Director/PDMR Shareholding

RNS Number : 1646Q

Rockhopper Exploration plc

17 June 2020

 

17 June 2020

Rockhopper Exploration plc

("Rockhopper" or the "Company")

Director/PDMR Shareholding

Long Term Incentive Plan (LTIP)

Rockhopper Exploration plc (AIM: RKH), the oil and gas exploration and production company with key interests in the North Falkland Basin, announces that the Remuneration Committee of the Board of Directors ("Remuneration Committee") has completed its assessment of the performance conditions governing the LTIP awards which were granted to certain Directors and other employees on 16 June 2017 ("2017 LTIP Awards"). The 2017 LTIP Awards were granted under the rules of the LTIP which was approved by shareholders at the 2013 Annual General Meeting and are in the form of nil cost options.

The 2017 LTIP Awards were structured so that between 35% and 100% of the awards would vest for performance ranked between the median and highest total shareholder return ("TSR") against the specified peer group with vesting for performance between the median and highest TSR pro-rated on a straight-line basis. The Remuneration Committee concluded that the Company's TSR over the applicable three year performance period which ended on 31 May 2020 was between the median and upper quartile rankings in the specified peer group and accordingly 48% of the 2017 LTIP Awards have vested.

A summary of the above events / transactions is as follows:

Executive Director / PDMR	Shares originally subject to Award	Total Shares that vested on 16 June 2020	Total Shares that lapsed on 16 June 2020
Sam Moody, Chief Executive Officer	1,900,000	912,000	988,000
Stewart MacDonald, Chief Financial Officer	1,800,000	864,000	936,000

The vested awards will normally remain exercisable for a period of seven years from the original date of grant subject to the rules of the LTIP regarding leavers. 

Additional information in relation to the structure of the LTIP and the performance conditions applicable to the 2017 LTIP Awards can be found in the Directors' Remuneration Report section of the 2019 Annual Report.

Set out below is the information required by Article 19(3) of the EU Market Abuse Regulation No 596/2014 in relation to the vesting of options over Shares held by certain Directors:

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Samuel Moody
2	Reason for the notification
a)	Position/status	Chief Executive Officer
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Rockhopper Exploration plc
b)	LEI	213800IPXW6XRLVCL581
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary Shares of 1 pence each GB00BOFVQX23
b)	Nature of the transaction	Vesting of options over Ordinary Shares of 1 pence each under Long Term Incentive Plan
c)	Price(s) and volume(s)	Date of transaction: 16 June 2020 Price: Nil Volume: 912,000
d)	Aggregated information	Date of transaction: 16 June 2020 Aggregated volume: 912,000 Price: Nil
e)	Date of the transaction	16 June 2020
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Stewart MacDonald
2	Reason for the notification
a)	Position/status	Chief Financial Officer
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Rockhopper Exploration plc
b)	LEI	213800IPXW6XRLVCL581
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary Shares of 1 pence each GB00BOFVQX23
b)	Nature of the transaction	Vesting of options over Ordinary Shares of 1 pence each under Long Term Incentive Plan
c)	Price(s) and volume(s)	Date of transaction: 16 June 2020 Price: Nil Volume: 864,000
d)	Aggregated information	Date of transaction: 16 June 2020 Aggregated volume: 864,000 Price: Nil
e)	Date of the transaction	16 June 2020
f)	Place of the transaction	Outside a trading venue

Enquiries:

Rockhopper Exploration plc

Sam Moody - Chief Executive Officer

Stewart MacDonald - Chief Financial Officer

Tel. [phone] (via Vigo Communications)

Canaccord Genuity Limited (NOMAD and Joint Broker)

Henry Fitzgerald-O'Connor/James Asensio

Tel. [phone]

Peel Hunt LLP (Joint Broker)

Richard Crichton

Tel. [phone]

Vigo Communications

Patrick d'Ancona/Ben Simons

Tel. [phone]

 

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