Premier Oil PLC Director/PDMR Shareholding (0777T)
16 March 2019 - 3:30AM
UK Regulatory
TIDMPMO
RNS Number : 0777T
Premier Oil PLC
15 March 2019
Premier Oil plc
(the 'Company' or 'Premier')
Grant of Awards under the Company's 2017 Long Term Incentive
Plan ("2017 LTIP")
Grant of Performance Share Awards and Restricted Share
Awards
On 14 March 2019, Performance Share Awards and Restricted Share
Awards (the "Awards") were granted to the Executive Directors named
below under the Company's 2017 Long Term Incentive Plan, which was
approved by shareholders at the Company's 2017 Annual General
Meeting and forms part of the Company's 2017 Remuneration Policy.
The Awards have been granted in the form of contingent share awards
over ordinary shares in the Company ("Ordinary Shares") and the
Awards will only vest if certain performance targets are met over a
three-year performance period from 1 January 2019 to 31 December
2021 (the "Performance Period").
The performance target for the Performance Share Awards is based
on the Company's TSR performance relative to a comparator group of
international oil and gas sector peers. 100 per cent vesting will
require upper decile performance relative to the comparator group
with 25 per cent vesting for median performance and straight-line
vesting in between. Subject to the achievement of the performance
target and the Remuneration Committee's assessment of overall
Company performance, the Performance Share Awards will normally
vest on 14 March 2022, being three years from the date of grant.
The Executive Directors will then be required to hold the shares
(on an after-tax basis) until the fifth anniversary of the date of
grant.
The Restricted Share Awards will normally vest in one third
increments on the third, fourth and fifth anniversary of the date
of grant, subject to continued employment, the achievement of a
performance underpin based on the ratio of the Company's net debt
to EBITDA as agreed with the Company's lenders over the Performance
Period (currently three times net debt to EBITDA) and the
Remuneration Committee's assessment of overall Company performance.
The Executive Directors will then be required to hold the shares
(on an after-tax basis) until the fifth anniversary of the date of
grant.
Grant of Deferred Bonus Awards
On 14 March 2019, Deferred Bonus Awards were granted to the
Executive Directors named below in relation to 2018 annual bonuses
above 50% of salary. The Deferred Bonus Awards have been granted in
the form of contingent share awards over ordinary shares in the
Company and will normally vest three years from date of grant.
Daniel Rose
Premier Oil plc
+44 (0)20 7730 1111
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 Ordinary shares of 12.5 pence each
instrument
Identification code GB00B43G0577
-------------------------------------------------------- -------------------------------------------------------
b) Nature of the transaction (i) Grant of Performance Share Awards under the
Premier Oil 2017 Long Term Incentive Plan;
(ii) Grant of Restricted Share Awards under the
Premier Oil 2017 Long Term Incentive Plan;
and
(iii) Grant of Deferred Bonus Awards.
-------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
(i) GBP0.00 1,265,891
(ii) GBP0.00 144,673
(iii) GBP0.00 109,155
----------
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information - Aggregated volume 1,519,719
- Price GBP0.00
------------------
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 2019-03-14
-------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------------------------------- -------------------------------------------------------
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Robin Allan
-------------------------------------------------------- -------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status Director, North Sea and Exploration
-------------------------------------------------------- -------------------------------------------------------
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 Ordinary shares of 12.5 pence each
instrument
Identification code
GB00B43G0577
-------------------------------------------------------- -------------------------------------------------------
b) Nature of the transaction (i) Grant of Performance Share Awards under the
Premier Oil 2017 Long Term Incentive Plan;
(ii) Grant of Restricted Share Awards under the
Premier Oil 2017 Long Term Incentive Plan;
and
(iii) Grant of Deferred Bonus Awards.
-------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
(i) GBP0.00 787,010
(ii) GBP0.00 89,944
(iii) GBP0.00 62,016
----------
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information - Aggregated volume 938,970
- Price GBP0.00
------------------
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 2019-03-14
-------------------------------------------------------- -------------------------------------------------------
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 Ordinary shares of 12.5 pence each
instrument
Identification code
GB00B43G0577
-------------------------------------------------------- -------------------------------------------------------
b) Nature of the transaction (i) Grant of Performance Share Awards under the
Premier Oil 2017 Long Term Incentive Plan;
(ii) Grant of Restricted Share Awards under the
Premier Oil 2017 Long Term Incentive Plan;
and
(iii) Grant of Deferred Bonus Awards.
-------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
(i) GBP0.00 787,010
(ii) GBP0.00 89,944
(iii) GBP0.00 74,113
----------
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information - Aggregated volume 951,067
- Price GBP0.00
------------------
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 2019-03-14
-------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------------------------------- -------------------------------------------------------
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.
END
DSHUVUNRKBAOAAR
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