TIDMWEN

RNS Number : 0335I

Wentworth Resources PLC

12 April 2022

PRESS RELEASE

12 April 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 announces, further to its 11 March 2022 announcement, that Katherine Roe, CEO, has been awarded an option over 3,014,590 shares under the Company's Long-Term Incentive Plan ("LTIP"). Following this award Katherine will have options over a total of 9,328,899 shares in Wentworth.

The award is subject to a three-year performance period, which runs from 12 April 2022 to 11 April 2025 (the "Performance Period") and the Vesting Date will be 12 April 2025. The award is also 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 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 
 
                                  AIM Nominated Adviser and 
                                  Joint Broker 
                                  Callum Stewart 
   Stifel Nicolaus Europe         Ashton Clanfield 
   Limited                        Simon Mensley                  +44 (0) 20 7710 7600 
 
 
                                  Joint Broker 
                                  Richard Crichton 
   Peel Hunt LLP                  Alexander Allen                +44 (0) 20 7418 8900 
 
                                  Communications Adviser 
                                  Sara Powell 
   FTI Consulting                 Ben Brewerton                  +44 (0) 20 3727 1000 
  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. 
 
 

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

 
1    Details of the person discharging managerial responsibilities / person closely associated 
a)   Name                                                           KATHERINE ROE 
---  ------------------------------------------------------------- 
2    Reason for the notification 
--- 
a)   Position/status                                                CHIEF EXECUTIVE 
---                                                                 -------------------------------------------------- 
b)   Initial notification/Amendment                                 INITIAL NOTIFICATION 
---                                                                 -------------------------------------------------- 
3    Details of the issuer, emission allowance market participant, auction platform, auctioneer 
      or auction monitor 
     ----------------------------------------------------------------------------------------------------------------- 
a)   Name                                                           WENTWORTH RESOURCES PLC 
---                                                                 -------------------------------------------------- 
b)   LEI                                                            213800L172PPXRPJZM82 
---                                                                 -------------------------------------------------- 
4    Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) 
      each type of transaction; (iii) each date; and (iv) each place where transactions have been 
      conducted 
     ----------------------------------------------------------------------------------------------------------------- 
a)   Description of the financial instrument, type of instrument    CONDITIONAL RIGHTS OVER ORDINARY SHARES 
---                                                                 -------------------------------------------------- 
     Identification code                                            JE00BGT34J81 
---                                                                 -------------------------------------------------- 
b)   Nature of the transaction                                      GRANT OF CONDITIONAL RIGHTS OVER ORDINARY SHARES 
---  ------------------------------------------------------------- 
c)   Price(s) and volumes(s)                                                Price(s)                 Volume(s) 
---  ------------------------------------------------------------- 
                                                                            GBP0.217                 3,014,590 
 -----------------------------------------------------------------  ------------------------ 
d)   Aggregated information 
---                                                                 -------------------------------------------------- 
 Aggregated volume                                                  3,014,590 
                                                                    -------------------------------------------------- 
 Price                                                              GBP0.217 
                                                                    -------------------------------------------------- 
e)   Date of the transaction                                        12 April 2022 
---                                                                 -------------------------------------------------- 
f)   Place of the transaction                                       XOFF 
---                                                                 -------------------------------------------------- 
 

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") (as in force in the UK and as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019). 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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END

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April 12, 2022 02:01 ET (06:01 GMT)

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