Award of Performance Shares

RNS Number : 7095F

Alkane Energy PLC

28 May 2013

 



28 May 2013

Alkane Energy plc

("Alkane" or "the Company")

Award of Performance Shares

Alkane announces that on 28 May 2013, performance shares were awarded under the Alkane Energy plc Employee Performance Share Plan ("Employee Performance Share Plan") to the following directors:

	Share options and performance shares held prior to the award	Performance shares awarded under the Employee Performance Share Plan	Share options and performance shares held after the award	Share options and performance shares held as % of issued share capital
Neil O'Brien, Chief Executive Officer	3,338,263	520,889	3,859,152	3.12%
Steve Goalby, Finance Director	1,360,001	408,194	1,768,195	1.43%

The Employee Performance Share Plan awards are in respect of ordinary shares of 0.5p each, with a subscription price of 0.5p per share, and are exercisable on 31 March 2016, subject to performance conditions.  The conditions are that a maximum of 50% of the award will vest if the Company's total shareholder return increases from a base of 27p per share (which is the share price achieved in the placing of shares to provide funds for the acquisition of the Maltby CMM assets, as announced on 22 May 2013) to agreed levels on the vesting date, and a maximum of 50% of the award will vest if the Company's adjusted profit per share increases from that reported in the year ended 31 December 2012 to agreed levels in the year ended 31 December 2015.  In respect of both conditions, shares will be vested in proportion to the level of achievement, with no shares vesting if the cumulative increase per annum is less than 10% and the maximum number of shares vesting if the cumulative increase per annum is 20% or greater.

Neil O'Brien's current shareholding is 749,000 ordinary shares of 0.5p each, representing approximately 0.61% of the existing issued share capital.  Steve Goalby's current shareholding is 700,717 ordinary shares of 0.5p each, representing approximately 0.57% of the existing issued share capital.

Enquiries:

Alkane Energy plc Neil O'Brien/Steve Goalby	Tel: [phone]
Altium Capital Limited Adrian Reed/Andy Clarke	Tel: [phone]

 

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