TIDMWEN

RNS Number : 7632Y

Wentworth Resources PLC

06 January 2020

PRESS RELEASE 6 January 2020

WENTWORTH RESOURCES PLC

("Wentworth" or the "Company")

Directorate Change and Long Term Incentive ("LTIP") Awards

Wentworth (AIM: WEN), the AIM listed independent, East Africa-focused natural gas company is pleased to announce the appointment of Katherine Roe as Chief Executive Officer on a permanent basis, having acted as Interim CEO and Chief Financial Officer since November 2019.

Katherine will retain oversight of the finance function supported by a strong team in both the UK and Tanzania, with continued full support from the Board.

Bob McBean, Chairman, commented:

"I am delighted Katherine is stepping up into the CEO role on a permanent basis. Her appointment ensures continuity as she and the Board seek to address the opportunities ahead for Wentworth. Katherine has all the skillsets and experience required to drive the business forward as we look to deliver the right growth opportunities for the Company and our shareholders. We look forward to a positive 2020."

On 3 January 2020, the Remuneration Committee of the Company, which consists solely of Non-Executive Directors, made an award under the Long Term Incentive Plan ("LTIP").

 
Name        Role              LTIP award  Vesting date    Total options 
                                                           following the 
                                                           grant 
Katherine   Chief Executive 
 Roe         Officer          2,485,621   2 January 2023  3,675,696 
            ----------------  ----------  --------------  --------------

The award is subject to a three-year performance period (the "Performance Period") and further subject to claw back and malus provisions.

The performance condition for the award is share price growth over the Performance Period, with 25% of the award vesting if the Company's share price at the end of the Performance Period has increased by an 8% compound annual growth rate, and 100% of the award vesting if the share price has increased by a 16% compound annual growth rate. Should the share price increase between 8% and 16%, awards will vest on a linear sliding scale between 25% and 100%.

   -      Ends - 
 
Enquiries:                         Katherine Roe,                             katherine.roe@wentplc.com 
 Wentworth                          Chief Executive Officer                    +44 (0)118 2065428 
 
 
                                     AIM Nominated Adviser and Joint Broker 
                                     Callum Stewart 
                                     Ashton Clanfield 
  Stifel Nicolaus Europe Limited     Simon Mensley                              +44 (0) 20 7710 7600 
 
                                   Joint Broker 
                                    Richard Crichton 
 Peel Hunt LLP                      James Bavister                             +44 (0) 20 7418 8900 
 
                                     Investor Relations Adviser 
                                     Patrick d'Ancona 
  Vigo                               Chris McMahon                              +44 (0) 20 7390 0230

About Wentworth Resources

Wentworth Resources is a publicly traded (AIM: WEN), independent oil & gas company with natural gas production, exploration and appraisal opportunities in the Rovuma Delta Basin of coastal southern Tanzania.

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"). On the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

-Ends-

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

DSHDELFBBFLXBBD

(END) Dow Jones Newswires

January 06, 2020 02:00 ET (07:00 GMT)

Wentworth Resources (LSE:WEN)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024 Haga Click aquí para más Gráficas Wentworth Resources.
Wentworth Resources (LSE:WEN)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024 Haga Click aquí para más Gráficas Wentworth Resources.