RusPetro plc Grant of Long-term Incentive Award (9049L)
01 May 2015 - 1:00AM
UK Regulatory
TIDMRPO
RNS Number : 9049L
RusPetro plc
30 April 2015
Ruspetro plc
30 April 2015
Ruspetro plc ("Ruspetro" or the "Company")
Grant of Long-term Incentive Award
London, 30 April 2015: Ruspetro plc (LSE: RPO) announces that
today, 30 April 2015, conditional long-termcash incentive awards
(the Awards) over a total of 20,328,800 notional ordinary shares in
the Company have been granted to Executive Directors and key senior
managers under the terms of the Performance Share Plan (PSP). These
awards were approved in principle by the Company's Remuneration
Committee on 9 April 2015.
For the avoidance of doubt, no person shall have at any time by
virtue of the Awards any interest, conditional or otherwise, in
respect to the legal or beneficial ownership of any shares in the
Company or any part thereof.
Details of the Awards granted to the Executive Directors are as
follows:
Director Number of "notional shares" Other option awards
under each Award held(1)
--------------------- ---------------------------- --------------------
Alexander Chistyakov 4,291,873 Nil
--------------------- ---------------------------- --------------------
John Conlin 8,193,575 Nil
--------------------- ---------------------------- --------------------
(1) The PSP awards granted to Alexander Chistyakov and John
Conlin on 30 January 2014 did not meet their performance condition
and have therefore lapsed.
The total number of notional shares under each Award granted to
the Executive Directors has been calculated by reference to an
award level amounting to 150% of their salaries. The remaining
notional shares of the have been allocated to Awards granted to
other employees on the same terms and with the same vesting
conditions as those granted to the Executive Directors.
All Awards take the form of "phantom" options which have a
notional exercise price of 12.92p, being the average share price
for Q4 2014. The actual number of notional shares to which each
Award ultimately relates will be dependent upon the Company's share
price and proportionate "Vesting" on a straight line basis as set
out below:
Average Share Price for
Q4 2015 <12.92p 19.4p+ 25.8p+ 32.3p+ 38.8p+
---------------------------- -------- -------- --------- --------- -------
Absolute share performance
% <50% 50-100% 100-150% 150-200% >=200%
---------------------------- -------- -------- --------- --------- -------
Vesting % 0% 25% 50% 75% 100%
---------------------------- -------- -------- --------- --------- -------
The share price used to assess performance will be the Company's
average share price for Q4 2015. However, in order to fully align
the interests of the Awardees with those of our shareholders, the
Awardees will not be able to exercise any portion of their
resulting award for a further three years (i.e. until at least four
years after grant). On exercise, any gain in the notional share
options will be payable wholly in cash.
About Ruspetro
Ruspetro plc is an independent oil and gas development and
production company, with assets in the Western Siberia region of
the Russian Federation. Our mission is to unlock the tight oil
reservoirs in our asset base while building a leading regional
independent E&P company in a safe and environmentally
responsible manner for the long-term benefit of our
shareholders.
Enquiries
Ruspetro plc
John Conlin, Chief Executive Officer +44 (0)20 7318 1630
Alexander Betsky, Finance Director +44 (0)20 7318 1630
Finlay Thomson, Investor Relations +44 (0)7976 248471
FTI Consulting
Ben Brewerton, George Parker +44 (0)20 3727 1000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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