289 4,596,299
================= ================= =============== ================
John Bentley 172,270 - - 172,270
================= ================= =============== ================
Katherine Roe - - - -
================= ================= =============== ================
Roger Witts 109,180 - - 109,180
================= ================= =============== ================
Jorunn Saetre 28,571 - - 28,571
================= ================= =============== ================
Brent Cheshire 15,000 - - 15,000
================= ================= =============== ================
Issue of Equity and Total Voting Rights
The EBT currently holds 2,757,088 ordinary shares and so Faroe
Petroleum has issued a further total of 23,052,775 New Ordinary
Shares to satisfy the exercise of share options. The New Ordinary
Shares will rank pari passu in all respects with the existing
issued ordinary shares. Application has been made for the New
Ordinary Shares to be admitted to AIM.
Following the issue of 23,052,775 New Ordinary Shares the
Company's enlarged issued share capital will be 395,942,468
ordinary shares. The Company does not hold any ordinary shares in
treasury and therefore the total number of voting rights in the
Company is 395,942,468.
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 FSA's Disclosure and
Transparency Rules.
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them
(Disclosure in relation to exercise of share options and sale of
shares)
Details of the person discharging managerial responsibilities
1 / 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 the 5,345,378 Ordinary Shares of 10p each
financial instrument, in Faroe Petroleum plc.
type of instrument
Identification code Sale of 5,345,378 Ordinary shares of
10p each in Faroe Petroleum plc (by way
of acceptance into the Offer).
ISIN: GB0033032904
------------------------------------ -----------------------------------------------
b) Nature of the transaction (i) Exercise of Options to acquire new
Ordinary shares of 10p each
(ii) Sale of new ordinary shares of 10p
each (by way of acceptance into the Offer)
------------------------------------ -----------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
------------------------------------ ------------------------ ---------------------
(i) 0.00 p 5,345,378
------------------------------------------------------------------- ---------------------
(ii) 160 p 5,345,378
------------------------------------------------------------------- ---------------------
d) Aggregated information 10,690,756 Ordinary Shares of 10p each
in Faroe Petroleum plc.
------------------------------------ -----------------------------------------------
e) Date of the transaction 11 January 2019
------------------------------------ -----------------------------------------------
f) Place of the transaction XLON
------------------------------------ -----------------------------------------------
Details of the person discharging managerial responsibilities
1 / 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 the 3,274,289 Ordinary Shares of 10p each
financial instrument, in Faroe Petroleum plc.
type of instrument
Identification code Sale of 3,274,289 Ordinary shares of
10p each (by way of acceptance into the
Offer)
ISIN: GB0033032904
------------------------------------ ----------------------------------------------
b) Nature of the transaction (i)Exercise of Options to acquire new
Ordinary shares of 10p each
(ii) Sale of new ordinary shares of 10p
each(by way of acceptance into the Offer)
------------------------------------ ----------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
------------------------------------ ------------------------ --------------------
(i) 0.00 p 3,274,289
------------------------------------------------------------------- --------------------
(ii) 160 p 3,274,289
------------------------------------------------------------------- --------------------
d) Aggregated information 6,548,578 Ordinary Shares of 10p each
in Faroe Petroleum plc.
------------------------------------ ----------------------------------------------
e) Date of the transaction 11 January 2019
------------------------------------ ----------------------------------------------
f) Place of the transaction XLON
------------------------------------ ----------------------------------------------
Details of the person discharging managerial responsibilities
1 / 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 the 3,005,980 Nil cost options over Ordinary
financial instrument, Shares of 10p each in Faroe Petroleum
type of instrument plc.3
Identification code Sale of 3,005,980 Ordinary Shares of
10p each in Faroe Petroleum plc (by way
of acceptance into the Offer).
ISIN: GB0033032904
------------------------------------- --------------------------------------------
b) Nature of the transaction (i) Exercise of Nil cost options over
Ordinary Shares
(ii) Sale of Ordinary Shares (by way
of acceptance into the Offer)
------------------------------------- --------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
------------------------------------- ---------------------- --------------------
(i) 0.0p 3,005,980
------------------------------------------------------------------ --------------------
(ii) 160p 3,005,980
------------------------------------------------------------------ --------------------
d) Aggregated information 6,011,960 Ordinary Shares of 10p each
in Faroe Petroleum plc.
