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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Nthn.Petro. | LSE:NOP | London | Ordinary Share | GB00B0D47T64 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.625 | 3.50 | 3.75 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMNOP
RNS Number : 5464U
Northern Petroleum PLC
19 January 2017
Northern Petroleum Plc
("Northern Petroleum" or "the Company")
Salary substitution option award
Northern Petroleum (AIM: NOP) announces that it has awarded options to acquire ordinary shares in the Company, at a cost of the nominal value of the shares, under the terms of the Northern Petroleum Incentive Plan ("NPIP") as part of an ongoing salary substitution scheme. The details of the awards are set out below.
As announced on 12 November 2015 and updated on 14 July 2016, directors and certain senior management agreed to further reduce their salaries from 1 November 2015 in exchange for the issue of options, under the terms of the NPIP. This agreement is reviewed on a quarterly basis by the Remuneration Committee and is currently continuing in place.
The amount of options granted for the third quarter of the substitution scheme, from 1 May 2016 to 31 July 2016, was calculated using the salary foregone divided by 3.21 pence, which was the volume weighted average price of the Company's ordinary shares during this period.
The amount of options granted for the fourth quarter of the substitution scheme, from 1 August 2016 to 31 October 2016, was calculated using the salary foregone divided by 3.06 pence, which was the volume weighted average price of the Company's ordinary shares during this period.
The options granted yesterday in accordance with the NPIP are as follows:
No. of options awarded 1 May 1 Aug 16 to 16 to 31 Jul 31 Oct 16 16 --------------- -------- -------- Jon Murphy 77,994 81,804 Iain Lanaghan 39,016 40,922 Keith Bush 350,871 368,007 Nick Morgan 311,948 327,183 Paul Lafferty 155,974 163,591 --------------- -------- --------
All these options vest three years after award and expire ten years after award.
In addition, 89,957 options were granted yesterday to a staff member in relation to a reduction in salary taken, again under the terms of the NPIP. These options vest immediately.
The number of options awarded or granted to allow Directors, senior management and staff to acquire ordinary shares in the Company, at a cost of the nominal value of the shares, now totals 10,129,712, which represents approximately 3.2 per cent. of the Company's issued share capital. The total number of options now awarded or granted to persons discharging managerial responsibilities are as follows:
No. of options awarded Jon Murphy 338,495 Iain Lanaghan 169,331 Keith Bush 3,065,753 Nick Morgan 2,604,898 Paul Lafferty 1,593,590 --------------- ----------
-Ends-
For further information please contact:
Northern Petroleum Plc Tel: +44 (0)20 7469 2900
Keith Bush, Chief Executive Officer
Nick Morgan, Finance Director
Stockdale Securities Limited (Nomad and Joint Broker) Tel: +44 (0)20 7601 6100
Antonio Bossi
David Coaten
FirstEnergy Capital LLP (Joint Broker) Tel: +44 (0)20 7448 0200
Jonathan Wright
Note to Editors:
Northern Petroleum is an oil and gas company focused on production led growth. The Company is undertaking a redevelopment and production project in north west Alberta and has a broader portfolio of exploration and appraisal opportunities in countries of relatively low political risk, primarily Italy. Comprehensive information on Northern Petroleum and its oil and gas operations, including press releases, annual reports and interim reports are available from Northern Petroleum's website: www.northernpetroleum.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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January 19, 2017 02:00 ET (07:00 GMT)
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