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Amerisur Resources PLC  -  AMER   

LTIP Awards Update

Released 07:05 08-Apr-2015

RNS Number : 5514J
Amerisur Resources PLC
08 April 2015
 

08 April 2015

 

Amerisur Resources Plc ("Amerisur" or the "Company")

 

LTIP Awards Update

 

 

Amerisur Resources Plc ("Amerisur" or the "Company"), the oil and gas producer and explorer focused on South America, announces that, following a thorough consultation process conducted by Stephen Foss, the Company's Senior Independent Director with the Company's significant shareholders and their corporate governance departments, the Remuneration Committee is revising the quantum and distribution of the LTIP awards announced on 9th February 2015.

 

The Remuneration Committee is reducing the number of Director LTIP awards from 25,480,000 to 13,140,000 and increasing LTIP awards to the staff LTIP awards pool from 6,000,000 to 8,600,000. 

 

The below table outlines the changes:

 

Name

Share Price growth (previous)

Share price growth (new)

Pipeline (previous)

Pipeline (new)

Total (previous)

Total (new)

John Wardle

 6,370,000

6,370,000

6,370,000

3,770,000

12,740,000

10,140,000

Giles Clarke

 3,640,000

1,500,000

3,640,000

0

7,280,000

1,500,000

Nick Harrison

 2,730,000

1,500,000

2,730,000

0

5,460,000

1,500,000

Total

12,740,000

9,370,000

12,740,000

3,770,000

25,480,000

13,140,000

 

 

As a reminder, the LTIP awards in the Share Price Growth column in the table are five year awards with a three year vesting period. The base price for the share price growth is 37.22p, a 55% increase from yesterday's closing price of 24.0p.  They will vest when certain performance criteria have been met - 50% when a 33% growth from the base price share price has been achieved (a 106% increase from yesterday's closing price) within three years (10% per annum compound), a further 25% on a 52% increase from the base price (a 136% increase from yesterday's closing price), (15% per annum compound) over three years and the final 25% on a 73% increase from the base price (an 168% increase from yesterday's closing price), (20% per annum compound) over three years. The share price target must also be held for 30 calendar days.

 

The LTIP awards in the Pipeline column in the table are five year LTIP awards with a three year vesting period and relate to the successful installation of the pipeline and commencement of operations. The vesting of the pipeline LTIP awards will be determined by the Remuneration Committee's assessment of the results of the commissioning and operations of the pipeline.

 

 

 

Ends

 

 

ENQUIRIES:

Stephen Foss

Amerisur

 

c/o Billy Clegg: Tel: +44(0)203 757 4980

Billy Clegg/Georgia Mann

Tel: +44(0)203 757 4980

Camarco


 

Jeremy Low/Daniel Conti

 

Tel: +44 (0)207 653 4000

RBC Capital Markets

 


Chris Sim

Tel: +44 (0)207 597 4000

Investec


 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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LTIP Awards Update - RNS