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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Genel Energy Plc | LSE:GENL | London | Ordinary Share | JE00B55Q3P39 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -5.80 | -6.37% | 85.20 | 84.60 | 84.90 | 91.10 | 83.80 | 91.10 | 595,201 | 16:35:11 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Oil And Gas Field Expl Svcs | 432.7M | -7.3M | -0.0261 | -32.41 | 236.37M |
From Apr 2019 to Apr 2024
TIDMGENL
RNS Number : 1762P
Genel Energy PLC
29 August 2017
29 August 2017
Genel Energy plc
2017 Awards - Notification of Transactions by Persons Discharging Managerial Responsibilities ('PDMRs')
Pursuant to the notification obligations under EU Market Abuse Regulations Article 19.1 the Company granted awards over its ordinary shares of 10 pence each under the Performance Share Plan ('PSP') and Restricted Share Plan ('RSP') on 25 August 2017 to PDMRs as set out below.
PSP awards granted to PDMRs in the UK were made in the form of nil-cost options, which become exercisable following the end of a three year performance period, subject to the satisfaction of performance targets. Options are then exercisable until the tenth anniversary of the date of grant.
PSP awards granted to PDMRs in Turkey were made in the form of a nil-cost conditional share award, and the shares comprised in it will be transferred following the end of a three year performance period, subject to the satisfaction of performance targets.
The PSP performance period will run from 25 August 2017 to 24 August 2020.
The award granted under the RSP was made in the form of nil-cost options and becomes exercisable in three tranches; 25% on the first anniversary of the award, 25% on the second anniversary of the award and 50% on the third anniversary of the award.
Following vesting, shares are retained for an additional two years for Executive Directors and Executive Committee members under the Company's Retention Policy.
The PSP awards are as follows:
Hot Features
Premium
Name No. of shares Lapse date Total number of
subject shares over which
to PSP Award options/awards are
held following notification
----------------------- -------------- ----------- -----------------------------
Murat Özgül 20,706 n/a 2,795,037
----------------------- -------------- ----------- -----------------------------
25 August
Esa Ikaheimonen 477,061 2027 914,458
----------------------- -------------- ----------- -----------------------------
RSP awards:
Name No. of shares Lapse date Total number of
subject shares over which
to RSP Award options/awards are
held following notification
----------------- -------------- ----------- -----------------------------
25 August
Esa Ikaheimonen 437,397 2027 914,458
----------------- -------------- ----------- -----------------------------
Separately, Genel's Board has recently reviewed the total remuneration package of Murat Özgül, Chief Executive Officer. It has been agreed that his annual salary will reduce from GBP625,000 to GBP500,000, effective as of 1 August 2017. In tandem, his PSP award has increased from 150% to 200% of annual salary. The PSP award is subject to performance conditions that the Board considers to be appropriately stretching, and maximum vesting would represent significant value creation for shareholders.
The Board believes these changes bring the CEO remuneration into line with comparable listed E&P companies, better align remuneration with the long-term performance of the Company, and are further evidence of the Company's continuing focus on reducing general and administrative costs. Total general and administrative cash costs have fallen from $40 million in 2014 to $18 million in 2016, with a further reduction forecast in 2017.
