Issue and Rebasing of Options
BowLeven Plc
28 March 2006
28 March 2006
BowLeven Plc ('the Company' or 'BowLeven')
Issue of Options and Rebasing of Existing Share Options
The Board of BowLeven announces the issue of new share options and rebasing of
existing share options.
On 27 March 2006 the Board granted share options over 285,000 ordinary shares of
10 pence each in the Company (17,143 approved options and 267,857 unapproved
options) to Jerry Anthony, Exploration Director, at an exercise price of 175
pence per ordinary share, as detailed below.
As stated in the Company's Interim Results statement on 23 March 2006, the '
Remuneration Committee will be considering changes to the options packages of
all employees to ensure that they are properly incentivised in the future' and
to eliminate the anomalous position between recent option awards and the long
standing position of some employees and directors. The Remuneration Committee,
which met on 24 March 2006, made its recommendation to the Board on 27 March
2006.
The Board also agreed to the recommendations of the Remuneration Committee to
amend the options packages of all employees in order to ensure that they are
properly incentivised in the future. All current options pursuant to the
Unapproved Scheme are now cancelled and replacement options have been granted
with the same terms but with a rebased exercise price of 175 pence per share.
The Board also granted additional unapproved options to certain directors and
employees of the Company, as detailed below. Following this, Terry Heneaghan,
Executive Chairman holds Unapproved Options over a total of 306,736 ordinary
shares in the Company; John Brown holds Unapproved Options over a total of
224,236 ordinary shares in the Company; John Morrow holds Unapproved Options
over a total of 294,837 ordinary shares in the Company; Chief Tabetando holds
Unapproved Options over a total of 303,000 ordinary shares in the Company; and
Peter Wilson holds Unapproved Options over a total of 224,657 ordinary shares in
the Company.
The position of the Directors' options prior to, and following, the amendment is
as detailed below:
Position prior to issue of new options and rebasing of existing options:
Name Date of Grant Vesting Period No. of Options Exercise
Price (p)
Terry Heneaghan Approved 17/12/2004 17/12/07 to 16/12/14 8,264 363.0
Executive Chairman Unapproved 17/12/2004 17/12/06 to 16/12/14 212,122 363.0
John Brown Approved 17/12/2004 17/12/07 to 16/12/14 8,264 363.0
Finance Director Unapproved 22/11/2004 22/11/06 to 21/11/14 150,000 330.0
Unapproved 17/12/2004 17/12/06 to 16/12/14 20,662 363.0
Total 170,662
Unapproved
John Morrow Approved 26/10/2005 26/10/08 to 25/10/15 8,163 367.5
Chief Operating Unapproved 26/10/2005 26/10/07 to 25/10/15 266,837 530.0
Officer
Chief Tabetando Unapproved 17/12/2004 17/12/06 to 16/12/14 110,193 363.0
Director Unapproved 28/04/2005 28/04/07 to 27/04/15 55,097 382.5
Total 165,290
Unapproved
Peter Wilson Approved 28/04/2005 28/04/08 to 27/04/15 7,843 382.5
Commercial Director Unapproved 28/04/2005 28/04/07 to 27/04/15 156,540 382.5
Position after issue of new options and rebasing of existing options:
Name Date of Vesting Options at Rebased New Exercise
Grant Period 24/03/06 Options Options Price (p)
Terry Heneaghan Approved 17/12/2004 17/12/07 to 16/12/14 8,264 363.0
Executive Chairman Unapproved 27/03/2006 17/12/06 to 16/12/14 212,122 212,122 175.0
Unapproved 27/03/2006 27/03/08 to 26/03/16
Total Unapproved 94,614 175.0
306,736
John Brown Approved 17/12/2004 17/12/07 to 16/12/14 8,264 363.0
Finance Director Unapproved 27/03/2006 22/11/06 to 21/11/14 150,000 150,000 175.0
Unapproved 27/03/2006 17/12/06 to 16/12/14 20,662 20,662 175.0
Unapproved 27/03/2006 27/03/08 to 26/03/16 53,574 175.0
Total Unapproved 224,236
John Morrow Approved 26/10/2005 26/10/08 to 25/10/15 8,163 367.5
Chief Operating Unapproved 27/03/2006 26/10/07 to 25/10/15 266,837 266,837 175.0
Officer
Unapproved 27/03/2006 27/03/08 to 26/10/16 28,000 175.0
Total Unapproved 294,837
Chief Tabetando Unapproved 27/03/2006 17/12/06 to 16/12/14 110,193 110,193 175.0
Director Unapproved 27/03/2006 28/04/07 to 27/04/15 55,097 55,097 175.0
Unapproved 27/03/2006 27/03/08 to 26/03/16 137,710 175.0
Total Unapproved 303,000
Peter Wilson Approved 28/04/2005 28/04/08 to 27/04/15 7,843 382.5
Commercial Director Unapproved 27/03/2006 28/04/07 to 27/04/15 156,540 156,540 175.0
Unapproved 27/03/2006 27/03/08 to 26/04/16 68,117 175.0
Total Unapproved 224,657
Jerry Anthony Approved 27/03/2006 27/03/09 to 26/03/16 - 17,143 175.0
Exploration Director Unapproved 27/03/2006 27/03/08 to 26/03/16 - 267,857 175.0
In addition, there are 398,000 shares under option to other employees of the
Company.
There are no performance conditions applied to either the Approved Options or
the Unapproved Options.
For further information contact:
Terry Heneaghan, Executive Chairman, BowLeven Plc 0131 260 5100
Adam Westcott, Noble & Company Limited 0131 225 9677
Liz Morley, Maitland 020 7379 5151
This information is provided by RNS
The company news service from the London Stock Exchange