Amerisur Resources PLC Grant of Share Options (3534E)
February 09 2015 - 2:01AM
UK Regulatory
TIDMAMER
RNS Number : 3534E
Amerisur Resources PLC
09 February 2015
9(th) February 2015
Amerisur Resources Plc ("Amerisur" or the "Company")
Grant of Share Options
Amerisur Resources Plc ("Amerisur" or the "Company"), the oil
and gas producer and explorer focused on South America, announces
that on 7(th) February 2015 the Company's Remuneration Committee
("the Committee"), which consists of Stephen Foss, (Chairperson),
Douglas Ellenor and George Woodcock, granted options to operational
staff over 6,000,000 and directors over 25,480,000 new ordinary
shares of 0.1p each, exercised at par value, representing 2.96 per
cent of the current issued share capital under the Long Term
Incentive Plan ("LTIP") adopted in 2011. The Committee designed the
LTIP in accordance with current best practice and with the
intention of delivering appropriate awards to staff and senior
management on the delivery of exceptional corporate
performance.
The options in the Share Price Growth column in the below table
are five year options with a three year vesting period. They will
vest when certain performance criteria have been met - 50% when a
33% growth in the share price has been achieved within three years
(10% per annum compound), a further 25% on a 52% increase (15% per
annum compound) over three years and the final 25% on a 73%
increase (20% per annum compound) over three years. The share price
target must also be held for 30 calendar days. The base price for
the share price growth is 37.22p being the average of closing price
for the 30 calendar days prior to grant.
The options in the Pipeline column in the below table are five
year options with a three year vesting period and relate to the
successful installation of the pipelineand commencement of
operations. The vesting of the pipeline options will be determined
by the Remuneration Committee's assessment of the results of the
commissioning and operations of the pipeline.
There was no consideration paid upon the grant of the options
and the options expire on the fifth anniversary of the grant.
6,000,000 options have been awarded to operational staff and
25,480,000 options have been granted to Directors as follows:
Name / Vesting Share Price Pipeline Total Total
Growth options
following
this
grant
---------------- ------------ ----------- ----------- -----------
John Wardle 6,370,000 6,370,000 12,740,000 27,740,000
---------------- ------------ ----------- ----------- -----------
Giles Clarke 3,640,000 3,640,000 7,280,000 14,580,000
---------------- ------------ ----------- ----------- -----------
Nick Harrison 2,730,000 2,730,000 5,460,000 12,760,000
---------------- ------------ ----------- ----------- -----------
Total 12,740,000 12,740,000 25,480,000 55,080,000
---------------- ------------ ----------- ----------- -----------
Stephen Foss, Senior Independent non-executive Director and
Chairman of the Remuneration Committee said:
"Today's grant of options is within the Company's LTIP scheme
that was adopted in 2011. In designing the scheme, the Company,
with the help of external consultants, carefully examined
performance and undertook a benchmarking exercise.
"The Remuneration Committee has set very specific and
challenging targets which, if met, will align management with
shareholder interests. The delivery of the cross border pipeline
is, in particular, of strategic importance to Amerisur and the
Putumayo region as a whole."
Ends
ENQUIRIES:
Stephen Foss c/o Billy Clegg: Tel: +44(0)203
Amerisur 757 4980
Billy Clegg/Georgia Tel: +44(0)203 757 4980
Mann
Camarco
Jeremy Low/Daniel Tel: +44 (0)207 653 4000
Conti
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
END
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