Harbour Energy PLC — Remuneration Information 2020

Jun 30, 2020

National Storage Mechanism | Additional information

RNS Number : 6075R

Premier Oil PLC

30 June 2020

Premier Oil plc

(the 'Company' or 'Premier')

Grant of Deferred Bonus Awards in

relation to the year ended 31 December 2019

As set out in the Company's Annual Report for the year ended 31 December 2019, annual bonuses in relation to 2019 performance were approved by the Remuneration Committee in March 2020 and, in line with the Company's Remuneration Policy, an element of the annual bonus is deferred into shares for three years for Executive Directors and other key employees. However, due to the uncertain outlook caused by COVID-19 and the fall in the Company's share price at that time, the Remuneration Committee took the decision to delay the grant of the Deferred Bonus Awards (the "Awards") from its normal timetable following the publication of its Full Year Results, until a more appropriate time.

Following a recovery in commodity markets over recent weeks, reflected in the recovery in the share price, and the approval of the Company's Remuneration Report at the Company's AGM on 25 June 2020, the Remuneration Committee concluded that it is now appropriate to make the Awards to all eligible employees in accordance with the Company's Remuneration Policy. 

The Awards have been granted in the form of contingent share awards over ordinary shares in the Company and will normally vest three years from the date of award. In line with corporate governance best practice the Committee will also take into account corporate performance and the shareholder experience with regard to the vesting of these Awards.

As a result of the above, Awards were granted to the Executive Directors named below in relation to 2019 annual bonuses above 50% of salary. The Awards were calculated by reference to the average of the mid-market closing prices over the five dealing days preceding the date of award, being £0.51184.

Director	Shares awarded	Award price	Date of award
Tony Durrant	311,269	£0.51184	25 June 2020
Richard Rose	193,517	£0.51184	25 June 2020

Rachel Rickard

Premier Oil plc

+44 (0)20 7824 1067

The information set out below is provided in accordance with the requirements of Article 19(3) of MAR.

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Tony Durrant

2

Reason for the notification

a)

Position/status

Chief Executive Officer

b)

Initial notification/Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Premier Oil plc

b)

LEI

213800YPC42DYBKVPF97

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

Identification code

Ordinary shares of 12.5 pence each

GB00B43G0577

b)

Nature of the transaction

Grant of Deferred Bonus Awards.

c)

Price(s) and volume(s)

Price(s)	Volume(s)
£0.00	311,269

d)

Aggregated information

-	Aggregated volume
-	Price

311,269

£0.00

e)

Date of the transaction

2020-06-25

f)

Place of the transaction

Outside a trading venue

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Richard Rose

2

Reason for the notification

a)

Position/status

Finance Director

b)

Initial notification/Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Premier Oil plc

b)

LEI

213800YPC42DYBKVPF97

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

Identification code

Ordinary shares of 12.5 pence each

GB00B43G0577

b)

Nature of the transaction

Grant of Deferred Bonus Awards.

c)

Price(s) and volume(s)

Price(s)	Volume(s)
£0.00	193,517

d)

Aggregated information

-	Aggregated volume
-	Price

193,517

£0.00

e)

Date of the transaction

2020-06-25

f)

Place of the transaction

Outside a trading venue

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