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Faroe Petroleum PLC (FPM)

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Friday 11 January, 2019

Faroe Petroleum PLC

Director/PDMR Shareholding

RNS Number : 9216M
Faroe Petroleum PLC
11 January 2019
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION

 

FOR IMMEDIATE RELEASE

11 January 2019

Faroe Petroleum plc

("Faroe Petroleum" or the "Company")

Exercise of share options, Issue of Equity, Notification of Directors' interests and Total Voting Rights

 

The Board of Faroe (the "Board", "we") notes the announcement by DNO ASA ("DNO") made on 11 January 2019 that it now owns or controls shares representing approximately 63.32 per cent of the Company's total issued share capital.

 

This has triggered the change in control provisions under the Faroe Petroleum Incentive Plan ("FPIP"), the Faroe Petroleum Co- Investment Plan ("FPCIP") and the Co-Investment Plan ("CIP) and, following confirmation from the Company's remuneration advisers that the various awards have met the associated performance tests, a total of 25,809,863 nil cost options over ordinary shares of 10 pence each in the share capital of the Company (the "New Ordinary Shares") have now vested and have been exercised by plan participants including the Executive Directors. The resultant New Ordinary Shares have been issued to the Faroe Petroleum Employee Benefit Trust (the "EBT") who will assent those shares into the Offer as directed by the underlying plan participants.

 

The Executive Directors have exercised the following nil cost options and have directed the EBT to assent the resultant New Ordinary Shares into the Offer.  The Executive Directors have also assented their other existing shareholdings into the Offer.

 

In addition, as particularised below, the company's Non-Executive Directors have also assented their shareholdings into the Offer:

 

Name

Existing

Ordinary Shares

Options and Matching Shares forfeit

Options Vested and Exercised

Ordinary Shares

Assented into the Offer


No.

No.

No.

No.

Graham Stewart

2,491,043

(28,700)

5,345,378

7,836,421

Jonathan Cooper

657,792

(22,415)

3,005,980

3,663,772

Helge Hammer

1,322,010

(22,347)

3,274,289

4,596,299

John Bentley

172,270

-

-

172,270

Katherine Roe

-

-

-

-

Roger Witts

109,180

-

-

109,180

Jorunn Saetre

28,571

-

-

28,571

Brent Cheshire

15,000

-

-

15,000

 

 

Issue of Equity and Total Voting Rights

 

The EBT currently holds 2,757,088 ordinary shares and so Faroe Petroleum has issued a further total of 23,052,775 New Ordinary Shares to satisfy the exercise of share options. The New Ordinary Shares will rank pari passu in all respects with the existing issued ordinary shares. Application has been made for the New Ordinary Shares to be admitted to AIM.

 

Following the issue of 23,052,775 New Ordinary Shares the Company's enlarged issued share capital will be 395,942,468 ordinary shares. The Company does not hold any ordinary shares in treasury and therefore the total number of voting rights in the Company is 395,942,468.

 

Shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules.

 

 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

(Disclosure in relation to exercise of share options and sale of shares)

 

 1 

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Graham Duncan Stewart

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 

Faroe Petroleum plc

b)

LEI  

213800RE18GVZGNYB270

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 

Identification code 

5,345,378 Ordinary Shares of 10p each in Faroe Petroleum plc.

 

Sale of 5,345,378 Ordinary shares of 10p each in Faroe Petroleum plc (by way of acceptance into the Offer).

ISIN: GB0033032904

b)

Nature of the transaction 

c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

5,345,378

  5,345,378

d)

 

Aggregated information 

 

10,690,756 Ordinary Shares of 10p each in Faroe Petroleum plc.

e)

Date of the transaction 

11 January 2019

f)

Place of the transaction 

XLON

 

 

 

 1 

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Helge Ansgar Hammer

2

Reason for the notification 

a)

Position/status 

Chief Operating Officer

b)

Initial notification /Amendment 

Initial notification

3

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

a)

Name 

Faroe Petroleum plc

b)

LEI  

213800RE18GVZGNYB270

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 

Identification code 

3,274,289 Ordinary Shares of 10p each in Faroe Petroleum plc.

