TIDMFTO
RNS Number : 3821S
Fortune Oil PLC
23 September 2014
23 September 2014
FORTUNE OIL PLC
("Fortune Oil" or "the Company")
Grants and vesting for Directors and PDMRs
The following grants and vesting events have occurred in respect
of the Senior Executive Incentive Plan 2009 ("the Plan").The Plan
is operated by the trustees of the Company's Employee Benefit
Trust, JTC Trustees Limited, subject to the rules of the Company's
Long Term Incentive Plan (the "LTIP Rules"). The ordinary shares of
1p each of the Company ("Ordinary Shares") over which the options
will be exercisable are issued and are held by the Company's
Employee Benefit Trust (the "EBT" or "Trust").
The increase in the number of Ordinary Shares covered by each of
the options as a result of Good or Exceptional Company performance
is as follows:
Date of Exercise Increase in number of shares for Good Increase in number of shares for
Company Performance Exceptional Company Performance
--------------------------------------- -------------------------------------- -------------------------------------
On or after 3rd anniversary but before
4th anniversary 20% 40%
--------------------------------------- -------------------------------------- -------------------------------------
On or after 4th anniversary but before
5th anniversary 40% 100%
--------------------------------------- -------------------------------------- -------------------------------------
On or after 5th anniversary 100% 200%
--------------------------------------- -------------------------------------- -------------------------------------
The increases in awards in each period are percentage increases
on the initial award and are not cumulative.
(1) The conditional share rights in the Plan for the performance
period 1 May 2014 - 30 April 2015
The Remuneration Committee have considered and decided that no
awards should be made for 2014 in the Plan, as stated in the
Remuneration Report of the 2014 Annual Report, as the Company is
still in the temporary period during which the performance of the
Group's former Gas Division may have an impact on the right of
China Gas to reclaim part of the consideration of the Company.
(2) Vesting of shares in the Plan for the performance period 1
June 2011 - 31 May 2014 (now vested on 20 September 2014) following
the third anniversary of the grant
On 20 June 2011, certain Directors/PDMRs of the Company were
awarded nil-paid options under the Plan over the number of Ordinary
Shares detailed below after the one year personal performance
period (1 June 2011 - 31 May 2012), based on the notional bonuses
granted as stated in the announcement on 20 June 2012.
These awards vested on 20 September 2014 (an extended
anniversary date due to the change of financial year end subsequent
to the Company's announcement of 22 May 2014), being 3 years
following the award and a director and each PDMR below have the
right to exercise their option and receive delivery of the Ordinary
Shares or carry them forward in the Company's EBT.
Director No. of Ordinary Decision
Shares
-------------- ---------------- ---------------------------
LI Ching 916,059 Exercise her options and
remove her 916,059 shares
out of the EBT
-------------- ---------------- ---------------------------
PDMR
-------------- ---------------- ---------------------------
Paul KWONG 405,366 Shares remain in the EBT
-------------- ---------------- ---------------------------
GONG Min 194,205 Shares remain in the EBT
-------------- ---------------- ---------------------------
YE Qing 194,205 Shares remain in the EBT
-------------- ---------------- ---------------------------
Michael JONES 353,834 Exercise his options and
remove his 353,834 shares
out of the EBT
-------------- ---------------- ---------------------------
Those Person Discharging Managerial Responsibility (PDMR) whose
Ordinary Shares remain in the EBT will benefit from further
enhancement subject to the Company's performance over the
performance period, which in the case of these options runs from 20
June 2011 and 20 June 2014 (now 20 September 2014). There are two
thresholds for Company performance - Good and Exceptional. The
criteria for determining Good and Exceptional Company Performance
were first set at the Company's Annual General Meeting on 25 June
2004 and re-confirmed on 24 June 2009.
There is no consideration for these additional awards if made
and any additional Ordinary Shares to be made the subject of
options are already in issue and are held in the EBT.
(3) The results of topping up of LTIP awards in the Plan in
respect of the 2010 awards over the Company Performance period 18
June 2010 - 17 June 2013 (now extended to 20 September 2014)
On 20 June 2013, three PDMR recipients of the 2010 awards chose
not to withdraw their Ordinary Shares from the EBT and these nil
cost options remain exercisable.
Under the Plan the number of awardable shares can increase
subject to both the continuous employment at the Company and the
performance of the Company for the three year period from the date
of the initial award, subject to such award becoming unconditional
3 years following the date of award and each participant has the
right to exercise their option and receive delivery of the Ordinary
Shares or carry them forward in the Company's EBT.
The Company performance result was "Exceptional" resulting in a
40% increase in the number of Ordinary Shares the subject of
relevant options. The number of shares to be awarded depends upon
the decision taken by each beneficiary as to when they remove their
shares from the EBT. There is no consideration for these additional
awards if made and any additional Ordinary Shares to be made the
subject of options are already in issue are currently held in the
EBT.