------------------------------------- --------------------------------------------
e) Date of the transaction 11 January 2019
------------------------------------- --------------------------------------------
f) Place of the transaction XLON
------------------------------------- --------------------------------------------
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name John Bentley
------------------------------------- ------------------------------------------------
2 Reason for the notification
---------------------------------------------------------------------------------------
a) Position/status Non-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 the Sale of 172,270 Ordinary Shares of 10p
financial instrument, each in Faroe Petroleum plc (by way of
type of instrument acceptance into the Offer).
Identification code
ISIN: GB0033032904
------------------------------------- ------------------------------------------------
b) Nature of the transaction Sale of Ordinary Shares (by way of acceptance
into the Offer)
------------------------------------- ------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
------------------------------------- ----------------------- -----------------------
160p 172,270
------------------------------------------- ----------------------- -----------------------
d) Aggregated information 172,270 Ordinary Shares of 10p each in
Faroe Petroleum plc.
------------------------------------- ------------------------------------------------
e) Date of the transaction 11 January 2019
------------------------------------- ------------------------------------------------
f) Place of the transaction XLON
------------------------------------- ------------------------------------------------
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name Roger Witts
------------------------------------- ------------------------------------------------
2 Reason for the notification
---------------------------------------------------------------------------------------
a) Position/status Non-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 the Sale of 109,180 Ordinary Shares of 10p
financial instrument, each in Faroe Petroleum plc (by way of
type of instrument acceptance into the Offer).
Identification code
ISIN: GB0033032904
------------------------------------- ------------------------------------------------
b) Nature of the transaction Sale of Ordinary Shares (by way of acceptance
into the Offer)
------------------------------------- ------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
------------------------------------- ----------------------- -----------------------
160p 109,180
------------------------------------------- ----------------------- -----------------------
d) Aggregated information 109,180 Ordinary Shares of 10p each in
Faroe Petroleum plc.
------------------------------------- ------------------------------------------------
e) Date of the transaction 11 January 2019
------------------------------------- ------------------------------------------------
f) Place of the transaction XLON
------------------------------------- ------------------------------------------------
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name Jorunn Saetre
------------------------------------- ------------------------------------------------
2 Reason for the notification
---------------------------------------------------------------------------------------
a) Position/status Non-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 the Sale of 28,571 Ordinary Shares of 10p
financial instrument, each in Faroe Petroleum plc (by way of
type of instrument acceptance into the Offer).
Identification code
ISIN: GB0033032904
------------------------------------- ------------------------------------------------
b) Nature of the transaction Sale of Ordinary Shares (by way of acceptance
into the Offer)
------------------------------------- ------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
------------------------------------- ----------------------- -----------------------
160p 28,571
------------------------------------------- ----------------------- -----------------------
d) Aggregated information 28,571 Ordinary Shares of 10p each in
Faroe Petroleum plc.
------------------------------------- ------------------------------------------------
e) Date of the transaction 11 January 2019
------------------------------------- ------------------------------------------------
f) Place of the transaction XLON
------------------------------------- ------------------------------------------------
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name Brent Cheshire
------------------------------------- ------------------------------------------------
2 Reason for the notification
---------------------------------------------------------------------------------------
a) Position/status Non-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 the Sale of 15,000 Ordinary Shares of 10p
financial instrument, each in Faroe Petroleum plc(by way of
type of instrument acceptance into the Offer).
Identification code
ISIN: GB0033032904
------------------------------------- ------------------------------------------------
b) Nature of the transaction Sale of Ordinary Shares (by way of acceptance
into the Offer)
------------------------------------- ------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
------------------------------------- ----------------------- -----------------------
160p 15,000
------------------------------------------- ----------------------- -----------------------
d) Aggregated information 15,000 Ordinary Shares of 10p each in
Faroe Petroleum plc.
------------------------------------- ------------------------------------------------
e) Date of the transaction 11 January 2019
------------------------------------- ------------------------------------------------
f) Place of the transaction XLON
------------------------------------- ------------------------------------------------
(Disclosure in relation to sale of shares)
- Ends -
For further information please contact:
Faroe Petroleum plc Tel: +44 (0) 1224 650 920
Graham Stewart, CEO
Stifel Nicolaus Europe Limited Tel: +44 (0) 20 7710 7600
Callum Stewart / Nicholas Rhodes
/ Ashton Clanfield
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
DSHEFLFFKFFLBBK
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January 11, 2019 10:31 ET (15:31 GMT)
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