Faroe Petroleum PLC Director/PDMR Shareholding (3684T)

TIDMFPM

RNS Number : 3684T

Faroe Petroleum PLC

04 January 2017

4 January 2017

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 3 January 2017 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 GBP1.0675 each:

 
                     Partnership    Purchase                      Matching    Purchase 
                    Shares (no.)       price                  Shares (no.)       price 
 Graham Stewart              351   GBP1.0675                           702   GBP1.0675 
 Jonathan 
  Cooper                     351   GBP1.0675                           702   GBP1.0675 
 Helge Hammer                385   GBP1.0675                           770   GBP1.0675 
 
 

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                 1,026,699             6,625,207 
 Jonathan Cooper                  202,378             2,966,417 
 Helge Hammer                     545,958             3,763,478 
 John Bentley                     172,270                     - 
 Timothy Read                     160,000                     - 
 Roger Witts                       83,331                43,168 
 Jorunn Saetre                     28,571                     - 
 

- Ends -

For further information please contact:

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

This information is provided by RNS

The company news service from the London Stock Exchange

END

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January 04, 2017 11:30 ET (16:30 GMT)