Director/PDMR Shareholding

RNS Number : 8277C

Petrofac Limited

20 March 2014

 



20 March 2014

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 its Executive Directors and their awards and vestings of ordinary shares of US$0.02 each in the Company (the 'Shares') under the Petrofac Performance Share Plan ('PSP') and the Petrofac Deferred Bonus Share Plan ('DBSP'),which took place on Wednesday 19 March 2014. The Company takes the view that it is only its Directors who may be regarded as Persons Discharging Managerial Responsibilities ('PDMRs').

These awards and vestings form part of the Company's annual bonus cycle. Details of each PDMR's position before and after the awards and vestings are outlined in the tables below.

PSP

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 are made at nil cost to participants.       

	Total number of Shares  held under the PSP prior to 19 March 2014	Number of Shares vested on 19 March 20143	Number of Shares lapsed on 19 March 20143	Number of       Shares sold on 19 March 2014	Number of  Shares awarded under the PSP on 19 March 2014	Total number of Shares held under the PSP after 19 March 2014
Ayman Asfari1	269,332	14,640	97,981	6,892	84,583	241,294
Marwan Chedid2	119,479	2,801	18,751	-	48,583	146,510
Tim Weller	99,192	-	-	-	58,840	158,032

¹ Ayman Asfari elected to sell sufficient Shares to satisfy his tax liability. The average share price for the Shares sold was 1384.4732 pence. His shareholding in the Company has therefore increased by the number of his unsold vested Shares. See the last table below for details of his shareholding after 19 March 2014. 

² Marwan Chedid elected not to sell any Shares and, as a consequence, his shareholding in the Company has increased by the number of Shares vested. See the last table below for details of their shareholdings after 19 March 2014. 

³ Following the end of the three year performance period in respect of the 2011 PSP award, the performance conditions were such that 13% of the award vested, with the balance lapsing. 

DBSP

Under the DBSP, selected employees are required to defer a proportion of their annual cash bonus in Shares. Prior to Marwan Chedid's appointment as a Director of the Company he was entitled to participate in the DBSP. The following notification sets out the vesting of his final tranche of awards:

	Total number of Shares held under the DBSP prior to 19 March 2014	Number of Shares vested on 19 March 2014	Number of Shares sold on 19 March 2014	Total number of Shares held under the DBSP after 19 March 2014
Marwan Chedid	21,558	21,558	-	0

Following these transactions, the PDMRs and their connected persons hold the following beneficial interests in the Company.

	Total number of Shares held in the Company prior to 19 March 2014	Total number of Shares held in the Company after 19 March 2014	Total number of Shares held in the Company after 19 March 2014, expressed as % of the total shares in issue
Ayman Asfari	62,950,678	62,958,426	18.20%
Marwan Chedid	1,368,733	1,393,092	0.40%
Tim Weller	46,236	46,236	0.01%

The Company's issued share capital consists of 345,912,747 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

Andrew Wilkinson

020 7811 4900

Tulchan Communications Group Ltd                                  

Martin Robinson

Tel: [phone]

[e-mail]

 

END

 

 

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