Faroe Petroleum PLC Director/PDMR Shareholding (0034B)

TIDMFPM

RNS Number : 0034B

Faroe Petroleum PLC

04 January 2018

4 January 2018

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 2018 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 GBP1.022 each:

 
                     Partnership    Purchase        Matching    Purchase 
                    Shares (no.)       price    Shares (no.)       price 
 Graham Stewart              367    GBP1.022             734    GBP1.022 
 Jonathan 
  Cooper                     367    GBP1.022             734    GBP1.022 
 Helge Hammer                354    GBP1.022             708    GBP1.022 
 
 

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 nil cost.

 
                      No of Ordinary Shares   No. of options over 
   Name                         of 10p each       ordinary shares 
                                                      of 10p each 
 
 Graham Stewart*                  1,720,297             6,294,068 
 Jonathan Cooper**                  263,439             3,454,138 
 Helge Hammer***                    812,902             3,926,593 
 John Bentley                       172,270                     - 
 Timothy Read                       160,000                     - 
 Roger Witts                        109,180                     - 
 Jorunn Saetre                       28,571                     - 
 Brent Cheshire                           -                     - 
 

* Due to the timing of the quarterly share purchases, no SIP matching shares vested between 28.09.17 and 03.01.2018.

** Due to the timing of the quarterly share purchases, no SIP matching shares vested between 28.09.17 and 03.01.2018.

*** Due to the timing of the quarterly share purchases, no SIP matching shares vested between 28.09.17 and 03.01.2018.

- 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 
  / Jeremy Low 
 FTI Consulting               Tel: [phone] 
  Edward Westropp/Tom 
  Hufton 
 

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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January 04, 2018 08:49 ET (13:49 GMT)