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Premier Oil PLC - Director/PDMR Shareholding

RNS Number : 2564C
Premier Oil PLC
15 October 2020
 

Premier Oil plc

 (the 'Company' or 'Premier')

 

Vesting of Awards under the Company's
2017 Long Term Incentive Plan ("2017 LTIP")

As set out in the Company's Annual Report for the year ended 31 December 2019, in March 2020 the Remuneration Committee approved the vesting of Performance Share Awards and Restricted Share Awards granted in 2017 under the 2017 LTIP (the "Awards"). The Awards were in respect of a performance period that ran from 1 January 2017 to 31 December 2019, further details of which are set out in the Directors' Remuneration Report for 2019.

The normal vesting date of the Awards was 1 September 2020; however, the Remuneration Committee resolved at that time that the vesting should be delayed in view of the ongoing negotiations with the Company's creditors regarding a long term refinancing and subsequent discussions with Chrysaor. Following the announcement on 6 October 2020 regarding the proposed merger with Chrysaor, the Remuneration Committee has resolved that the Awards can now vest as set out in the table below.

All of the net shares from the Awards vesting to the Directors are subject to a two-year holding period in accordance with the Directors' Remuneration Policy.  

 

Gross number of Performance Share Awards vesting

Gross number of Restricted Share Awards vesting

Shares withheld to cover tax liabilities

Net shares released subject to a two-year holding period

Tony Durrant

343,986

68,969

194,090

218,865

Richard Rose

213,857

42,878

120,666

136,069

 

Rachel Rickard
Premier Oil plc
+44 (0)20 7824 1067

 

The information set out below is provided in accordance with the requirements of Article 19(3) of MAR.

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

 Tony Durrant

2

Reason for the notification

a)

Position/status

Chief Executive Officer

b)

Initial notification/Amendment

Initial notification

3

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

a)

Name

Premier Oil plc

b)

LEI

213800YPC42DYBKVPF97

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

Ordinary shares of 12.5 pence each


GB00B43G0577

b)

Nature of the transaction

(i)    Shares withheld to cover tax liabilities following the vesting of Awards under the 2017 LTIP;

(ii)   Net shares released following the vesting of Awards under the 2017 LTIP; and

c)

Price(s) and volume(s)

Price(s)

Volume(s)

(i)     £0.00

(ii)    £0.00

194,090
218,865

 

d)

Aggregated information

-

Aggregated volume

-

Price

 

412,955

£0.00

e)

Date of the transaction

2020-10-13

f)

Place of the transaction

Outside a trading venue

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Richard Rose

2

Reason for the notification

a)

Position/status

Finance Director

b)

Initial notification/Amendment

Initial notification

3

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

a)

Name

Premier Oil plc

b)

LEI

213800YPC42DYBKVPF97

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

Ordinary shares of 12.5 pence each

GB00B43G0577

b)

Nature of the transaction

(i)            Shares withheld to cover tax liabilities following the vesting of Awards under the 2017 LTIP;

(ii)           Net shares released following the vesting of Awards under the 2017 LTIP; and

c)

Price(s) and volume(s)

Price(s)

Volume(s)

(i)     £0.00

(ii)    £0.00

120,666
136,069

 

d)

Aggregated information

-

Aggregated volume

-

Price

 

256,735

£0.00

e)

Date of the transaction

2020-10-13

f)

Place of the transaction

Outside a trading venue

 

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END
 
 
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