Notification of Transactions by Persons Discharging Management Responsibility (‘PDMRs’).
EnQuest PLC (the “Company”)
20 April 2011
Pursuant to the Company’s obligations under Disclosure and Transparency Rule 3.1.4, the Company hereby notifies that the Company’s Remuneration Committee granted the following awards to Directors and PDMRs of Ordinary Shares of £0.05 each in the Company (the “Shares”) under the EnQuest Performance Share Plan ("PSP") and the EnQuest Deferred Bonus Share Plan ("DBSP") on 19 April 2011.
Awards granted to Directors and PDMRs on 19 April 2011 under the PSP and DBSP were as follows:-
|Director/PDMR||PSP Award 19 April 2011||Total number of shares held under the PSP following the Award||DBSP Award 19 April 2011||Total number of shares held under the DBSP following the Award|
On 19 April 2011, the PSP Awards granted to Directors and PDMRs were made in the form of nil-cost options (as permitted under the rules of the PSP) and will vest 100% on the third anniversary of the date of grant (19 April 2014), subject to the achievement of performance targets and continued employment with the EnQuest Group, each being exercisable up to the tenth anniversary of the date of grant.
In addition, Company employees (below Executive Director level) were invited under the rules of the DBSP to invest 25% of gross 2010 performance pay in the DBSP. On 19 April 2011, Matching Awards were granted over an equal number of shares that were acquired by the DBSP participants. Shares awarded under the DBSP vest on the first, second and third anniversaries of the date of grant in tranches of 1/3rd respectively, subject to each of their continuing employment with the EnQuest group. If participants and their connected persons hold Shares outside the PSP andDBSP (or any other Company share incentive scheme), separate announcements are made under the Disclosure and Transparency Rules as required.
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