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Faroe Petroleum PLC (FPM)

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Wednesday 02 January, 2019

Faroe Petroleum PLC

Quarterly notification of Directors' Interests

RNS Number : 0159M
Faroe Petroleum PLC
02 January 2019
 

02 January 2019

 

Faroe Petroleum plc

 

("Faroe Petroleum" or the "Company")

 

Quarterly notification of Directors' Interests and conditional award of shares

 

Graham Stewart (Chief Executive), Jonathan Cooper (Chief Financial Officer) and Helge Hammer (Chief Operating Officer), have notified the Company that on 31 December 2018 they acquired the following ordinary shares of 10p each in the Company ('Partnership Shares') and have been awarded the following conditional shares ('Matching Shares') under the Faroe Petroleum Share Investment Plan (the "SIP") at a price of £1.454 each:

 

Partnership Shares (no.)

 Purchase price  

Matching Shares (no.)

 Purchase price 

Graham Stewart

258

£1.454

516

£1.454

Jonathan Cooper

258

£1.454

516

£1.454

Helge Hammer

253

£1.454

506

£1.454

 

 

 

 

 

The SIP is open to all employees on the same terms where, for every share purchased by an employee the Company will match it with two matching shares.  The matching shares are released at the end of a three year holding period (subject to the SIP rules) and the maximum amount that may be invested in Partnership Shares in any tax year is £1,500 per employee. Graham Stewart, Jonathan Cooper and Helge Hammer have committed to invest the maximum of £1,500/year, with four scheduled quarterly investments of £375 each (noting that Mr Hammer, being resident in Norway, has committed to the SIP in Norwegian Krona and as such the Sterling investment varies slightly from quarter to quarter).

 

At present, market purchase shares are being used to satisfy the matching shares.

 

Following this transaction the directors, and persons closely associated with them, hold the following ordinary shares of 10 pence each in the Company, together with options over the same (including matching shares) exercisable at nil cost.

 

 

Name

No of Ordinary Shares

of 10p each

No. of options over

ordinary shares of 10p each

 

 

 

Graham Stewart*

2,491,043

5,374,078

Jonathan Cooper**

657,792

3,028,395

Helge Hammer***

1,322,010

3,296,636

John Bentley

172,270

-

Katherine Roe

-

-

Roger Witts

109,180

-

Jorunn Saetre

28,571

-

Brent Cheshire

15,000

-

 

* shareholding includes 1,370 shares awarded following the vesting of SIP matching shares between 01.10.18 and 31.12.18 with an equal and opposite movement in the options total.

** shareholding includes 1,370 shares awarded following the vesting of SIP matching shares between 01.10.18 and 31.12.18 with an equal and opposite movement in the options total. 

*** shareholding includes 1,238 shares awarded following the vesting of SIP matching shares between 01.10.18 and 31.12.18 with an equal and opposite movement in the options total.

 

 

 

- Ends -

 

For further information please contact:

 

Faroe Petroleum plc

Graham Stewart, CEO

 

 

Tel: +44 1224 650 920

 

Stifel Nicolaus Europe Limited

Callum Stewart /Nicholas Rhodes / Ashton Clanfield

 

Tel: +44 207 710 7600

BMO Capital Markets

Tom Rider / Jeremy Low/Tom Hughes

 

Tel: +44 207 236 1010

FTI Consulting

Ben Brewerton/ Emerson Clarke

 

Tel: +44 207 831  3113

 

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014, and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.

 

Disclosure requirements of the Takeover Code

 

Under Rule 8.3(a) of the Takeover Code, any person who is interested in 1 per cent. or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th Business Day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th Business Day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

 

Under Rule 8.3(b) of the Takeover Code, any person who is, or becomes, interested in 1 per cent. or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s), save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the Business Day following the date of the relevant dealing.

 

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.

 

Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).

 

Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.

 

 


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