Hunting PLC Directorate Change and Remuneration Disclosure (4964P)

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RNS Number : 4964P

Hunting PLC

01 September 2017

 
 For Immediate Release   1 September 2017 
 

Hunting PLC

("Hunting" or the "Company" or the "Group")

Directorate Change and Remuneration Disclosure

Hunting PLC (LSE:HTG) confirms that Dennis Proctor has today stepped down as Chief Executive and as a Director of Hunting PLC. As previously announced, Jim Johnson today succeeds Dennis Proctor as Chief Executive and as a Director of the Company.

Richard Hunting, Chairman of Hunting PLC, commented:

"After 16 years as Chief Executive, today we bid farewell to Dennis and wish him a long and well deserved retirement. On behalf of the Board, and his former work colleagues, we thank Dennis sincerely for his strong leadership and many accomplishments during his time at Hunting."

For further information please contact:

 
 Hunting PLC                      Tel: [phone] 
  Richard Hunting, Chairman 
  Ben Willey, Company Secretary 
 Buchanan                         Tel: [phone] 
  Richard Darby 
  Chris Judd 
  Madeleine Seacombe 
 

Notes to Editors:

About Hunting PLC

Hunting PLC is an international energy services provider to the world's leading upstream oil and gas companies. Established in 1874, it is a premium listed public company traded on the London Stock Exchange. The Company maintains a corporate office in Houston and is headquartered in London. As well as the United Kingdom, the Company has operations in Canada, China, Indonesia, Kenya, Mexico, Netherlands, Norway, Saudi Arabia, Singapore, South Africa, United Arab Emirates and the United States of America.

Hunting PLC's Legal Entity Identifier is 2138008S5FL78ITZRN66.

Remuneration Disclosure:

The following information is provided in accordance with section 430(2B) of the Companies Act 2006. The arrangements set out below are in accordance with UK company law and the Directors' Remuneration Policy ("Policy"), which includes details of Mr Proctor's contractual entitlements, as approved by shareholders at the Company's 2017 Annual General Meeting.

Payment on ceasing to be employed

A payment of US$1,688,350 will shortly be made to Mr Proctor which includes US$785,600 related to his service contract obligations with the balance reflecting a settlement in connection with the cessation of employment.

Variable Incentive Payments

(i) Annual Bonus:

Any bonus entitlement due to Mr Proctor in respect of the year ending 31 December 2017 will be based on the executive Director Annual Bonus Plan included in the approved Policy and will be determined by the 2017 outturn against the agreed Annual Budget. The bonus amount will be pro-rated for the period of service from 1 January 2017 to 1 September 2017 and will be paid following the announcement of the Company's 2017 Annual Results.

(ii) Long-term incentives:

Mr Proctor has 55,449 vested share options outstanding under the Hunting PLC Executive Share Option Plan which were granted on 4 March 2008 at an exercise price of 784.5p per share. These options are exercisable up to 3 March 2018, when the options expire.

Further, Mr Proctor has 668,487 unvested nil cost performance based share awards, granted under the Hunting Performance Share Plan. Mr Proctor's awards have been pro-rated from the date of grant up to 1 September 2017 and are detailed as follows:

 
 Grant Year    Vesting Date     Original Awards   Pro-Rated 
                                                     Awards 
 2015          28 April 2018            372,534     291,297 
 2016          11 March 2019            589,593     290,220 
 2017          3 March 2020             523,733      86,970 
                               ----------------  ---------- 
                                      1,485,860     668,487 
                               ----------------  ---------- 
 

The performance conditions for each award will be measured at the end of each respective performance cycle and any awards deemed to vest will be settled, with accrued dividends where relevant, at the end of each performance period.

Full disclosure of all payments made to Mr Proctor will be made in the 2017 Annual Report on Remuneration and future reports will disclose any awards under the Hunting Performance Share Plan which vest subsequently.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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September 01, 2017 02:00 ET (06:00 GMT)