Director/PDMR Shareholding

RNS Number : 2885Z

BowLeven Plc

11 January 2011

 



11 January 2011

Bowleven plc ("Bowleven" or the "Company")

Vesting and grant of awards to directors pursuant to the

Bowleven Long Term Incentive Plan

1.       Vesting of awards pursuant to the Bowleven Long Term Incentive Plan

Bowleven wishes to announce that on 11 January 2011, a total of 203,145 ordinary shares of 10 pence each in the Company ("Shares") vested in favour of certain directors under the terms of the Bowleven Long Term Incentive Plan ("the Plan").  This vesting, details of which are provided below, relates to awards granted under the Plan on 13 December 2007 and was subject to specified conditions relating to the Company's Total Shareholder Return performance.  In accordance with those conditions the number of shares vesting in each case represents 46.7% of the maximum possible awards under the Plan.  Ordinarily, these awards would have vested on the third anniversary of the date of award, in December 2010.  However, such vesting was delayed due to the recent close period (which expired on 10 January 2011) arising from drilling operations on the Sapele-1 well.

Director	No. of Shares that vested on 11 January 2011
Kevin Hart	51,370
Chief Tabetando	32,690
John Morrow	32,690
Ed Willett	32,690
John Brown	25,685
Peter Wilson	28,020
TOTAL	203,145

In accordance with the rules of the Plan, all of the above Shares have been transferred to the relevant individuals by the trustee of the Company's Employee Benefit Trust.  Following this transfer, a total of 89,178 Shares were sold at a price of £3.9487 per Share on behalf of the directors on 11 January 2011, primarily in order to account for tax payable on vesting.  Details of these sales are set out below:

Director	No. of Shares sold on 11 January 2011
Kevin Hart	28,443
John Morrow	16,672
Ed Willett	16,672
John Brown	13,100
Peter Wilson	14,291

2.         Grant of awards pursuant to the Bowleven Long Term Incentive Plan

Bowleven also wishes to announce that, on 11 January 2011, further awards over a total of 363,158 Shares were granted to certain directors under the Plan, as set out below:

Director	No. of Shares over which awards granted on 11 January 2011
Kevin Hart	105,263
Chief Tabetando	56,579
John Morrow	52,632
Ed Willett	60,526
John Brown	48,684
Peter Wilson	39,474

The above awards will ordinarily vest on or around the third anniversary of grant but only to the extent that certain performance conditions are satisfied by the Company over a specified period of three years.  In addition, prior to an award vesting, Bowleven's Remuneration Committee are required to be satisfied that there has been a satisfactory and sustained improvement in the underlying financial performance of the Company over that same three year period.  No consideration was payable by the directors for the grant of their awards. 

3.         Summary of current holdings of relevant directors

Following the above notifications, the relevant directors' beneficial interests in Shares are as follows:

Director	Shareholding				Awards under LTIP
	Previous holding	Current holding	% Issued Share Capital		Total no. of Shares subject to awards now held	% Issued Share Capital
Kevin Hart	1,967,073	1,990,000	0.92		1,466,021	0.68
Chief Tabetando	1,047,738	1,080,428	0.50		803,852	0.37
John Morrow	125,401	141,419	0.07		731,723	0.34
Ed Willett	176,217	192,235	0.09		709,768	0.33
John Brown	85,090	97,675	0.05		645,957	0.30
Peter Wilson	238,390	252,119	0.12		531,747	0.25

ENQUIRIES

For further information please contact:

Bowleven plc

Kevin Hart, Chief Executive Officer                                                      00 44 131 524 5678

Kerry Crawford, Head of Investor Relations                                      00 44 131 524 5678

Brunswick Group LLP

Patrick Handley                                                                                             00 44 207 404 5959

Natalia Erikssen

RBS Hoare Govett                                                                                        

Stephen Bowler                                                                                            00 44 207 678 8000

Jamie Buckland

 

END

 

 

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