Director/PDMR Shareholding

RNS Number : 7887K
Tullow Oil PLC
01 August 2013
 



Tullow Oil plc ('Tullow' or 'the Company')

 

Directors' Dealings

 

Tullow announces that the following dealings in ordinary shares of £0.10 each in the capital of Tullow ('Shares') were undertaken by certain directors on the London Stock Exchange on 1 August 2013.

 

Executive Share Option Scheme

Graham Martin (General Counsel) exercised options over a total of 400,000 Shares that had been granted to him in 2003 under the terms of the Tullow Oil 2000 Executive Share Option Scheme ('ESOS'). On the same date, Mr Martin sold 187,454 Shares at £10.4585 per Share to meet the cost of exercising such options and to discharge tax obligations arising therefrom. The balance of Shares acquired on exercise of these options has been retained by Mr Martin.

 

Performance Share Plan and Deferred Share Bonus Plan

Aidan Heavey  (Chief Executive Officer) and Angus McCoss (Exploration Director) exercised 'nil cost' options over a total of 447,248 and 171,328 Shares respectively that had been granted to them in 2008, 2009 and 2010 pursuant to the terms of the Tullow Oil 2005 Performance Share Plan ('PSP') and the Tullow Oil Deferred Share Bonus Plan 2005 ('DSBP').  On the same date, Aidan Heavey sold 447,248 Shares at £10.4585 per Share, some of which were to discharge tax obligations arising on exercise of his options, and Angus McCoss sold 80,727 Shares at £10.4585 per Share to discharge tax obligations arising on exercise of his options. The balance of 90,601 Shares retained by Angus McCoss will be pledged to UBS Private Banking as security for certain personal loans.  Notwithstanding the pledging of such Shares, he remains the beneficial owner of such Shares.  

 

Following these transactions, the number of Shares held by Aidan Heavey remains unchanged and the number of Shares held by Graham Martin and Angus McCoss have increased as shown in the second table below.

 

Full details of the options exercised, the Shares sold and retained and the resultant shareholdings of the directors are disclosed in the tables below.    

 

Options exercised 

 

Director

Plan

Grant date

No. of Shares over which options granted

No. of Shares

vested

No. of Shares over which option exercised

Exercise

price

Graham Martin

ESOS

06/10/03

400,000

400,000

400,000

85p

Aidan Heavey

PSP

15/05/08

18/03/09

17/03/10

141,939

173,916

106,496

141,939

173,916

  24,707

141,939

173,916

  24,707

N/A

N/A

N/A


DSBP

13/03/08

18/03/09

17/03/10

  28,328

  50,169

  28,189

  28,328

  50,169

  28,189

  28,328

  50,169

  28,189

N/A

N/A

N/A

Angus McCoss

PSP

18/03/09

17/03/10

  98,355

  60,227

  98,355

  13,972

  98,355

  13,972

N/A

N/A


DSBP

13/03/08

18/03/09

17/03/10

 14,686

 28,374

 15,941

  14,686

  28,374

  15,941

  14,686

  28,374

  15,941

N/A

N/A

N/A

 

 

Shares sold/retained

 

Director

Holdings of Shares prior to 1 August  2013

Total Shares acquired on exercise of options

Shares sold

Shares retained

Holdings of Shares

following this notification

Graham Martin

1,702,766

400,000

187,454

212,546

1,915,312

Aidan Heavey

6,401,511

447,248

447,248

-

6,401,511

Angus McCoss

   150,845

171,328

80,727

90,601

241,446

 

 

Notes:

 

1.        In addition to the above holding, Graham Martin holds a total of 7,702 Shares under the terms of the Tullow Oil UK Share Incentive Plan comprising 710 partnership shares, 710 matching shares and 6,282 unrestricted shares.  

2.        In addition to the above holding Angus McCoss holds a total of 2,732 Shares under the terms of the Tullow Oil UK Share Incentive Plan comprising 710 partnership shares, 710 matching shares and 1,312 unrestricted shares.  

 

This announcement is made in accordance with DTR 3.1.4R (1)(a).

 

The Company was informed by the Directors listed above of the above transactions on 1 August 2013.

 

Enquiries:

 

George Cazenove

 

Tullow Oil plc

+ 44 203 249 9385

 


This information is provided by RNS
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