Director/PDMR Shareholding

RNS Number : 6985D

Petrofac Limited

21 May 2012

 



Petrofac Limited (the 'Company')

Notification of Transactions by

Persons Discharging Managerial Responsibilities

Pursuant to the Company's obligations under Disclosure and Transparency Rule 3.1.4, the Company hereby makes the following notifications in respect of the following Directors and their award of options over ordinary shares of US$0.02 each in the Company (the 'Shares') on Friday 18 May 2012 under the recently adopted Value Creation Plan ("VCP").

The Company takes the view that it is only its Directors who may be regarded as Persons Discharging Managerial Responsibilities ('PDMRs').

VCP

The VCP was approved by Shareholders at the Company's AGM on 11 May 2012. The VCP has been implemented to grant one-off share options to a limited number of key individuals at senior executive level responsible for driving Company growth. The Group Chief Executive and President will not participate in the VCP.

The vesting of the VCP options will be subject to achievement of stretching Group performance conditions and the participant continuing to be employed within the Group until the relevant vesting dates. Options granted to individuals who have a direct divisional responsibility are subject to a multiplier which would potentially reduce or increase the 'Core' award by up to 50% based on divisional/business unit performance.

Subject to achievement of the aforementioned performance conditions, the share options would vest in equal tranches on the fourth, fifth and sixth anniversaries of grant.

The exercise price for the options has been set at a 10% premium to the Company's share price at the date of grant.  The exercise price is £17.1028.

For further information on the VCP, please refer to the 2011 Report and Accounts and the 2012 Notice of AGM.

Participant	'Core' award (Pre-divisional/business unit multiplier)	'Maximum' award (Post-divisional/business unit multiplier)
	Number of shares under option	Number of shares under option
Andy Inglis	346,322	519,483
Marwan Chedid	225,820	338,730
Tim Weller	140,178	140,178*

* Tim Weller has a Group role and as such his options will not be subject to a multiplier.

The Company's issued share capital consists of 345,870,233 Shares with voting rights. Each Share carries the right to one vote. The Company does not hold any shares in Treasury.

For further information contact:

Petrofac Limited

Andy Wilkinson

020 7811 4900

Tulchan Communications Group Ltd                                  

Stephen Malthouse

Martin Robinson

Tel: [phone]

[e-mail]

 

END

 

 

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