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Faroe Petroleum plc : - Director/PDMR Shareholding

01/05/2013 | 01:30am US/Eastern
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03 January 2013

Faroe Petroleum plc

("Faroe Petroleum" or the "Company")

Notification of Directors' Interests and conditional award of shares

Graham Stewart (Chief Executive), Iain Lanaghan (Finance Director) and Helge Hammer (Chief Operating Officer), have notified the Company that on 3 January 2013 they acquired the following ordinary shares of 10p each in the Company ('Partnership Shares') and have been awarded the following conditional shares ('Matching Shares') under the Faroe Petroleum Share Investment Plan (the "SIP") at a price of £1.365 each:


Partnership Shares (no.)

Purchase price   

Matching Shares (no.)

Purchase price  

Graham Stewart

272

£1.365

544

£1.365

Iain Lanaghan

272

£1.365

544

£1.365

Helge Hammer

275

£1.365

550

£1.365






The SIP is open to all employees on the same terms where, for every share purchased by an employee the Company will match it with two matching shares.  The matching shares are released at the end of a three year holding period (subject to the SIP rules) and the maximum amount that may be invested in Partnership Shares in any tax year is £1,500 per employee. Graham Stewart, Iain Lanaghan and Helge Hammer have committed to invest the maximum of £375/quarter (noting that Mr Hammer, being resident in Norway, has committed to the SIP in Norwegian Krona and as such the Sterling investment varies slightly from quarter to quarter).

At present market purchase shares are being used to satisfy the matching shares.

Following this transaction Graham Stewart, Iain Lanaghan and Helge Hammer hold the following ordinary shares of 10 pence each in the Company, together with options over the same (including  matching shares) exercisable at various prices up to 186.25 pence, as follows:

Name

No of Ordinary Shares

of 10p each

No. of options over

ordinary shares of 10p each




Graham Stewart

279,312

6,532,482

Iain Lanaghan

115,316

2,501,730

Helge Hammer

185,518

3,415,865

Graham Stewart also holds an option to acquire 84,547 ordinary shares under a Long Term Incentive Plan exercisable at the nominal price of 10 pence per share.

- Ends -

For further information please contact:

Faroe Petroleum plc

Graham Stewart

Tel: +44 1224 650 920

Panmure Gordon (UK) Limited

Katherine Roe/Callum Stewart

Tel: + 4420 7886 2500

Oriel Securities Limited

Michael Shaw/ Ashton Clanfield

Tel: +44 20 7710 7600

FTI Consulting

Billy Clegg/Edward Westropp

Tel: +44 20 7831 3113


This information is provided by RNS
The company news service from the London Stock Exchange

RNS news service provided by Hemscott Group Limited.

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