Vesting of 2013 LTIP Award

RNS Number : 4021C

BowLeven Plc

27 June 2016

 

27 June 2016                                                                                                                                                              

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

Vesting of 2013 LTIP Award

Bowleven announces that, today, a total of 314,753 ordinary shares of £0.10 each in the Company ("Shares") vested in favour of David Clarkson, Chief Operating Officer, under the terms of Bowleven's 2006 Long Term Incentive Plan ("the 2006 LTIP").   This vesting related to an award that was granted to him under the 2006 LTIP on 26 June 2013 ("the 2013 LTIP Award").  The 2013 LTIP Award was subject to a performance condition that, amongst other things, compared Bowleven's total shareholder return ("TSR") over a three-year period with the TSR achieved by a comparator group of companies.  This period expired on 25 June 2016, following which it was determined that the Company's TSR was ranked between median and upper quartile levels in the comparator list producing a vesting percentage for the 2013 LTIP Award of 80%.  

The vesting of the 2013 LTIP Award has been satisfied by the transfer of Shares for no consideration to David Clarkson by the trustee of the Company's Employee Benefit Trust.  David Clarkson has decided to retain all of the Shares which have vested and to meet the tax and national insurance liabilities arising on vesting from his own funds.  Following the transaction set out above, David Clarkson's beneficial interest in the Shares of Bowleven are as set out in the table below.

Director	No. of Shares held (pre-vesting)	Shares that vested on 27 June 2016	No. of Shares held (post-vesting)	Percentage of issued share capital
David Clarkson	65,000	314,753	379,753	0.12

ENQUIRIES

For further information, please contact:

Bowleven plc

Kevin Hart, Chief Executive                                                        00 44 131 524 5678

Kerry Crawford, Finance Director

Brunswick Group LLP

Patrick Handley                                                                               00 44 207 404 5959

Simon Maine                                                                    

Macquarie Capital (Europe) Limited (Nomad)                                                   

Ken Fleming                                                                                     00 44 203 037 2000

Nick Stamp

 

END

 

 

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