Awards under the Performance Share Plan ("PSP")

RNS Number : 1305C

Enteq Upstream PLC

23 June 2016

 

Enteq Upstream plc

(the "Company" or the "Group")

Awards under the Enteq Upstream plc Performance Share Plan ("PSP")

Enteq Upstream plc announces that its Remuneration Committee approved a further grant of awards under the Performance Share Plan ("PSP") that came into effect on 22 June 2016.  The PSP was initially approved on 17 September 2014 and includes the Executive Directors as well as other Executive Managers.

The awards pursuant to the PSP, combined with the on-going all employee share option scheme already in existence, will remain within the overall limits already approved by the Company's shareholders.

This further grant has a vesting date of 22 June 2019. The performance condition relates solely to the growth in Total Shareholder Return, and in order to achieve the full benefit of the award a 30% compound annual growth rate for each of the financial years ending 31 March 2017, 31 March 2018 and 31 March 2019 will need to be achieved.  The consideration payable for these awards is 1p per ordinary share of 1p each in the capital of the Company ("Ordinary Shares").

Martin Perry (CEO) and Raymond Garcia (COO) were each provisionally granted, subject to the performance conditions and rules of the scheme, a maximum of 457,692 Ordinary Shares, taking the total granted under the PSP to date, for each of them, to 1,456,680 Ordinary Shares.   David Steel (Finance Director) was provisionally granted, subject to the performance conditions and rules of the scheme, a maximum of 230,769 Ordinary Shares, taking his total granted under the PSP, to date, to  536,356 Ordinary Shares.

For further information, please contact: Enteq Upstream plc [phone] Martin Perry, Chief Executive Officer David Steel, Finance Director Investec Bank plc (NOMAD & Broker) [phone] Chris Treneman Patrick Robb David Anderson

 

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