Faroe Petroleum PLC Director/PDMR Shareholding (3159T)

TIDMFPM

RNS Number : 3159T

Faroe Petroleum PLC

02 July 2018

02 July 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 29 June 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 GBP1.46 each:

 
                    Partnership Shares    Purchase   Matching Shares    Purchase 
                                 (no.)       price             (no.)       price 
 Graham Stewart                    257     GBP1.46               514     GBP1.46 
 Jonathan Cooper                   257     GBP1.46               514     GBP1.46 
 Helge Hammer                      257     GBP1.46               514     GBP1.46 
 
 

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, with four scheduled quarterly investments of GBP375 each (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, and persons closely associated with them, 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*                  2,488,076                 5,353,821 
 Jonathan Cooper**                  654,825                 3,018,153 
 Helge Hammer***                  1,319,258                 3,284,979 
 John Bentley                       172,270                         - 
 Katherine Roe                            -                         - 
 Roger Witts                        109,180                         - 
 Jorunn Saetre                       28,571                         - 
 Brent Cheshire                      15,000                         - 
 

* shareholding includes 852 shares awarded following the vesting of SIP matching shares between 30.03.18 and 02.07.18 with an equal and opposite movement in the options total.

** shareholding includes 852 shares awarded following the vesting of SIP matching shares between 30.03.18 and 02.07.18 with an equal and opposite movement in the options total.

*** shareholding includes 812 shares awarded following the vesting of SIP matching shares between 30.03.18 and 02.07.18 with an equal and opposite movement in the options total.

- Ends -

For further information please contact:

 
  Faroe Petroleum plc                Tel: [phone] 
   Graham Stewart, CEO 
 Stifel Nicolaus Europe Limited     Tel: [phone] 
  Callum Stewart /Nicholas Rhodes 
  / Ashton Clanfield 
 BMO Capital Markets                Tel: [phone] 
  Neil Haycock / Tom Rider / 
  Jeremy Low 
 FTI Consulting                     Tel: [phone] 
  Edward Westropp/ Ben Brewerton/ 
  Emerson Clarke 
 

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 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.

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July 02, 2018 11:30 ET (15:30 GMT)