Wentworth Resources PLC Long Term Incentive Plan Awards (3518Q)
27 Juin 2022 - 5:32PM
UK Regulatory
TIDMWEN
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
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.
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END
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