Amerisur Resources PLC Long Term Incentive Plan ("LTIP") Awards (1261W)

TIDMAMER

RNS Number : 1261W

Amerisur Resources PLC

15 April 2019

15 April 2019

Amerisur Resources Plc ("Amerisur" or the "Company")

Long Term Incentive Plan ("LTIP") Awards

Amerisur Resources Plc ("Amerisur" or the "Company"), the oil and gas producer and explorer focused on South America, announces that on 12 April 2019 it granted awards under the Long Term Incentive Plan adopted in 2011, to all staff and two executive Directors in respect of a total of 18,157,686 ordinary shares (the "Awards"), representing 1.5% of the issued share capital.

 
            Name    Awards                  Vesting date              Total options following 
                                                                       this grant 
 Staff              9,650,000    April 2022                24,440,000 
                   -----------  ------------------------  ----------------------------------- 
 John Wardle        7,060,108    April 2022                23,756,136 
                   -----------  ------------------------  ----------------------------------- 
 Nick Harrison      1,447,578    April 2022                6,618,192 
                   -----------  ------------------------  ----------------------------------- 
 Total              18,157,686                             54,814,328 
                   -----------  ------------------------  ----------------------------------- 
 

It is the aim of the Remuneration Committee to reward key employees on a basis which is aligned to the performance of the Company and as such a significant portion of remuneration is based on performance. In line with this strategy, and as outlined on page 54 of Amerisur's annual report, the shares awarded to John Wardle, CEO, and Nick Harrison, CFO, are subject to a two-year holding period after the three-year performance period. The awards will be subject to claw back and malus provisions.

In relation to the awards to directors, half of the Awards are subject to an absolute total shareholder return performance condition whereby 30% of this portion will vest if 10% compound annual returns are achieved, measured at the end of the three-year performance period and 100% will vest if 20% compound annual returns are achieved, with straight line vesting between these points. The base price for the share price growth is 13.83p being the average market price for the 3 trading days prior to the grant (calculated as the average volume weighted average price (VWAP) over the period).

Half of the Awards to directors are subject to a comparative total shareholder return performance condition whereby 30% of this portion will vest at median performance, measured against the comparator group at the end of the three-year performance period and 100% will vest at upper quartile performance, with straight line vesting between these points.

Ends

Enquiries:

 
 Nathan Piper, Executive Vice President,    Tel: [phone] 
  Head of Business Development and Comms     8273 
 Amerisur Resources 
 
 Billy Clegg/Kimberley Taylor               Tel: +44 (0)203 
                                             757 4983 
 Camarco 
 Callum Stewart/Ashton Clanfield/Nicholas   Tel: [phone] 
  Rhodes                                     7600 
  Stifel Nicolaus Europe Limited 
 
 
 Chris Sim/Alexander Ruffman / Tejas        Tel: +44 (0)207 
  Padalkar                                   597 4000 
 Investec 
 
 
 Paul Shackleton / Dan Gee-Summons          Tel: +44 (0)207 
                                             614 5900 
 Arden Partners Plc 
 

This announcement contains inside information as defined in EU Regulation No. 596/2014 and is in accordance with the Company's obligations under Article 17 of that Regulation.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

DSHGGURWCUPBPUC

(END) Dow Jones Newswires

April 15, 2019 02:01 ET (06:01 GMT)