Long Term Incentive Plan Awards

RNS Number : 7525D

Wentworth Resources PLC

01 July 2021

 

PRESS RELEASE 

1 July 2021

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

Long Term Incentive Plan Awards 

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

On 1 July 2021 the following awards were made under the Long-Term Incentive Plan ("LTIP") to each of Katherine Roe and Richard Tainton as set out below:

Name	Role	LTIP Award	Vesting Date	Total options following the Grant
Katherine Roe	CEO	2,586,095	30 June 2024	7,204,384
Richard Tainton	Country Manager	782,273	30 June 2024	1,977,695

The awards are subject to a three-year performance period which runs from 1 July 2021 to 30 June 2024 (the "Performance Period").  The awards are further subject to claw back and malus provisions for an additional two years from vesting.

The performance condition for each award is 50% of each award is subject to absolute Total Shareholder Return ("TSR") and the remaining 50% of each award is subject to relative TSR measured against a selection of constituent companies of the FTSE AIM All-Share Energy Index ("AXOIG").  The peer group for this award contains 43 companies taken from that Index.  The percentage of the award that will vest will be equal to the TSR at the end of the performance period compared to a 16% compound annual growth rate in TSR over the Performance Period with 25% of the award vesting if the TSR at the end of the Performance Period has increased by an 8% compounded annual growth rate and 100% of the award vesting if the TSR has increased by a 16% compound annual growth rate.  Should the TSR increase between 8% and 16%, awards will vest on a linear sliding scale between 25% and 100% and should the TSR at the end of the Performance Period be below 8% no part of the award will vest. 

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

 

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MSCURRARABUNOUR