PDMR No. of shares Additional Exercise period Decision
(original) shares awarded
on or after
3(rd) anniversary
but before
4(th) anniversary
248,348 shares
20 June 2013 remain in the
Paul Kwong 177,392 70,956 -19 June 2020 EBT
233,744 shares
20 June 2013 remain in the
GONG Min 166,960 66,784 - 19 June 2020 EBT
20 June 2013 467,488 shares
YE Qing 333,920 133,568 - 19 June 2020 remain the EBT
(4) Topping up of LTIP awards in the Plan in respect of the 2009
awards over the Company Performance period 24 June 2009 - 23 June
2012
On 20 June 2013, two PDMR recipients of the 2009 awards chose
not to withdraw their Ordinary Shares from the EBT and these nil
cost options remain exercisable. In respect of the 2009 award the
original performance period ran from 24 June 2009 to 23 June 2012,
and now changed to 20 June 2009 to 19 June 2019.
The Company performance result was "Exceptional" resulting in a
100% increase in the number of Ordinary Shares the subject of
relevant options. The number of shares to be awarded depends upon
the decision taken by each beneficiary as to when they remove their
shares from the EBT.
PDMR No. of shares Additional Exercise period Decision
(original) shares awarded
on or after
4(th) anniversary
but before
5(th) anniversary
747,384 shares
24 June 2012 remain in the
GONG Min 373,692 373,692 -23 June 2019 EBT
24 June 2012 747,384 shares
- 23 June remain in the
YE Qing 373,692 373,692 2019 EBT
Under the Plan the number of awardable shares can increase
subject to both the continuous employment at the Company and the
performance of the Company for the three-year period from the date
of the initial award on 24 June 2009, subject to such award
becoming unconditional 3 years following the date of grant.
Those PDMRs whose Ordinary Shares remain in the EBT will benefit
from further enhancement subject to the Company's performance over
the performance period, which in the case of these options runs
from 24 June 2009 and 20 September 2014. There are two thresholds
for Company performance - Good and Exceptional. The criteria for
determining Good and Exceptional Company Performance were first set
at the Company's Annual General Meeting on 25 June 2004 and
re-confirmed on 24 June 2009
Again, there is no consideration for this additional award and
all these additional shares are already in issue and are held in
the EBT.
The following table details the individual Ordinary Share
interest movements as a result of these decisions and events.
(5) Resulting interests in Ordinary Shares
Following these decisions and taking into account the effects of
the decisions taken which had become effective on 20 September 2014
each relevant Director/PDMR now has the following interest in
Ordinary Shares in the Company:
Number Percentage Number Percentage Total Number Total Percentage
of Shares of issued of Shares of issued number of Shares number of issued
held class vested class of unvested of class
in the fully held unvested and unvested held
Company and held in EBT Shares held Shares in EBT
in the held in in the held in
EBT including the EBT EBT the EBT
additional from from
shares, previous this
where awards award
applicable
------------ ----------- ----------- --------------- ----------- ---------- ----------- ---------- -----------
Director
------------ ----------- ----------- --------------- ----------- ---------- ----------- ---------- -----------
TIAN Jun 2,954,639 0.114% 0 0% 578,634 0 578,634 0.022%
------------ ----------- ----------- --------------- ----------- ---------- ----------- ---------- -----------
LI Ching 24,007,211 0.928% 0 0% 1,267,526 0 1,267,526 0.049%
------------ ----------- ----------- --------------- ----------- ---------- ----------- ---------- -----------
PDMR
------------ ----------- ----------- --------------- ----------- ---------- ----------- ---------- -----------
Paul KWONG 0 0% 653,714 0.025% 560,876 0 560,876 0.022%
------------ ----------- ----------- --------------- ----------- ---------- ----------- ---------- -----------
GONG Min 564,694 0.022% 1,175,333 0.045% 537,423 0 537,423 0.021%
------------ ----------- ----------- --------------- ----------- ---------- ----------- ---------- -----------
YE Qing 564,694 0.022% 1,408,877 0.054% 537,423 0 537,423 0.021%
------------ ----------- ----------- --------------- ----------- ---------- ----------- ---------- -----------
Michael
JONES 353,834 0.014% 0 0% 979,175 0 979,175 0.038%
------------ ----------- ----------- --------------- ----------- ---------- ----------- ---------- -----------
Bill MOK 0 0% 0 0% 1,077,397 0 1,077,397 0.042%
------------ ----------- ----------- --------------- ----------- ---------- ----------- ---------- -----------
Enquiries:
Fortune Oil PLC
Tian Jun, Acting Chief Executive Tel: 00 852 2583 3125 (Hong
Kong)
Bill Mok, Chief Financial Officer Tel: 00852 2583 3120
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCGMGZLMFKGDZM
Fortune Oil (LSE:FTO)
Historical Stock Chart
From Aug 2024 to Sep 2024
Fortune Oil (LSE:FTO)
Historical Stock Chart
From Sep 2023 to Sep 2024
