We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Bowleven Plc | LSE:BLVN | London | Ordinary Share | GB00B04PYL99 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.20 | 0.15 | 0.25 | 0.20 | 0.165 | 0.20 | 125,925 | 08:00:18 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Oil And Gas Field Expl Svcs | 0 | -2.02M | -0.0062 | -0.32 | 654.93k |
TIDMBLVN
RNS Number : 9256L
BowLeven Plc
14 January 2016
14 January 2016
Bowleven plc ("Bowleven" or "the Company")
Directors' Interests
Grant of 2016 LTIP Awards
In accordance with the Company's remuneration policy, the Remuneration Committee resolved on 13 January to grant the following awards over ordinary shares in the Company ("Shares") to each of the undernoted Directors under the terms of the Company's new Long Term Incentive Plan (the "2015 LTIP") which was approved by shareholders at the Annual General Meeting of the Company held on 16 December 2015.(i)
Director No. of Shares over which awards granted on 13 January 2016 ---------------- ---------------------------------------- David Clarkson 1,440,000 ---------------- ---------------------------------------- Kerry Crawford 1,036,438 ---------------- ---------------------------------------- Kevin Hart 1,818,300 ---------------- ---------------------------------------- Ed Willett 852,326 ---------------- ----------------------------------------
Pursuant to the rules of the 2015 LTIP, awards may only be made to Directors at certain prescribed times, including within 42 days of the date of adoption of the plan. This period commenced on 16 December 2015.
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 made under Bowleven's 2006 Long Term Incentive Plan, these performance conditions are determined by the 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 2015 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 its absolute discretion is also satisfied that there has been an overall satisfactory and sustained improvement in the performance of the Company during the relevant performance period.
The 2016 LTIP awards referred to above were based on a share price of 20 pence per Share, being the Company's closing share price on 12 January 2016.
No consideration was payable by the Directors for the grant of the above awards.
Sale of Shares subsequent to the vesting of 2012 LTIP Awards (settlement of tax liabilities due January 2016)
Following the vesting of the 2012 LTIP Awards announced on 23 December 2015, instructions were given by each of the undernoted Directors to only sell such Shares as was necessary to account for the tax and national insurance liabilities payable in January 2016 on the vesting of these awards with the remaining Shares being retained. The number of Shares sold on behalf of the Directors is set out in the table below. These sales were made on 13 January 2016 at a sale price of 20 pence per Share.
Current interests in Shares
Following the above sales, the beneficial interest of each undernoted Director in the ordinary shares in the Company is as set out in the table below.
Director No. of Shares sold (to settle tax payable No. of Shares held Percentage of issued share capital on LTIP Awards vesting) ---------------- ------------------------------------------ ------------------- ----------------------------------- Kerry Crawford 103,574 443,685 0.14 ---------------- ------------------------------------------ ------------------- ----------------------------------- Kevin Hart 356,248 3,569,994 1.09 ---------------- ------------------------------------------ ------------------- ----------------------------------- Ed Willett 157,826 665,594 0.20 ---------------- ------------------------------------------ ------------------- -----------------------------------
ENQUIRIES
For further information please contact:
Bowleven plc
Kevin Hart, Chief Executive 00 44 131 524 5678
Kerry Crawford, Finance Director
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
(i) Note to announcement: The resolution proposed at the Company's AGM on 16 December 2015 to approve the rules of the Bowleven plc Long Term Incentive Plan (2015) was passed by shareholders on a show of hands. In advance of the AGM, the Company received proxies from shareholders with 97.4% of proxy votes cast being in favour of the resolution.
This information is provided by RNS
The company news service from the London Stock Exchange
END
RDSAKQDQPBKDKDD
(END) Dow Jones Newswires
January 14, 2016 10:50 ET (15:50 GMT)
1 Year Bowleven Chart |
1 Month Bowleven Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions