Director/PDMR Shareholding
27 Agosto 2009 - 11:11AM
UK Regulatory
TIDMVPC TIDMCNA
RNS Number : 1473Y
Venture Production plc
27 August 2009
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR
FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF SUCH JURISDICTION.
27 August 2009
Venture Production plc (the Company or Venture)
Venture notes the offer by Centrica Resources (UK) Limited ('Centrica') ('the
Centrica Offer') declared wholly unconditional and Director/PDMR Shareholdings
and Disclosure
On 25 August 2009, the Board of the Company announced that it recommends that
shareholders accept the Centrica Offer once it is declared wholly unconditional
('Recommendation Announcement'). The Board of the Company notes the announcement
made by Centrica today declaring the Centrica Offer wholly unconditional,
consequently shareholders are recommended to accept the Centrica Offer as the
Directors intend to do in respect of their own beneficial holdings amounting to
9.89% of the issued share capital of the Company.
A change of control impacts the Company's incentive schemes. On a change of
control, under the Company's Long Term Incentive Plan 2008 and the Long Term
Incentive Plan 2006, the Remuneration Committee of the Company is required to
exercise its discretion to determine the number of shares, if any, which may be
released in relation to awards provisionally made to participants in those
schemes (including Executive Directors and PDMRs). As the change of control of
the Company has become effective, the Remuneration Committee of the Company has
exercised its discretion and made a determination as disclosed below and/or the
rules of the Company's incentive schemes provide what is due to the Directors
and certain PDMRs (in addition to other participants in those schemes).
The Additional Information section of the circular sent to shareholders
rejecting the Centrica Offer dated 24 July 2009 ('Defence Circular') sets out
the interests in Venture's securities held by the Directors including the
conditional share awards over ordinary shares of 0.4 pence each in the capital
of the Company (each an Ordinary Share). The information in the Defence Circular
was updated in the circular sent to shareholders providing an independent
valuation dated 4 August 2009 ('Valuation Circular') and also in the
Recommendation Announcement. The information set out below supersedes the
information set out in the Defence Circular, Valuation Circular and the
Recommendation Announcement.
Long Term Incentive Plan 2008 (2008 LTIP)
The Remuneration Committee has resolved to recommend to the trustee of the
Company's Employee Benefit Trust that 20.83% of the provisional awards made at
"stretch" level be released and accordingly the Ordinary Shares will be released
to the Directors and PDMRs as detailed below subject to the change of control of
the Company becoming effective. The number of Ordinary Shares shown is the gross
number prior to sale of sufficient Ordinary Shares to meet tax and national
insurance liabilities.
+------------------------------------+------------------------------------+
| Director | Ordinary Shares to be released |
| | |
+------------------------------------+------------------------------------+
| Mike Wagstaff | 145,810 |
| | |
+------------------------------------+------------------------------------+
| Jonathan Roger | 104,149 |
| | |
+------------------------------------+------------------------------------+
| Rod Begbie | 104,150 |
| | |
+------------------------------------+------------------------------------+
| Peter Turner | 104,150 |
| | |
+------------------------------------+------------------------------------+
| PDMRs | Ordinary Shares to be released |
| | |
+------------------------------------+------------------------------------+
| Chris Bird | 52,075 |
| | |
+------------------------------------+------------------------------------+
| Craig McCallum | 52,075 |
| | |
+------------------------------------+------------------------------------+
| Iain Bartholomew | 52,075 |
| | |
+------------------------------------+------------------------------------+
| Paul de Leeuw | 52,075 |
| | |
+------------------------------------+------------------------------------+
Long Term Incentive Plan 2006 (2006 LTIP)
The Remuneration Committee has resolved to recommend to the trustee of the
Company's Employee Benefit Trust that 14.71% of the provisional awards at
"target" level be released and accordingly the Ordinary Shares will be released
to the Directors and PDMRs as detailed below. The number of Ordinary Shares
shown is the gross number prior to sale of sufficient Ordinary Shares to meet
tax and national insurance liabilities.
+------------------------------------+------------------------------------+
| Director | Ordinary Shares to be released |
| | |
+------------------------------------+------------------------------------+
| Mike Wagstaff | 11,370 |
| | |
+------------------------------------+------------------------------------+
| Jonathan Roger | 4,458 |
| | |
+------------------------------------+------------------------------------+
| Rod Begbie | 4,966 |
| | |
+------------------------------------+------------------------------------+
| PDMRs | Ordinary Shares to be released |
| | |
+------------------------------------+------------------------------------+
| Chris Bird | 3,284 |
| | |
+------------------------------------+------------------------------------+
| Craig McCallum | 2,653 |
| | |
+------------------------------------+------------------------------------+
Annual Deferred Share Bonus Plan (ADSBP) and Employee Annual Bonus Plan for 2007
and 2008 (EABP)
Deferred Ordinary Share awards accruing to participants under the ADSBP and EABP
(as disclosed in respect of the Directors in the Defence Circular) are
substituted for a cash entitlement. The cash entitlement is calculated as the
number of such deferred Ordinary Shares multiplied by the average mid-market
price (as shown in the Daily Official List of the London Stock Exchange plc) for
the five consecutive dealing days ending on the date of the change of control.
Directors and PDMRs interests in Ordinary Shares
Subject to the release to Directors and PDMRs of Ordinary Shares under the 2008
LTIP and the 2006 LTIP (but not including the cash entitlements under the ADSBP
and the EABP) the interests of such Directors and PDMRs in Ordinary Shares will
be as set out below. The number of Ordinary Shares shown in the name of IFG
Trust (Jersey) Limited is the gross number prior to sale of sufficient Ordinary
Shares to meet tax and national insurance liabilities on release of Ordinary
Shares in respect of the 2008 LTIP and the 2006 LTIP.
+---------------+---------------+---------------+---------------+---------------+
| Director/PDMR | Registered | Holding | Total holding | Total |
| | Holder | | | % |
| | | | | |
+---------------+---------------+---------------+---------------+---------------+
| Mike Wagstaff | Share | 9,317 | | |
| | Nominees | | | |
| | Limited | | | |
| | | | | |
+---------------+---------------+---------------+---------------+---------------+
| | Pershing Keen | 1,860,846 | | |
| | Nominees | | | |
| | | | | |
+---------------+---------------+---------------+---------------+---------------+
| | M J Wagstaff | 630,825 | | |
| | | | | |
+---------------+---------------+---------------+---------------+---------------+
| | IFG Trust | 157,180 | 2,658,168 | 1.774 |
| | (Jersey) | | | |
| | Limited | | | |
+---------------+---------------+---------------+---------------+---------------+
| | | | | |
+---------------+---------------+---------------+---------------+---------------+
| Jonathan | Share | 8,003 | | |
| Roger | Nominees | | | |
| | Limited | | | |
| | | | | |
+---------------+---------------+---------------+---------------+---------------+
| | L R Nominees | 103,421 | | |
| | Ltd (J Roger) | | | |
| | | | | |
+---------------+---------------+---------------+---------------+---------------+
| | L R Nominees | 35,000 | | |
| | Ltd (SC Roger | | | |
| | - Spouse) | | | |
| | | | | |
+---------------+---------------+---------------+---------------+---------------+
| | Pershing Keen | 11,761 | | |
| | Nominees | | | |
| | | | | |
+---------------+---------------+---------------+---------------+---------------+
| | IFG Trust | 108,607 | 266,792 | 0.178 |
| | (Jersey) | | | |
| | Limited | | | |
+---------------+---------------+---------------+---------------+---------------+
| | | | | |
+---------------+---------------+---------------+---------------+---------------+
| Rod Begbie | Share | 9,317 | | |
| | Nominees | | | |
| | Limited | | | |
| | | | | |
+---------------+---------------+---------------+---------------+---------------+
| | Pershing Keen | 353,538 | | |
| | Nominees | | | |
| | | | | |
+---------------+---------------+---------------+---------------+---------------+
| | TD Waterhouse | 37,488 | | |
| | Nominees | | | |
| | | | | |
+---------------+---------------+---------------+---------------+---------------+
| | IFG Trust | 109,116 | 509,459 | 0.340 |
| | (Jersey) | | | |
| | Limited | | | |
+---------------+---------------+---------------+---------------+---------------+
| | | | | |
+---------------+---------------+---------------+---------------+---------------+
| Peter Turner | Share | 1,200 | | |
| | Nominees | | | |
| | Limited | | | |
| | | | | |
+---------------+---------------+---------------+---------------+---------------+
| | IFG Trust | 104,150 | 105,350 | 0.070 |
| | (Jersey) | | | |
| | Limited | | | |
+---------------+---------------+---------------+---------------+---------------+
| | | | | |
+---------------+---------------+---------------+---------------+---------------+
| Chris Bird | Share | 4,564 | | |
| | Nominees | | | |
| | Limited | | | |
| | | | | |
+---------------+---------------+---------------+---------------+---------------+
| | C Bird | 130,770 | | |
| | | | | |
+---------------+---------------+---------------+---------------+---------------+
| | IFG Trust | 55,359 | 190,693 | 0.127 |
| | (Jersey) | | | |
| | Limited | | | |
+---------------+---------------+---------------+---------------+---------------+
| | | | | |
+---------------+---------------+---------------+---------------+---------------+
| Craig | Share | 2,989 | | |
| McCallum | Nominees | | | |
| | Limited | | | |
| | | | | |
+---------------+---------------+---------------+---------------+---------------+
| | C McCallum | 7,294 | | |
| | | | | |
+---------------+---------------+---------------+---------------+---------------+
| | IFG Trust | 54,728 | 65,011 | 0.043 |
| | (Jersey) | | | |
| | Limited | | | |
+---------------+---------------+---------------+---------------+---------------+
| | | | | |
+---------------+---------------+---------------+---------------+---------------+
| Iain | Share | 1,239 | | |
| Bartholomew | Nominees | | | |
| | Limited | | | |
| | | | | |
+---------------+---------------+---------------+---------------+---------------+
| | IFG Trust | 52,075 | 53,314 | 0.035 |
| | (Jersey) | | | |
| | Limited | | | |
+---------------+---------------+---------------+---------------+---------------+
| | | | | |
+---------------+---------------+---------------+---------------+---------------+
| Paul de Leeuw | Share | 789 | | |
| | Nominees | | | |
| | Limited | | | |
| | | | | |
+---------------+---------------+---------------+---------------+---------------+
| | IFG Trust | 52,075 | 52,864 | 0.035 |
| | (Jersey) | | | |
| | Limited | | | |
+---------------+---------------+---------------+---------------+---------------+
A copy of this announcement is available to view on Venture's website at
www.venture-production.com.
Enquiries:
+-----------------------------------------------+--------------------------+
| Venture Production plc | Telephone: |
| Mike Wagstaff, Chief Executive | +44 (0) 1224 619000 |
| | |
+-----------------------------------------------+--------------------------+
| Brunswick | Telephone: |
| Patrick Handley | +44 (0) 207 404 5959 |
+-----------------------------------------------+--------------------------+
The Directors of Venture accept responsibility for the information contained in
this announcement. To the best of the knowledge and belief of the Directors, who
have taken all reasonable care to ensure such is the case, the information
contained in this announcement is in accordance with the facts and does not omit
anything likely to affect the import of such information.
N M Rothschild & Sons Limited, which is authorised and regulated by the
Financial Services Authority in the United Kingdom, is acting as financial
adviser to Venture and no one else in connection with the offer and will not be
responsible to anyone other than Venture for providing the protections afforded
to clients of Rothschild or for providing advice in relation to the contents of
this announcement.
Lambert Energy Advisory Limited, which is authorised and regulated by the
Financial Services Authority in the United Kingdom, is acting as financial
adviser to Venture and no one else in connection with the offer and will not be
responsible to anyone other than Venture for providing the protections afforded
to clients of Lambert Energy Advisory Limited or for providing advice in
relation to the contents of this announcement.
UBS Investment Bank, is acting as financial adviser and broker to Venture and no
one else in connection with the matters set out in this announcement and will
not be responsible to anyone other than Venture for providing the protections
afforded to clients of UBS Investment Bank or for providing advice in relation
to the contents of this announcement.
Oriel Securities Limited, which is authorised and regulated by the Financial
Services Authority in the United Kingdom, is acting as financial adviser and
broker to Venture and no one else in connection with the matters set out in this
announcement and will not be responsible to anyone other than Venture for
providing the protections afforded to clients of Oriel Securities Limited or for
providing advice in relation to the contents of this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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