REG - Wentworth Resources - Long Term Incentive ("LTIP") Awards

Wentworth ResourcesAnnouncement

18/12/2020 07:00

RNS Number : 0927J
  
Wentworth Resources PLC
  
18 December 2020
  
 

PRESS RELEASE                                                                                                                           18 December 2020
 
WENTWORTH RESOURCES PLC

("Wentworth" or the "Company")
Long Term Incentive ("LTIP") Awards
Wentworth Resources (AIM: WEN), the independent, Tanzania-focused natural gas production company, is pleased to make the following announcement.
 
On 17 December 2020 an award under the Long-Term Incentive Plan ("LTIP") was made to Katherine Roe as set out below. 




Name


Role


LTIP award


Vesting date


Total options following the grant




Katherine Roe


Chief Executive Officer


942,593


31 July 2023


4,618,289




 
The awards are subject to a three-year performance period which runs from 1 August 2020 to 31 July 2023 (the "Performance Period"). The awards are further subject to claw back and malus provisions.
The performance condition for the award is share price growth over the Performance Period, with 25% of the award vesting if the Company's share price at the end of the Performance Period has increased by an 8% compounded annual growth rate, and 100% of the award vesting if the share price has increased by a 16% compound annual growth rate. Should the share price increase between 8% and 16%, awards will vest on a linear sliding scale between 25% and 100%.
 
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Enquiries: 


Wentworth


 
 
Katherine Roe,

Chief Executive Officer

 


 
 
katherine.roe@wentplc.com

+44 (0) 7841 087 230

 




Stifel Nicolaus Europe Limited


AIM Nominated Adviser & Joint Broker 

Callum Stewart

Ashton Clanfield

Simon Mensley


 +44 (0) 20 7710 7600




 

Peel Hunt LLP


 

Joint Broker 

Richard Crichton

Alexander Allen


 

+44 (0) 20 7418 8900




 

FTI


 

Communications Adviser 

Sara Powell                               
Ben Brewerton


 

+44 (0) 20 3727 1000




 


 


 




About Wentworth Resources
Wentworth Resources plc (AIM-listed: 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.
The power demand base in-country is growing and with an ambitious universal energy access target set by the Government for 2030, Wentworth has a vital role to play in increasing access by ensuring a reliable, affordable and growing supply of natural gas into the local market.
 In 2019, Wentworth launched its dividend policy and remains committed to responsible growth that maintains returns for shareholders.
Inside Information
The information contained within this announcement is deemed by Wentworth to constitute inside information as stipulated under the Market Abuse Regulation (EU) no. 596/2014 ("MAR"). On the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.
 
 

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