Faroe Petroleum PLC Director/PDMR Shareholding (5656L)

TIDMFPM

RNS Number : 5656L

Faroe Petroleum PLC

03 October 2016

3 October 2016

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 30 September 2016 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 72 pence each:

 
                    Partnership    Purchase                          Matching    Purchase 
                         Shares       price                      Shares (no.)       price 
                          (no.) 
 Graham Stewart             520     GBP0.72                             1,040     GBP0.72 
 Jonathan Cooper            520     GBP0.72                             1,040     GBP0.72 
 Helge Hammer               584     GBP0.72                             1,168     GBP0.72 
 
 

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 (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 hold the following ordinary shares of 10 pence each in the Company, together with options over the same (including matching shares) exercisable at various prices up to 127.5 pence, as follows:

 
                      No of Ordinary Shares   No. of options over 
   Name                         of 10p each       ordinary shares 
                                                      of 10p each 
 
 Graham Stewart*                  1,026,348             6,624,505 
 Jonathan Cooper**                  202,027             2,965,715 
 Helge Hammer***                    545,573             3,762,708 
 John Bentley                       172,270                     - 
 Timothy Read                       160,000                     - 
 Roger Witts                         83,331                43,168 
 Jorunn Saetre                       28,571                     - 
 

* shareholding includes 550 shares awarded following the vesting of SIP matching shares between 01.07.16 and 30.09.16 with an equal and opposite movement in the options total.

** shareholding includes 550 shares awarded following the vesting of SIP matching shares between 01.07.16 and 30.09.16 with an equal and opposite movement in the options total.

*** shareholding includes 508 shares awarded following the vesting of SIP matching shares between 01.07.16 and 30.09.16 with an equal and opposite movement in the options total.

- Ends -

For further information please contact:

 
  Faroe Petroleum plc       Tel: [phone] 
   Graham Stewart, CEO 
 Stifel Nicolaus Europe    Tel: [phone] 
  Limited 
  Callum Stewart /Ashton 
  Clanfield/ 
  Nicholas Rhodes 
 RBC Capital Markets       Tel: [phone] 
  Matthew Coakes/Roland 
  Symonds 
 FTI Consulting            Tel: [phone] 
  Edward Westropp/Tom 
  Hufton 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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October 03, 2016 12:51 ET (16:51 GMT)