Wentworth Resources PLC Long Term Incentive Plan Awards (7525D)
01 July 2021 - 4:00PM
UK Regulatory
TIDMWEN
RNS Number : 7525D
Wentworth Resources PLC
01 July 2021
PRESS RELEASE
1 July 2021
WENTWORTH RESOURCES PLC
("Wentworth" or the "Company")
Long Term Incentive Plan Awards
Wentworth Resources (AIM: WEN), the independent,
Tanzania-focused natural gas production company is pleased to make
the following announcement.
On 1 July 2021 the following awards were made under the
Long-Term Incentive Plan ("LTIP") to each of Katherine Roe and
Richard Tainton as set out below:
Name Role LTIP Award Vesting Date Total options
following
the Grant
Katherine
Roe CEO 2,586,095 30 June 2024 7,204,384
----------------- ----------- ------------- --------------
Richard Tainton Country Manager 782,273 30 June 2024 1,977,695
----------------- ----------- ------------- --------------
The awards are subject to a three-year performance period which
runs from 1 July 2021 to 30 June 2024 (the "Performance Period").
The awards are further subject to claw back and malus provisions
for an additional two years from vesting.
The performance condition for each award is 50% of each award is
subject to absolute Total Shareholder Return ("TSR") and the
remaining 50% of each award is subject to relative TSR measured
against a selection of constituent companies of the FTSE AIM
All-Share Energy Index ("AXOIG"). The peer group for this award
contains 43 companies taken from that Index. The percentage of the
award that will vest will be equal to the TSR at the end of the
performance period compared to a 16% compound annual growth rate in
TSR over the Performance Period with 25% of the award vesting if
the TSR at the end of the Performance Period has increased by an 8%
compounded annual growth rate and 100% of the award vesting if the
TSR has increased by a 16% compound annual growth rate. Should the
TSR increase between 8% and 16%, awards will vest on a linear
sliding scale between 25% and 100% and should the TSR at the end of
the Performance Period be below 8% no part of the award will
vest.
Ends
Enquiries:
Wentworth Resources Katherine Roe, katherine.roe@wentplc.com
Chief Executive Officer +44 (0) 7841 087 230
AIM Nominated Adviser and
Joint Broker
Callum Stewart
Stifel Nicolaus Europe Ashton Clanfield
Limited Simon Mensley +44 (0) 20 7710 7600
Joint Broker
Richard Crichton
Peel Hunt LLP Alexander Allen +44 (0) 20 7418 8900
Communications Adviser
Sara Powell
FTI Consulting Ben Brewerton +44 (0) 20 3727 1000
About Wentworth Resources
Wentworth Resources plc (AIM: WEN) is a leading, domestic natural
gas producer in Tanzania with a core producing asset at Mnazi
Bay in the onshore Rovuma Basin in Southern Tanzania.
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END
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