REG - Wentworth Resources - Long Term Incentive Plan Awards

Wentworth ResourcesAnnouncement

27/06/2022 16:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220627:nRSa3518Qa&default-theme=true

RNS Number : 3518Q  Wentworth Resources PLC  27 June 2022

 

PRESS
RELEASE

27 June 2022

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 24 June 2022 an award was made under the Long-Term Incentive Plan ("LTIP")
to Richard Tainton as set out below:

 

 Name             Role             LTIP Award  Vesting Date  Total options following the Grant
 Richard Tainton  Country Manager  1,016,430   23 June 2025  2,498,703

 

The award is subject to a three-year performance period which runs from 24
June 2022 to 23 June 2025 (the "Performance Period").  The award is further
subject to claw back and malus provisions for an additional two years from
vesting.

The performance condition for the award is 50% of the award is subject to
absolute Total Shareholder Return ("TSR") and the remaining 50% of the 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

Stifel Nicolaus Europe Limited
 AIM Nominated Adviser and Joint Broker
 +44 (0) 20 7710 7600

 Callum Stewart

 Ashton Clanfield

 Simon Mensley

Peel Hunt LLP
 Joint Broker
 +44 (0) 20 7418 8900

 Richard Crichton

 Alexander Allen

FTI Consulting
 Communications Adviser

 Sara Powell
 +44 (0) 20 3727 1000

                  Ben Brewerton

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.

 Inside Information

 This announcement does not contain inside information.

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.

 

Inside Information

 

This announcement does not contain inside information.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  STRFRMATMTJTBMT