 

Sale of 3,274,289 Ordinary shares of 10p each (by way of acceptance into the Offer)

ISIN: GB0033032904

b)

Nature of the transaction 

(i)Exercise of Options to acquire new Ordinary shares of 10p each

(ii) Sale of new ordinary shares of 10p each(by way of acceptance into the Offer)

c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

3,274,289

3,274,289

d)

 

Aggregated information 

 

6,548,578 Ordinary Shares of 10p each in Faroe Petroleum plc.

e)

Date of the transaction 

11 January 2019

f)

Place of the transaction 

XLON

 

 1 

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Jonathan Robert Cooper

2

Reason for the notification 

a)

Position/status 

Chief Financial Officer

b)

Initial notification /Amendment 

Initial notification

3

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

a)

Name 

Faroe Petroleum plc

b)

LEI  

213800RE18GVZGNYB270

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 

Identification code 

3,005,980 Nil cost options over Ordinary Shares of 10p each in Faroe Petroleum plc.3

Sale of 3,005,980 Ordinary Shares of 10p each in Faroe Petroleum plc (by way of acceptance into the Offer).

 

ISIN: GB0033032904

b)

Nature of the transaction 

(i) Exercise of Nil cost options over Ordinary Shares

(ii) Sale of Ordinary Shares (by way of acceptance into the Offer)

c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

3,005,980

3,005,980





d)

 

Aggregated information 

 

6,011,960 Ordinary Shares of 10p each in Faroe Petroleum plc.

e)

Date of the transaction 

11 January 2019

f)

Place of the transaction 

XLON

 

 1 

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

John Bentley

2

Reason for the notification 

a)

Position/status 

Non-Executive

b)

Initial notification /Amendment 

Initial notification

3

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

a)

Name 

Faroe Petroleum plc

b)

LEI  

213800RE18GVZGNYB270

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 

Identification code 

Sale of 172,270 Ordinary Shares of 10p each in Faroe Petroleum plc (by way of acceptance into the Offer).

 

ISIN: GB0033032904

b)

Nature of the transaction 

Sale of Ordinary Shares (by way of acceptance into the Offer)

c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

160p

172,270





d)

 

Aggregated information 

 

172,270 Ordinary Shares of 10p each in Faroe Petroleum plc.

e)

Date of the transaction 

11 January 2019

f)

Place of the transaction 

XLON

 

 

 1 

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Roger Witts

2

Reason for the notification 

a)

Position/status 

Non-Executive

b)

Initial notification /Amendment 

Initial notification

3

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

a)

Name 

Faroe Petroleum plc

b)

LEI  

213800RE18GVZGNYB270

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 

Identification code 

Sale of 109,180 Ordinary Shares of 10p each in Faroe Petroleum plc (by way of acceptance into the Offer).

 

ISIN: GB0033032904

b)

Nature of the transaction 

Sale of Ordinary Shares (by way of acceptance into the Offer)

c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

160p

109,180





d)

 

Aggregated information 

 

109,180 Ordinary Shares of 10p each in Faroe Petroleum plc.

e)

Date of the transaction 

11 January 2019

f)

Place of the transaction 

XLON

 

 1 

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Jorunn Saetre

2

Reason for the notification 

a)

Position/status 

Non-Executive

b)

Initial notification /Amendment 

Initial notification

3

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

a)

Name 

Faroe Petroleum plc

b)

LEI  

213800RE18GVZGNYB270

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 

Identification code 

Sale of 28,571 Ordinary Shares of 10p each in Faroe Petroleum plc (by way of acceptance into the Offer).

 

ISIN: GB0033032904

b)

Nature of the transaction 

Sale of Ordinary Shares (by way of acceptance into the Offer)

c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

160p

28,571





d)

 

Aggregated information 

 

28,571 Ordinary Shares of 10p each in Faroe Petroleum plc.

e)

Date of the transaction 

11 January 2019

f)

Place of the transaction 

XLON

 

 1 

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Brent Cheshire

2

Reason for the notification 

a)

Position/status 

Non-Executive

b)

Initial notification /Amendment 

Initial notification

3

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

a)

Name 

Faroe Petroleum plc

b)

LEI  

213800RE18GVZGNYB270

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 

Identification code 

Sale of 15,000 Ordinary Shares of 10p each in Faroe Petroleum plc(by way of acceptance into the Offer).

 

ISIN: GB0033032904

b)

Nature of the transaction 

Sale of Ordinary Shares (by way of acceptance into the Offer)

c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

160p

15,000





d)

 

Aggregated information 

 

15,000 Ordinary Shares of 10p each in Faroe Petroleum plc.

e)

Date of the transaction 

11 January 2019

f)

Place of the transaction 

XLON

 

 

(Disclosure in relation to sale of shares)

 

 

 

- Ends -

For further information please contact:

 

 

Faroe Petroleum plc

Graham Stewart, CEO

 

 

Tel: +44 (0) 1224 650 920

 


 

Stifel Nicolaus Europe Limited

Callum Stewart / Nicholas Rhodes / Ashton Clanfield

 

Tel: +44 (0) 20 7710 7600


 


 

 

 

 


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