BowLeven Plc Grant of 2014 Bowleven Long-Term Incentive Plan (6205A)

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RNS Number : 6205A

BowLeven Plc

23 December 2014

23 December 2014

Bowleven plc ("Bowleven" or the "Company")

Grant of 2014 Bowleven Long-Term Incentive Plan ('LTIP') Awards to Directors

2014 Directors Remuneration

Although a number of key objectives were met during the year, the Company's Remuneration Committee, with the support of the Executive Directors, has resolved that no bonuses will be payable to Directors in respect of the calendar year ending 31 December 2014.

Grant of 2014 LTIP Awards

In accordance with the Company's remuneration policy the Remuneration Committee also resolved to grant the following awards under the shareholder-approved LTIP to the Directors listed below.

 
    Director        No. of Shares over 
                    which awards granted 
                             on 
                      23 December 2014 
----------------  ---------------------- 
 David Clarkson          1,370,000 
----------------  ---------------------- 
 Kerry Crawford          1,030,000 
----------------  ---------------------- 
 Kevin Hart              2,075,000 
----------------  ---------------------- 
 Ed Willett              1,295,000 
----------------  ---------------------- 
 Peter Wilson            1,165,000 
----------------  ---------------------- 
 

Pursuant to the rules of the LTIP, awards under the LTIP may only be made to Directors at certain prescribed times, including within 42 days of the announcement by the Company of its annual results. That period expires on 24 December 2014.

The above awards ordinarily vest on or around the third anniversary of the date of grant but only to the extent that certain performance conditions are satisfied by the Company during that period. Consistent with previous awards, these performance conditions are determined by the relative total shareholder return ('TSR') generated by the Company over the relevant three year performance period compared to a selected group of 14 comparator companies chosen by the Remuneration Committee. Awards under the LTIP only vest where Bowleven's TSR over the relevant performance period is at least the median of the comparator group. 20% of an award vests where Bowleven's TSR is the median (i.e. 8(th) position); 40% where Bowleven's TSR is in 7(th) position; 60% where Bowleven's TSR is in 6(th) position; 80% where Bowleven's TSR is in 5(th) position; and 100% where Bowleven's TSR is in the upper quartile (i.e. 4(th) position or above). In addition, no awards vest unless the Remuneration Committee in their absolute discretion are also satisfied that there has been an overall satisfactory and sustained improvement in the performance of the Company during the relevant performance period.

The 2014 LTIP awards referred to above are based on a share price of 26.25 pence being the Company's closing share price yesterday, Monday 22 December 2014.

No consideration was payable by the Directors for the grant of the above awards.

ENQUIRIES

For further information please contact:

Bowleven plc

   Kevin Hart, Chief Executive                                       00 44 131 524 5678 

Peter Wilson, Company Secretary

Brunswick Group LLP

   Patrick Handley                                                               00 44 207 404 5959 

Simon Maine

Macquarie Capital (Europe) Limited (Nomad)

   Jon Fitzpatrick                                                                 00 44 203 037 2000 

Ken Fleming

Nick Stamp

This information is provided by RNS

The company news service from the London Stock Exchange

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