Wentworth Resources PLC Long Term Incentive Plan Awards (7525D)

TIDMWEN

RNS Number : 7525D

Wentworth Resources PLC

01 July 2021

PRESS RELEASE

1 July 2021

WENTWORTH RESOURCES PLC

("Wentworth" or the "Company")

Long Term Incentive Plan Awards

Wentworth Resources (AIM: WEN), the independent, Tanzania-focused natural gas production company is pleased to make the following announcement.

On 1 July 2021 the following awards were made under the Long-Term Incentive Plan ("LTIP") to each of Katherine Roe and Richard Tainton as set out below:

 
 Name               Role               LTIP Award   Vesting Date   Total options 
                                                                    following 
                                                                    the Grant 
 Katherine 
  Roe               CEO                 2,586,095   30 June 2024       7,204,384 
                   -----------------  -----------  -------------  -------------- 
 Richard Tainton    Country Manager       782,273   30 June 2024       1,977,695 
                   -----------------  -----------  -------------  -------------- 
 

The awards are subject to a three-year performance period which runs from 1 July 2021 to 30 June 2024 (the "Performance Period"). The awards are further subject to claw back and malus provisions for an additional two years from vesting.

The performance condition for each award is 50% of each award is subject to absolute Total Shareholder Return ("TSR") and the remaining 50% of each award is subject to relative TSR measured against a selection of constituent companies of the FTSE AIM All-Share Energy Index ("AXOIG"). The peer group for this award contains 43 companies taken from that Index. The percentage of the award that will vest will be equal to the TSR at the end of the performance period compared to a 16% compound annual growth rate in TSR over the Performance Period with 25% of the award vesting if the TSR at the end of the Performance Period has increased by an 8% compounded annual growth rate and 100% of the award vesting if the TSR has increased by a 16% compound annual growth rate. Should the TSR increase between 8% and 16%, awards will vest on a linear sliding scale between 25% and 100% and should the TSR at the end of the Performance Period be below 8% no part of the award will vest.

Ends

 
 Enquiries: 
   Wentworth Resources            Katherine Roe,                 [e-mail] 
                                  Chief Executive Officer        [phone] 
 
                                  AIM Nominated Adviser and 
                                  Joint Broker 
                                  Callum Stewart 
   Stifel Nicolaus Europe         Ashton Clanfield 
   Limited                        Simon Mensley                  [phone] 
 
 
                                  Joint Broker 
                                  Richard Crichton 
   Peel Hunt LLP                  Alexander Allen                [phone] 
 
                                  Communications Adviser 
                                  Sara Powell 
   FTI Consulting                 Ben Brewerton                  [phone] 
  About Wentworth Resources 
  Wentworth Resources plc (AIM: WEN) is a leading, domestic natural 
  gas producer in Tanzania with a core producing asset at Mnazi 
  Bay in the onshore Rovuma Basin in Southern Tanzania. 
 
 

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July 01, 2021 02:00 ET (06:00 GMT)