EnQuest PLC (the “Company”)
23 April 2014
Notification of Transactions by
Persons Discharging Management Responsibility (‘PDMRs’).
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"), the EnQuest Restricted Share Plan (“RSP”) and the EnQuest Deferred Bonus Share Plan ("DBSP") on 22 April 2014.
Awards granted to Directors and PDMRs on 22 April 2014 under the PSP, RSP and DBSP were as follows:-
|Director/PDMR||PSP Award 22 April 2014||Total number of shares held under the PSP following the Award||RSP Award 22 April 2014||Total number of shares held under the RSP following the Award||DBSP Award 22 April 2014||Total number of shares held under the DBSP following the Award|
On 22 April 2014, 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 (22 April 2017), subject to the achievement of performance targets over three financial years (2014 to 2016) and continued employment with the EnQuest Group, each being exercisable up to the tenth anniversary of the date of grant.
On 22 April 2014, the RSP Awards granted to Directors and PDMRs were made in the form of nil-cost options (as permitted under the rules of the RSP) and will vest 25%, 25% and 50% on the second, third and fourth anniversary of the date of grant (22 April 2016, 2017 and 2018), subject to continued employment with the EnQuest Group, 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 part of their 2013 performance pay in the DBSP. On 22 April 2014, 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 their continuing employment with the EnQuest Group. If participants and their connected persons hold Shares outside the PSP, RSP and DBSP (or any other Company share incentive scheme), separate announcements are made under the Disclosure and Transparency Rules as required.
Contact for enquiries:
General Counsel and Company Secretary
020 7925 4900