(Singapore, 28 February 2019)
The Board of Directors of BW LPG Limited (“BW LPG” or the “Company”) has approved the award of share options to the senior management of BW LPG. This is the third annual award of share options under the five-year long-term management share option plan (“LTIP 2017”) which was launched on 21 April 2017. LTIP 2017 is aimed at aligning the interests of the senior management of the Company with those of the shareholders. Details of the plan can be found in the following link: https://www.bwlpg.com/media/press-release/management-share-option-plan-mandatory-notification/.
In February 2019, the Board has expanded the “LTIP 2017” to include a broader group of the Company’s management team into the scheme and simultaneously increased the total number of options that will be awarded under LTIP 2017 to align the scheme with market terms and conditions.
The total number of options that will be awarded under LTIP 2017 has been increased from 0.2% to 0.4% annually of the total number of shares in issue, from 284,000 to 568,000 options. The options will be awarded in connection with the publication of the Q4 report for the preceding year.
The strike price for the options awarded shall be equal to the sum of:
- the volume weighted average share price quoted on the Oslo Stock Exchange over the next five trading days following today’s release of BW LPG’s Q4 2018 report (VWAP), and
- 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 Company will purchase 568,000 common shares, representing 0.4% of the total number of shares in issue, at a price of up to US$2.5 million. The shares will be purchased from the open market, commencing on 5 March 2019 and will continue until and including 11 March 2019.
The following primary insiders of the Company have been awarded the third annual tranche of share options under LTIP 2017. The total number of shares (if any) held by these primary insiders are as set out below:
Martin Ackermann, Chief Executive Officer
Options awarded in 2019: 232,880
Options awarded in 2018: 142,000
Options awarded in 2017: 142,000
Shares held: 231,611
Elaine Ong, Chief Financial Officer
Options awarded in 2019: 85,200
Options awarded in 2018: 49,700
Options awarded in 2017: 49,700
Shares held: 10,630
Niels Rigault, Executive Vice President, Commercial
Options awarded in 2019: 113,600
Options awarded in 2018: 71,000
Options awarded in 2017: 71,000
Shares held: 96,000
Pontus Berg, Executive Vice President, Technical and Operations
Options awarded in 2019: 51,120
Options awarded in 2018: 21,300
Options awarded in 2017: 21,300
Shares held: 6,495
Jo Moffat, Vice President, Product Services
Options awarded in 2019: 39,760
Shares held: 0
Prodyut Banerjee, Vice President, Operations
Options awarded in 2019: 22,720
Shares held: 0
Knut-Helge Knutsen, Vice President, Technical
Options awarded in 2019: 22,720
Shares held: 0
For further information, please contact:
Elaine Ong, CPA, CA
Chief Financial Officer
BW LPG Limited
Tel: +65 6705 5506
E-mail: elaine.ong@bwlpg.com
Iver Baatvik
Head of Investor Relations
BW LPG Limited
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) and Large Gas Carriers (LGC) with a total carrying capacity of over 4 million cbm. With four 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, one of the world’s leading shipping groups. BW’s controlled fleet of over 300 ships includes oil tankers, LNG and LPG carriers, floating storage and regasification (FSRU) units, chemical tankers, dry cargo carriers and floating production storage and offloading (FPSO) units.
This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
