ALK Alkemy Capital Investments Plc

TIDMALK

RNS Number : 8999K

Alkane Energy PLC

21 April 2015

21 April 2015

Alkane Energy plc

("Alkane" or "the Company")

Award of Performance Shares

Alkane announces that on 21 April 2015, a total of 1,692,751 performance shares were awarded under the Alkane Energy plc Employee Performance Share Plan ("Performance Share Plan"), including 1,317,751 to the following directors:

 
                              Share options          Performance        Share options          Share options 
                               and performance        shares             and performance        and performance 
                               shares                 awarded            shares                 shares 
                               held prior             under the          held after             held as 
                               to the                 Performance        the award              % of issued 
                               award                  Share Plan                                share capital 
     Neil O'Brien, 
      Chief Executive 
      Officer                        3,069,686            738,788              3,808,474                  2.46% 
                         ---------------------  -----------------  ---------------------  --------------------- 
     Steve Goalby, 
      Finance Director                 855,547            578,963              1,434,510                  0.93% 
                         ---------------------  -----------------  ---------------------  --------------------- 
 

The Performance Share Plan awards are in respect of ordinary shares of 0.5p each, with a subscription price of 0.5p per share. Subject to certain performance conditions the performance shares are exercisable on 31 March 2018. A maximum of 50% of the award will vest if the Company's share price increases from a base of 20.0p to agreed levels on the vesting date. A maximum of a further 50% of the award will vest if the Company's adjusted profit per share (on a fully diluted basis) increases from that reported in the year ended 31 December 2014 to agreed levels in the year ended 31 December 2017. In respect of both conditions, the awards will vest in proportion to the level of achievement, with no shares vesting if the cumulative increase per annum is less than 10% and the maximum number of shares vesting if the cumulative increase per annum is 15% or greater.

The Company also confirm that 568,233 performance shares awarded to Neil O'Brien and 445,300 performance shares awarded to Stephen Goalby on 2 May 2012 have lapsed due to performance conditions not being met ahead of their 31 March 2015 exercise date.

Neil O'Brien's current shareholding is 1,121,840 ordinary shares of 0.5p each, representing approximately 0.73% of the existing issued share capital. Steve Goalby's current shareholding is 1,074,381 ordinary shares of 0.5p each, representing approximately 0.69% of the existing issued share capital.

Enquiries:

 
     Alkane Energy plc                 Tel: 01623 827927 
      Neil O'Brien/Steve Goalby 
     Liberum                           Tel: 020 3100 2000 
      Clayton Bush/Josh Hughes 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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