Director/PDMR Shareholding

RNS Number : 9583I

Petrofac Limited

22 March 2010

 



22 March 2010

Petrofac Limited (the "Company")

Notification of Transactions by

Persons Discharging Managerial Responsibilities (PDMRs)

Pursuant to the Company's obligations under Disclosure and Transparency Rule 3.1.4, the Company hereby notifies the following awards and vestings of ordinary shares of US$0.025 each in the Company (the "Shares") under the Petrofac Performance Share Plan ("PSP") and the Petrofac Deferred Bonus Share Plan ("DBSP") made on 19 March 2009.

PSP awards are made by the Company to senior executives and generally vest on the third anniversary of the date of grant provided a participant does not leave the Company's employment and to the extent that performance conditions have been satisfied.  Awards were made at nil cost to participants.       

Under the DBSP, selected employees are invited or required to defer a proportion of their annual cash bonus in Shares. Subject to a number of limited exceptions and provided a participant does not leave the Company's employment, Shares awarded under the DBSP may either vest in full on the third anniversary of grant; or alternatively vest one third on the first anniversary of grant, one third on the second anniversary of grant and the final third on the third anniversary of grant.  Awards are made at nil cost to participants.     

These awards and vestings form part of the Company's annual bonus cycle and in line with last year, some of the Directors and PDMRs elected to sell Shares resulting from their respective vestings.

Directors

PSP

	Total number of Shares held under the PSP prior to 19 March 2010	Number of Shares vested	Number of Shares sold	Total number of Shares held under the PSP after 19 March 2010
Ayman Asfari	316,242	95,671	95,671	220,571
Maroun Semaan	166,221	45,204	45,204	121,017
Amjad Bseisu	150,199	55,807	55,807	94,392
Keith Roberts	155,553	58,465	58,465	97,088

Shares were sold at an average price of 1200.93 pence per Share.

Following these transactions, the Directors continue to hold the following beneficial interests in the Company.

	Total number of Shares held in the Company prior to 19 March 2010	Total number of Shares held in the Company after 19 March 2010	Total number of Shares held in the Company after 19 March 2010, expressed as % of the total shares in issue
Ayman Asfari	53,782,114	53,782,114	15.561
Maroun Semaan	30,607,676	30,607,676	8.856
Keith Roberts	2,120,000	2,120,000	0.613

PDMRs

PSP

	Total number of Shares held under the PSP prior to 19 March 2010	Number of Shares vested	Number of Shares sold	Total number of Shares held under the PSP after   19 March 2010
Marwan Chedid1	65,720	17,122	Nil	48,598
Gordon East2	43,509	14,615	6,002	28,894
Robert Jewkes	65,101	26,575	26,575	38,526
Richard Milne	92,012	30,561	30,561	61,451
Robin Pinchbeck	107,544	37,670	37,670	69,874
SS Sarma1	39,899	10,273	Nil	29,626
Rajesh Verma1	55,568	17,122	Nil	38,446

¹ Marwan Chedid, SS Sarma and Rajesh Verma elected not to sell any Shares and as a consequence their respective shareholdings in the Company have increased in proportion to the number of Shares vested. See the final table for details of PDMR shareholdings after 19 March 2010.  

² Gordon East elected not to sell any Shares in excess of the number required to be sold to satisfy his tax liability. His shareholding in the Company increased in proportion to the number of his unsold vested Shares. See the final table for details of PDMR shareholdings after 19 March 2010.  

DBSP

	Total number of Shares held under the DBSP prior to 19 March 2010	Number of Shares vested	Number of Shares sold	Number of Shares awarded under the DBSP on 19 March 2010	Total number of Shares held under the DBSP after 19 March 2010
Marwan Chedid1	98,796	40,914	Nil	29,878	87,760
William Dunnett1	73,812	26,202	Nil	20,528	68,138
Gordon East2	41,214	22,586	9,270	10,290	28,918
Paul Groves	Nil	Nil	Nil	3,292	3,292
Robert Jewkes	58,310	28,764	28,764	12,348	41,894
SS Sarma1	73,472	31,296	Nil	21,728	63,904
Rajesh Verma1	93,192	40,594	Nil	24,444	77,042

¹Marwan Chedid, William Dunnett, SS Sarma, Rajesh Verma elected not to sell any Shares and as a consequence their respective shareholdings in the Company have increased in proportion to the number of Shares vested. See the table below for details of PDMR shareholdings after 19 March 2010.  

² Gordon East elected not to sell any Shares in excess of the number required to be sold to satisfy his tax liability. His shareholding in the Company increased in proportion to the number of his unsold vested Shares. See the table below for details of PDMR shareholdings after 19 March 2010.  

Shares were sold at an average price of 1200.93 pence per Share.

Other PDMR transactions

On 20 March 2010, the Company was notified that SS Sarma sold 20,000 Shares at 1215.00 pence per Share on 16 March 2010.

Further, on 19 March 2010, Robin Pinchbeck notified the Company that his wife Bridget Pinchbeck entered into an unconditional contract with Albola Investments Limited, a company wholly-owned by Robin and Bridget Pinchbeck on 17 March 2010.  Under the contract, Albola Investments Limited will have the right to acquire 700,000 of the 900,000 Shares owned by Bridget Pinchbeck, at any time up to 5 April 2015, at their market value at the date of completion. There is no change in the legal or beneficial interests in the Shares or the voting rights attached to them.

Following all the transactions detailed above, the PDMRs hold the following beneficial interests in the Company.

	Total number of Shares held in the Company prior to 19 March 2010	Total number of Shares held in the Company after 19 March 2010	Total number of Shares held in the Company, expressed as % of the total shares in issue
Marwan Chedid	1,337,962	1,395,998	0.404
Gordon East	17,528	39,457	0.011
William Dunnett	2,763	28,965	0.008
Robert Jewkes	1,000,000	1,000,000	0.289
Richard Milne	570,000	570,000	0.165
SS Sarma	628,250	649,819	0.188
Rajesh Verma	1,690,358	1,748,074	0.506

If participants and their connected persons hold Shares outside the PSP and DBSP (or any other Company share incentive scheme), separate announcements are made under the Disclosure and Transparency Rules as required.

The Company's issued share capital consists of 345,629,656 Shares with voting rights. Each Share carries the right to one vote. The Company does not hold any Shares in Treasury.

Contact for enquiries:

Petrofac Limited

Sofia Bernsand

020 7811 4900

 

END

 

 

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