Long Term Incentive ("LTIP") Awards

RNS Number : 0927J

Wentworth Resources PLC

18 December 2020

 

PRESS RELEASE                                                                                                                           18 December 2020

WENTWORTH RESOURCES PLC
("Wentworth" or the "Company")

Long Term Incentive ("LTIP") Awards

Wentworth Resources (AIM: WEN), the independent, Tanzania-focused natural gas production company, is pleased to make the following announcement.

On 17 December 2020 an award under the Long-Term Incentive Plan ("LTIP") was made to Katherine Roe as set out below. 

Name	Role	LTIP award	Vesting date	Total options following the grant
Katherine Roe	Chief Executive Officer	942,593	31 July 2023	4,618,289

The awards are subject to a three-year performance period which runs from 1 August 2020 to 31 July 2023 (the "Performance Period"). The awards are further subject to claw back and malus provisions.

The performance condition for the award is share price growth over the Performance Period, with 25% of the award vesting if the Company's share price at the end of the Performance Period has increased by an 8% compounded annual growth rate, and 100% of the award vesting if the share price has increased by a 16% compound annual growth rate. Should the share price increase between 8% and 16%, awards will vest on a linear sliding scale between 25% and 100%.

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Enquiries:  Wentworth	Katherine Roe, Chief Executive Officer	[e-mail] [phone]
Stifel Nicolaus Europe Limited	AIM Nominated Adviser & Joint Broker  Callum Stewart Ashton Clanfield Simon Mensley	[phone]
Peel Hunt LLP	Joint Broker  Richard Crichton Alexander Allen	[phone]
FTI	Communications Adviser  Sara Powell  Ben Brewerton	[phone]

About Wentworth Resources

Wentworth Resources plc (AIM-listed: WEN) is a leading, domestic natural gas producer in Tanzania with a core producing asset at Mnazi Bay in the onshore Rovuma Basin in Southern Tanzania.

The power demand base in-country is growing and with an ambitious universal energy access target set by the Government for 2030, Wentworth has a vital role to play in increasing access by ensuring a reliable, affordable and growing supply of natural gas into the local market.

 In 2019, Wentworth launched its dividend policy and remains committed to responsible growth that maintains returns for shareholders.

Inside Information

The information contained within this announcement is deemed by Wentworth to constitute inside information as stipulated under the Market Abuse Regulation (EU) no. 596/2014 ("MAR"). On the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

 

END

 

 

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