Faroe Petroleum PLC Director/PDMR Shareholding (1659E)

TIDMFPM

RNS Number : 1659E

Faroe Petroleum PLC

04 May 2017

4 May 2017

Faroe Petroleum plc

("Faroe Petroleum" or the "Company")

Issue of Equity, Notification of Directors' interests and Total Voting Rights

On 3 May 2017, Roger Witts, a Non-Executive Director of the Company exercised nil-cost options ("Options") over a total of 43,168 ordinary shares of 10 pence each in the share capital of the Company ("Ordinary Shares") under the Faroe Petroleum Incentive Plan ("FPIP").

Director Shareholdings

To meet the associated income tax liability arising from the exercise of the Options, he has also sold a proportion of those Ordinary Shares at a price of 92.6 pence per Ordinary Share, and has retained the balance to increase his shareholding in the Company as detailed below.

Following these transactions the Directors hold Ordinary Shares, together with options over the same (including Matching Shares) exercisable at various prices up to 127.50 pence as also detailed below.

The nil-cost options held by Roger Witts were derived from an historic award of share options under the Faroe Petroleum Option Scheme made whilst serving as an executive director, and were exchanged for nil cost options under the FPIP in July 2013.

Issue of Equity and Total Voting Rights

Faroe Petroleum has applied to the London Stock Exchange for 43,168 new Ordinary Shares (the "New Ordinary Shares") to be admitted to trading on AIM ("Admission").

It is expected that Admission will become effective on 9 May 2017. The New Ordinary Shares will, following allotment, rank pari passu in all respects with the existing issued Ordinary Shares.

Following Admission, the Company's issued share capital will be 366,571,040 Ordinary Shares. The Company does not hold any Ordinary Shares in treasury. Therefore the total number of voting rights in the Company will be 366,571,040.

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 
   1     responsibilities / person closely associated 
-----  ------------------------------------------------------------------- 
 a)     Name                          Roger Charles Witts 
-----  ----------------------------  ------------------------------------- 
 2      Reason for the notification 
-----  ------------------------------------------------------------------- 
 a)     Position/status               Non-Executive Director 
-----  ----------------------------  ------------------------------------- 
 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                43,168 Ordinary Shares of 10p 
         the financial                 each in Faroe Petroleum plc. 
         instrument, type 
         of instrument                 Sale of 17,319 Ordinary shares 
         Identification                of 10p each in Faroe Petroleum 
         code                          plc. 
 
 
                                       ISIN: GB0033032904 
-----  ----------------------------  ------------------------------------- 
 b)     Nature of the                 (i) Exercise of Options to 
         transaction                   acquire new Ordinary shares 
                                       of 10p each 
                                       (ii) Sale of new ordinary shares 
                                       of 10p each 
-----  ----------------------------  ------------------------------------- 
 c)     Price(s) and                  Price(s)               Volume(s) 
         volume(s) 
-----  ----------------------------  ---------------------  -------------- 
   (i) 0.00 p                                                43,168 
  --------------------------------------------------------  -------------- 
   (ii) 92.6 p                                               17,319 
  --------------------------------------------------------  -------------- 
 d)     Aggregated information        25,849 Ordinary Shares of 10p 
                                       each in Faroe Petroleum plc. 
-----  ----------------------------  ------------------------------------- 
 e)     Date of the transaction       3 May 2017 
-----  ----------------------------  ------------------------------------- 
 f)     Place of the                  XLON 
         transaction 
-----  ----------------------------  ------------------------------------- 
 

Total Holdings

Following these transactions the Directors hold the following Ordinary Shares together with options over the same (including historic Matching Shares) exercisable at various prices up to 127.5 pence, as follows:

 
 Director               No of Ordinary   No. of options over 
                                Shares       ordinary shares 
                           of 10p each           of 10p each 
=====================  ===============  ==================== 
 Graham Duncan 
  Stewart                    1,717,785             5,635,606 
=====================  ===============  ==================== 
 Helge Ansgar Hammer           810,440             3,527,070 
=====================  ===============  ==================== 
 Jonathan Robert 
  Cooper                       260,933             3,071,432 
=====================  ===============  ==================== 
 John Bentley                  172,270                     0 
=====================  ===============  ==================== 
 Roger Witts                   109,180                     0 
=====================  ===============  ==================== 
 Timothy Read                  160,000                     0 
=====================  ===============  ==================== 
 Jorunn Saetre                  28,571                     0 
=====================  ===============  ==================== 
 

- Ends -

For further information please contact:

 
  Faroe Petroleum plc         Tel: [phone] 
   Graham Stewart, CEO 
 Stifel Nicolaus Europe      Tel: [phone] 
  Limited 
  Callum Stewart /Nicholas 
  Rhodes/Ashton Clanfield 
 BMO Capital Markets         Tel: [phone] 
  Neil Haycock/ Tom Rider/    1010 
  Jeremy Low 
 FTI Consulting              Tel: [phone] 
  Edward Westropp/Emerson 
  Clarke 
 

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014, and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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May 04, 2017 03:30 ET (07:30 GMT)