Tullow Oil PLC Director/PDMR Shareholding (4399V)
August 07 2020 - 2:00AM
UK Regulatory
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RNS Number : 4399V
Tullow Oil PLC
07 August 2020
TULLOW OIL PLC
NOTIFICATION OF TRANSACTIONS OF PERSONS DISCHARGING MANAGERIAL
RESPONSIBILITIES
Following the commencement of his employment as Chief Executive
Officer of Tullow Oil plc (the "Company") on 1 July 2020, Mr Rahul
Dhir has was granted on 5 August 2020 awards over shares in the
company as detailed below (the "Awards").
Consistent with the Company's approved Remuneration Policy, the
Company agreed to make the Awards to compensate Mr Dhir for certain
share arrangements which he forfeited on leaving his former
employer.
The grant of the Awards was conditional on Mr Dhir purchasing
shares in the Company with a value of GBP350,000 (calculated by
reference to the closing price of a share in the Company on the
dealing day immediately prior to the date of purchase). Mr Dhir
purchased 1,346,000 shares in the Company on 11 May 2020 (the
"Purchased Shares") and he is required to retain these shares in
connection with the grant of the Awards.
The Awards, which were granted pursuant to an individual plan
put in place by the Company in accordance with Listing Rule 9.4.2,
comprise:
-- A restricted share award in the form of a nil-cost option over 3,000,000 shares;
-- A share option over 3,000,000 shares with a per share
exercise price of GBP0.2566 (being equal to the market value of a
share at the close of trading on the dealing date immediately
following the date on which the Purchased Shares were acquired);
and
-- A share option over 3,000,000 shares with a per share
exercise price of GBP0.5132 (being twice the exercise price for the
above options).
The Awards will ordinarily vest on 1 July 2025.
Further detail will be set out in the Directors' Remuneration
Report for 2020.
NOTIFICATION OF TRANSACTIONS OF PERSONS DISCHARGING MANAGERIAL
RESPONSIBILITIES
1 Details of the person discharging managerial responsibilities
a) Name Rahul Dhir
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2 Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status Chief Executive Officer
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b) Initial notification/ Initial notification
Amendment
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3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
-----------------------------------------------------------------------------------------------------------------
a) Name Tullow Oil plc
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b) LEI 2138003EYHWO75RKS857
-------------------------------------------------------- -------------------------------------------------------
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 10p each
instrument
Identification code
GB0001500809
-------------------------------------------------------- -------------------------------------------------------
b) Nature of the transaction Grant of share options under Rahul Dhir Buyout Awards
Agreement to be exercised for nil cost
or a per share exercise price as set out below
-------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
1 Nil 3,000,000
---------- ----------
2 GBP0.2566 3,000,000
---------- ----------
3 GBP0.5132 3,000,000
---------- ----------
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information
-Aggregated volume
(1) (2) (3) 9,000,000
-Price
(1) Nil
(2) GBP769,800
(3) GBP1,539,600
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 5 August 2020
-------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------------------------------- -------------------------------------------------------
END
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END
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