(Singapore, 1 March 2022)
The Board of Directors of BW LPG Limited (“BW LPG”, the “Company”, OSE ticker code: “BWLPG.OL”) has approved a new long-term management share option plan (“LTIP 2022”) aimed to align the interests of senior management and key employees of the Company with those of the shareholders.
Under LTIP 2022, members of the senior management and key employees of BW LPG will, on an annual basis for a period of five years, be awarded share options. The total number of options that will be awarded under LTIP 2022 is 3,548,500 (equivalent to 2.5% of the total number of shares in issue), where each option will give the holder the right to acquire one BW LPG share from the Company.
One-fifth of the options (i.e. 709,700 options) will be awarded each year in connection with the publication of the quarterly report for Q4 of the preceding year. The strike price for the options shall be equal to the sum of (i) the volume weighted average share price quoted on the Oslo Stock Exchange the first five trading days following the announcement of such quarterly report (VWAP), and (ii) 16% of the VWAP.
The options will have a vesting period of three years from being awarded, and may then be exercised in a period of three additional years. The options are non-tradable and conditional upon the option holder being employed by the Company or its subsidiaries and not having resigned or being terminated for cause prior to the vesting date.
The following primary insiders of the Company have been awarded options under LTIP 2022, as further described in the attached forms. The total number of options and shares (if any) held by these primary insiders are as set out below:
Anders Onarheim, Chief Executive Officer
Outstanding options granted under LTIP 2017: 419,120
Options granted in 2022 under LTIP 2022: 220,005
Total options held: 639,125
Shares held: 50,000
Elaine Ong, Chief Financial Officer
Outstanding options granted under LTIP 2017: 255,600
Options granted in 2022 under LTIP 2022: 85,164
Total options held: 340,764
Shares held: 0
Niels Rigault, Executive Vice President, Commercial
Outstanding options granted under LTIP 2017: 411,800
Options granted in 2022 under LTIP 2022: 120,647
Total options held: 532,447
Shares held: 0
Pontus Berg, Executive Vice President, Technical and Operations
Outstanding options granted under LTIP 2017: 153,360
Options granted in 2022 under LTIP 2022: 85,164
Total options held: 238,524
Shares held: 0
For further information, please contact:
Elaine Ong, CPA, CA
Chief Financial Officer
Tel: +65 6705 5506
E-mail: elaine.ong@bwlpg.com
Iver Baatvik
Head of Corporate Development and Investor Relations
Tel: +65 6705 5519
E-mail: iver.baatvik@bwlpg.com
About BW LPG
BW LPG is the world’s leading owner and operator of LPG vessels, owning and operating Very Large Gas Carriers (VLGC) with a total carrying capacity of over 3 million CBM. With five decades of operating experience in LPG shipping and experienced seafarers and staff, BW LPG offers a flexible and reliable service to customers. More information about BW LPG can be found at www.bwlpg.com.
BW LPG is associated with BW Group, a leading global maritime company involved in shipping, floating infrastructure, deepwater oil & gas production, and new sustainable technologies. Founded in 1955 by Sir YK Pao, BW controls a fleet of over 490 vessels transporting oil, gas and dry commodities, with its 200 LNG and LPG ships constituting the largest gas fleet in the world. In the renewables space, the group has investments in solar, wind, batteries, biofuels and water treatment.
This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act and article 19 of the EU Market Abuse Regulation.