1 Details of the person discharging managerial
responsibilities / person closely associated
----- ----------------------------------------------------
Name Murat Özgül
a)
----- -------------------------- ------------------------
2 Reason for Notification
----- ----------------------------------------------------
a) Position/status CEO
----- -------------------------- ------------------------
b) Initial notification Initial notification
/ Amendment
----- -------------------------- ------------------------
3 Details of the issuers, emission allowance
market participant, auction platform, auctioneer
or auction monitor
----- ----------------------------------------------------
a) Name Genel Energy plc
----- -------------------------- ------------------------
b) LEI 549300IVCJDWC3LR8F94
----- -------------------------- ------------------------
4 Details of the transaction(s): section
to be replaced for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date (iv) each place where transaction
have been conducted
----- ----------------------------------------------------
a) Description of the Ordinary shares of 10
financial instrument, pence each
type of instrument
Identification code JE00B55Q3P39
----- -------------------------- ------------------------
b) Nature of the transaction Grant of a nil-cost
contingent share award
under the Company's
performance share plan
----- -------------------------- ------------------------
c) Price(s) and volumes(s) Price Volume
------- -------
Nil 20,706
------- -------
----- -------------------------- ------------------------
d) Aggregated information
-Aggregated volume 20,706
-Price Nil
----- -------------------------- ------------------------
e) Date of the transaction 25 August 2017
----- -------------------------- ------------------------
f) Place of the transaction Outside a trading venue
----- -------------------------- ------------------------
1 Details of the person discharging managerial
responsibilities / person closely associated
----- ------------------------------------------------------
Name Esa Ikaheimonen
a)
----- -------------------------- --------------------------
2 Reason for Notification
----- ------------------------------------------------------
a) Position/status CFO
----- -------------------------- --------------------------
b) Initial notification Initial notification
/ Amendment
----- -------------------------- --------------------------
3 Details of the issuers, emission allowance
market participant, auction platform, auctioneer
or auction monitor
----- ------------------------------------------------------
a) Name Genel Energy plc
----- -------------------------- --------------------------
b) LEI 549300IVCJDWC3LR8F94
----- -------------------------- --------------------------
4 Details of the transaction(s): section
to be replaced for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date (iv) each place where transaction
have been conducted
----- ------------------------------------------------------
a) Description of the Ordinary shares of 10
financial instrument, pence each
type of instrument
Identification code JE00B55Q3P39
----- -------------------------- --------------------------
b) Nature of the transaction Grant of nil-cost options
under the Company's
performance share plan
----- -------------------------- --------------------------
c) Price(s) and volumes(s) Price Volume
------- --------
Nil 477,061
------- --------
----- -------------------------- --------------------------
d) Aggregated information
-Aggregated volume 477,061
-Price Nil
----- -------------------------- --------------------------
e) Date of the transaction 25 August 2017
----- -------------------------- --------------------------
f) Place of the transaction Outside a trading venue
----- -------------------------- --------------------------
1 Details of the person discharging managerial
responsibilities / person closely associated
----- ------------------------------------------------------
Name Esa Ikaheimonen
a)
----- -------------------------- --------------------------
2 Reason for Notification
----- ------------------------------------------------------
a) Position/status CFO
----- -------------------------- --------------------------
b) Initial notification Initial notification
/ Amendment
----- -------------------------- --------------------------
3 Details of the issuers, emission allowance
market participant, auction platform, auctioneer
or auction monitor
----- ------------------------------------------------------
a) Name Genel Energy plc
----- -------------------------- --------------------------
b) LEI 549300IVCJDWC3LR8F94
----- -------------------------- --------------------------
4 Details of the transaction(s): section
to be replaced for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date (iv) each place where transaction
have been conducted
----- ------------------------------------------------------
a) Description of the Ordinary shares of 10
financial instrument, pence each
type of instrument
Identification code JE00B55Q3P39
----- -------------------------- --------------------------
b) Nature of the transaction Grant of nil-cost options
under the Company's
restricted share plan
----- -------------------------- --------------------------
c) Price(s) and volumes(s) Price Volume
------- --------
Nil 437,397
------- --------
----- -------------------------- --------------------------
d) Aggregated information
-Aggregated volume 437,397
-Price Nil
----- -------------------------- --------------------------
e) Date of the transaction 25 August 2017
----- -------------------------- --------------------------
f) Place of the transaction Outside a trading venue
----- -------------------------- --------------------------
-ends-
For further information, please contact:
Genel Energy Phil Corbett, Head of Investor Relations Andrew Benbow, Head of Public Relations +44 20 7659 5100 Vigo Communications Patrick d'Ancona +44 20 7830 9700
Notes to editors:
Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL). The Company, with headquarters in London and offices in Ankara and Erbil, is one of the largest London-listed independent oil producers, and is the largest holder of reserves and resources in the Kurdistan Region of Iraq. Through its Miran and Bina Bawi gas fields, the Company is positioned to be a cornerstone provider of KRI gas to Turkey under the KRI-Turkey Gas Sales Agreement. Genel also continues to pursue further growth opportunities within the Middle East and Africa. For further information, please refer to www.genelenergy.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
DSHOKCDPCBKKKFB
(END) Dow Jones Newswires
August 29, 2017 06:00 ET (10:00 GMT)
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