Award of Performance Shares

RNS Number : 0770S

Alkane Energy PLC

18 September 2014

 

18 September 2014

Alkane Energy plc

("Alkane" or "the Company")

Award of Performance Shares

Alkane announces that on 18 September 2014, a total of 758,173 performance shares were awarded under the Alkane Energy plc Employee Performance Share Plan ("Performance Share Plan"), including 662,519 to the following directors:

	Share options and performance shares held prior to the award	Performance shares awarded under the Performance Share Plan	Share options and performance shares held after the award	Share options and performance shares held as % of issued share capital
Neil O'Brien, Chief Executive Officer	3,887,102	371,442	4,258,544	2.91%
Steve Goalby, Finance Director	1,796,145	291,077	2,087,222	1.43%

The Performance Share Plan awards are in respect of ordinary shares of 0.5p each, with a subscription price of 0.5p per share. Subject to certain performance conditions, the performance shares are exercisable on 31 March 2017. A maximum of 50% of the award will vest if the Company's share price increases from a base of 39.0p to agreed levels on the vesting date. A maximum of a further 50% of the award will vest if the Company's adjusted profit per share (on a fully diluted basis) increases from that reported in the year ended 31 December 2013 to agreed levels in the year ended 31 December 2016.  In respect of both conditions, the awards will vest in proportion to the level of achievement, with no shares vesting if the cumulative increase per annum is less than 10% and the maximum number of shares vesting if the cumulative increase per annum is 15% or greater.

Neil O'Brien's current shareholding is 749,000 ordinary shares of 0.5p each, representing approximately 0.51% of the existing issued share capital.  Steve Goalby's current shareholding is 700,717 ordinary shares of 0.5p each, representing approximately 0.48% of the existing issued share capital.

Enquiries:

Alkane Energy plc Neil O'Brien/Steve Goalby	Tel: [phone]
Liberum Clayton Bush/Tim Graham	Tel: [phone]

 

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