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NOP Nthn.Petro.

3.625
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
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

Northern Petroleum PLC Salary substitution option award (5464U)

19/01/2017 7:00am

UK Regulatory


Northern Petroleum (LSE:NOP)
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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

DSHBPMRTMBABBRR

(END) Dow Jones Newswires

January 19, 2017 02:00 ET (07:00 GMT)

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