28 Sep 2007
LTIP Allotment
The Board of Sterling Energy plc reports implementation of the Long Term Incentive Plan ("LTIP") as approved by shareholders on 24th July 2007.
In accordance with the approved LTIP, on 27th September 2007 the Company have agreed to grant nominal cost options to the Directors to acquire ordinary shares ("Shares") (the 'A' Options) and at the same time, will grant nominal cost options to acquire Shares to the trustees of the Sterling Energy Plc Employee Benefit Trust (the "EBT") (the 'B' Options). The trustees of the EBT have indicated their agreement to make awards to the directors of reversionary interests, which will initially be represented by the B Options.
Subject to the trustees exercising their discretion the combined awards under the A and B Options will be as follows:
Dick Stabbins
Non-Executive Chairman | £100,000 | 851,000 |
Harry Wilson
Chief Executive | £692,000 | 5,889,000 |
Graeme Thomson
Finance Director | £506,000 | 4,306,000 |
Paul Griggs
Commercial Director | £384,000 | 3,268,000 |
Andrew Grosse
Exploration and Technical Director | £404,000 | 3,438,000 |
Peter Wilde
Non-Executive Director | £63,000 | 536,000 |
Chris Callaway
Non-Executive Director | £63,000 | 536,000 |
Also on 27th September 2007 the Company agreed to award nominal cost options to acquire Shares to other employees under the approved LTIP as set out below.
| Awards to other staff | £3,049,992 | 25,928,000 |
The actual number of shares that will be finally awarded out of the maximum numbers stated above under the LTIP, or alternative cash settlement at the Company's option, will depend upon the achievement of performance criteria measured over a vesting period of three years for each award. For this purpose the original share price to be used in the calculation was the closing market price on 27 September 2007, being 11.75p.
