Long Term Incentive Plan Awards

RNS Number : 0335I
Wentworth Resources PLC
12 April 2022
 

 

 

PRESS RELEASE 

12 April 2022

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

 

Long Term Incentive Plan Awards 

 

Wentworth Resources (AIM: WEN), the independent, Tanzania-focused natural gas production company announces, further to its 11 March 2022 announcement, that Katherine Roe, CEO, has been awarded an option over 3,014,590 shares under the Company's Long-Term Incentive Plan ("LTIP"). Following this award Katherine will have options over a total of 9,328,899 shares in Wentworth.

 

The award is subject to a three-year performance period, which runs from 12 April 2022 to 11 April 2025 (the "Performance Period") and the Vesting Date will be 12 April 2025. The award is also subject to claw back and malus provisions for an additional two years from vesting.

The performance condition for the award is 50% of the award is subject to absolute Total Shareholder Return ("TSR") and the remaining 50% of the award is subject to relative TSR measured against a selection of constituent companies of the FTSE AIM All-Share Energy Index ("AXOIG").  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. 

Ends

Enquiries: 

 

Wentworth Resources

 

 

Katherine Roe,
Chief Executive Officer

 

 

katherine.roe@wentplc.com
+44 (0) 7841 087 230

 
Stifel Nicolaus Europe Limited

 
AIM Nominated Adviser and Joint Broker 
Callum Stewart
Ashton Clanfield
Simon Mensley

 
+44 (0) 20 7710 7600

 

Peel Hunt LLP

 

Joint Broker 
Richard Crichton
Alexander Allen

 

+44 (0) 20 7418 8900

 
FTI Consulting

 
Communications Adviser 
Sara Powell 

Ben Brewerton

 

+44 (0) 20 3727 1000

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.




 NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

KATHERINE ROE

2

Reason for the notification

a)

Position/status

CHIEF EXECUTIVE

b)

Initial notification/Amendment

INITIAL NOTIFICATION

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

WENTWORTH RESOURCES PLC

b)

LEI

213800L172PPXRPJZM82

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

CONDITIONAL RIGHTS OVER ORDINARY SHARES


Identification code

JE00BGT34J81

b)

Nature of the transaction

GRANT OF CONDITIONAL RIGHTS OVER ORDINARY SHARES

c)

Price(s) and volumes(s)

Price(s)

Volume(s)



£0.217

3,014,590

d)

Aggregated information



Aggregated volume

3,014,590


Price

£0.217

e)

Date of the transaction

12 April 2022

f)

Place of the transaction

XOFF

 

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") (as in force in the UK and as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019). On the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

 

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END
 
 
DSHUAAKRUBUSAAR
UK 100

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