Long Term Incentive Plan Awards

RNS Number : 3518Q

Wentworth Resources PLC

27 June 2022

 

PRESS RELEASE 

27 June 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 is pleased to make the following announcement.

On 24 June 2022 an award was made under the Long-Term Incentive Plan ("LTIP") to Richard Tainton as set out below:

Name	Role	LTIP Award	Vesting Date	Total options following the Grant
Richard Tainton	Country Manager	1,016,430	23 June 2025	2,498,703

The award is subject to a three-year performance period which runs from 24 June 2022 to 23 June 2025 (the "Performance Period").  The award is further 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 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.

Inside Information This announcement does not contain inside information.

 

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