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11/01-2019 17:15:24: (FPM) Director/PDMR Shareholding

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 ExistingOrdinary Options Options Ordinary
Shares and Vested SharesAssented into
Matching and the Offer
Shares Exercised
forfeit
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, 5,345,378 Ordinary
type of instrument Identification code  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  (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)
(i)    5,345,378
0.00 p
(ii)     5,345,378
160 p
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, 3,274,289 Ordinary
type of instrument Identification code  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)
(i)    3,274,289
0.00 p
(ii)   3,274,289
160 p
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, 3,005,980 Nil cost
type of instrument Identification code  options over
Ordinary Shares of
10p each in Faroe
Petroleum plc.3Sale
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)
(i)    0.0p 3,005,980
(ii)   160p 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, Sale of 172,270
type of instrument Identification code  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, Sale of 109,180
type of instrument Identification code  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, Sale of 28,571
type of instrument Identification code  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, Sale of 15,000
type of instrument Identification code  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 Tel: +44 (0)
Petroleum 1224 650 920
plc Graham
Stewart, CEO

Stifel Tel: +44 (0)
Nicolaus 20 7710 7600
Europe
LimitedCallum
Stewart /
Nicholas
Rhodes /
Ashton
Clanfield

 
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

Ekstern link: http://news.cision.com/faroe-petroleum-plc/r/director-pdmr-shareholding,c2716441
Ekstern link: https://mb.cision.com/Main/16706/2716441/975550.pdf

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