Falkland Oil and Gas Limited LTIP and Share Option Scheme Awards (5472E)
February 10 2015 - 8:11AM
UK Regulatory
TIDMFOGL
RNS Number : 5472E
Falkland Oil and Gas Limited
10 February 2015
10 February 2015
Falkland Oil and Gas Limited
("FOGL" or "the Company")
FOGL LONG TERM INCENTIVE PLAN AND SHARE OPTION SCHEME AWARDS
FOGL, the oil and gas exploration company focused on its
extensive licence areas to the North, South and East of the
Falkland Islands, announces arrangements in respect of grants to be
made under its Share Option Plan and its Long Term Incentive
Plan:-
The FOGL Share Option Plan (SOP):
The grants under the FOGL Share Option Plan are options with a
market value exercise price,a three-year performance period and a
ten-year term. At the discretion of the Remuneration Committee,
market value options are awarded to the executive directors as
'one-off' tranches of options up to a level of five times annual
salary and as annual awards under the LTIP. From time to time the
options granted as one-off awards are topped-up to maintain the
five times salary multiple. The tranche of options awarded in
December 2011 has now lapsed and the Board has approved the
granting of replacement options as follows:
Vesting Performance Conditions: Market value options will vest
only if absolute share price growth performance conditions are
satisfied over a three-year period following the date of grant
using the average closing price for the thirty days preceding the
end of the three years performance period. Continued employment
with FOGL is required for vesting.
Exercise Period: Grants vested may be exercised up to ten years
from the date of award.
Exercise Price: The exercise price for the market value options
for the 2014 grant is 27p, being the share price as at close on 9
February 2015.
Awards: In accordance with the scheme rules, the following
grants were made on 10 February 2015:
Tim Bushell - 1,925,926 market value options have been granted,
calculated as the value of the salary multiple of the lapsed
options of GBP520,000, divided by the exercise price.
Colin More - 1,751,481 market value options have been granted,
calculated as the value of the salary multiple of the lapsed
options of GBP472,900, divided by the exercise price.
The FOGL Long Term Incentive Plan (LTIP):
The grants under the FOGL LTIP are market value options as
described under the SOP above, and restricted shares (par value
options). The restricted shares also have a three-year performance
period and a ten-year term. Each year, at the discretion of the
Remuneration Committee, a new grant is made, and for 2015 new
grants have been approved for executive directors as follows:
The Size of Grant: Grants are made of restricted shares up to a
maximum of 50% of annual salary, and market value options up to a
maximum of 100% of annual salary.
Vesting Performance Conditions:Restricted shares will vest only
if share price growth performance conditions measured against a
group of peer companies are satisfied over a three-year period
following the date of grant using the average closing price for the
thirty days preceding the end of the three years performance
period. Continued employment with FOGL is required for vesting.
Exercise Period: Grants vested may be exercised up to ten years
from the date of grant.
Awards: In accordance with the scheme rules, grants have been
made to Tim Bushell and Colin More on 10 February 2015, as
follows:-
Tim Bushell - 481,481 restricted shares have been granted,
calculated as 50% annual salary divided by the Company's share
price as at close on 9 February 2015. 962,963 market value options
have been granted, calculated as 100% annual salary divided by the
exercise price.
Colin More - 437,870 restricted shares have been granted,
calculated as 50% annual salary divided by the Company's share
price as at close on 9 February 2015. 875,741 market value options
have been granted, calculated as 100% annual salary divided by the
exercise price.
Following this grant of options, Tim Bushell will hold 7,561,346
market value share options granted under the SOP and 1,344,110
restricted shares granted under the LTIP. Colin More will hold
6,661,833 market value share options granted under the SOP and
1,300,499 restricted shares granted under the LTIP.
- Ends -
Enquiries:
Falkland Oil and Gas Limited
Richard Liddell, Chairman +44 (0) 20 7563 1260
RBC Capital Markets (Nominated Advisor
and Joint Broker)
Matthew Coakes / Daniel Conti +44 (0) 20 7653 4000
Numis Securities Limited (Joint Broker)
John Prior / Ben Stoop / Paul Gillam +44 (0) 20 7260 1000
FTI Consulting
Ed Westropp / George Parker +44 (0) 20 3727 1000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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