Premier Oil PLC Director/PDMR Shareholding (2564C)

TIDMPMO

RNS Number : 2564C

Premier Oil PLC

15 October 2020

Premier Oil plc

(the 'Company' or 'Premier')

Vesting of Awards under the Company's

2017 Long Term Incentive Plan ("2017 LTIP")

As set out in the Company's Annual Report for the year ended 31 December 2019, in March 2020 the Remuneration Committee approved the vesting of Performance Share Awards and Restricted Share Awards granted in 2017 under the 2017 LTIP (the "Awards"). The Awards were in respect of a performance period that ran from 1 January 2017 to 31 December 2019, further details of which are set out in the Directors' Remuneration Report for 2019.

The normal vesting date of the Awards was 1 September 2020; however, the Remuneration Committee resolved at that time that the vesting should be delayed in view of the ongoing negotiations with the Company's creditors regarding a long term refinancing and subsequent discussions with Chrysaor. Following the announcement on 6 October 2020 regarding the proposed merger with Chrysaor, the Remuneration Committee has resolved that the Awards can now vest as set out in the table below.

All of the net shares from the Awards vesting to the Directors are subject to a two-year holding period in accordance with the Directors' Remuneration Policy.

 
                  Gross number      Gross number    Shares withheld      Net shares 
                  of Performance    of Restricted     to cover tax     released subject 
                   Share Awards     Share Awards      liabilities       to a two-year 
                     vesting           vesting                          holding period 
 Tony Durrant        343,986           68,969           194,090            218,865 
                ----------------  ---------------  ----------------  ------------------ 
 Richard Rose        213,857           42,878           120,666            136,069 
                ----------------  ---------------  ----------------  ------------------ 
 

Rachel Rickard

Premier Oil plc

[phone]

The information set out below is provided in accordance with the requirements of Article 19(3) of MAR.

 
 1    Details of the person discharging managerial responsibilities/person closely associated 
 a)   Name                                                       Tony Durrant 
     --------------------------------------------------------  ------------------------------------------------------- 
 2    Reason for the notification 
     ----------------------------------------------------------------------------------------------------------------- 
 a)   Position/status                                           Chief Executive Officer 
     --------------------------------------------------------  ------------------------------------------------------- 
 b)   Initial notification/Amendment                            Initial notification 
     --------------------------------------------------------  ------------------------------------------------------- 
 3    Details of the issuer, emission allowance market participant, auction platform, auctioneer 
       or auction monitor 
     ----------------------------------------------------------------------------------------------------------------- 
 a)   Name                                                      Premier Oil plc 
     --------------------------------------------------------  ------------------------------------------------------- 
 b)   LEI                                                       213800YPC42DYBKVPF97 
     --------------------------------------------------------  ------------------------------------------------------- 
 4    Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) 
       each type of transaction; (iii) each date; and (iv) each place where transactions have been 
       conducted 
     ----------------------------------------------------------------------------------------------------------------- 
 a)   Description of the financial instrument, type of          Ordinary shares of 12.5 pence each 
      instrument 
      Identification code                                        GB00B43G0577 
     --------------------------------------------------------  ------------------------------------------------------- 
 b)   Nature of the transaction                                 (i) Shares withheld to cover tax liabilities following 
                                                                the vesting of Awards under the 2017 
                                                                LTIP; 
                                                                (ii) Net shares released following the vesting of 
                                                                Awards under the 2017 LTIP; and 
     --------------------------------------------------------  ------------------------------------------------------- 
 c)   Price(s) and volume(s)                                                Price(s)           Volume(s) 
                                                                               (i) GBP0.00       194,090 
                                                                                (ii) GBP0.00      218,865 
                                                                                               ---------- 
     --------------------------------------------------------  ------------------------------------------------------- 
 d)   Aggregated information -   Aggregated volume               412,955 
        -   Price                                                 GBP0.00 
           ------------------ 
     --------------------------------------------------------  ------------------------------------------------------- 
 e)   Date of the transaction                                   2020-10-13 
     --------------------------------------------------------  ------------------------------------------------------- 
 f)   Place of the transaction                                  Outside a trading venue 
     --------------------------------------------------------  ------------------------------------------------------- 
 
 
 1    Details of the person discharging managerial responsibilities/person closely associated 
 a)   Name                                                      Richard Rose 
     --------------------------------------------------------  ------------------------------------------------------- 
 2    Reason for the notification 
     ----------------------------------------------------------------------------------------------------------------- 
 a)   Position/status                                           Finance Director 
     --------------------------------------------------------  ------------------------------------------------------- 
 b)   Initial notification/Amendment                            Initial notification 
     --------------------------------------------------------  ------------------------------------------------------- 
 3    Details of the issuer, emission allowance market participant, auction platform, auctioneer 
       or auction monitor 
     ----------------------------------------------------------------------------------------------------------------- 
 a)   Name                                                      Premier Oil plc 
     --------------------------------------------------------  ------------------------------------------------------- 
 b)   LEI                                                       213800YPC42DYBKVPF97 
     --------------------------------------------------------  ------------------------------------------------------- 
 4    Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) 
       each type of transaction; (iii) each date; and (iv) each place where transactions have been 
       conducted 
     ----------------------------------------------------------------------------------------------------------------- 
 a)   Description of the financial instrument, type of          Ordinary shares of 12.5 pence each 
      instrument 
      Identification code 
                                                                 GB00B43G0577 
     --------------------------------------------------------  ------------------------------------------------------- 
 b)   Nature of the transaction                                      (i) Shares withheld to cover tax liabilities 
                                                                     following the vesting of Awards under the 2017 
                                                                     LTIP; 
                                                                     (ii) Net shares released following the vesting of 
                                                                     Awards under the 2017 LTIP; and 
     --------------------------------------------------------  ------------------------------------------------------- 
 c)   Price(s) and volume(s)                                                Price(s)           Volume(s) 
                                                                               (i) GBP0.00       120,666 
                                                                                (ii) GBP0.00      136,069 
                                                                                               ---------- 
     --------------------------------------------------------  ------------------------------------------------------- 
 d)   Aggregated information -   Aggregated volume               256,735 
        -   Price                                                 GBP0.00 
           ------------------ 
     --------------------------------------------------------  ------------------------------------------------------- 
 e)   Date of the transaction                                   2020-10-13 
     --------------------------------------------------------  ------------------------------------------------------- 
 f)   Place of the transaction                                  Outside a trading venue 

     --------------------------------------------------------  ------------------------------------------------------- 
 

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October 15, 2020 13:30 ET (17:30 GMT)