(Singapore, 21 April 2017)
The Board of Directors of BW LPG Limited (“BW LPG” or the “Company”) has approved a long-term management share option plan (“LTIP 2017”) aimed to align the interests of the senior management of the Company with those of the shareholders.
Under LTIP 2017, members of the senior management 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 2017 is 1,420,000 (approximately 1% 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. 284,000 options) will be awarded each year in connection with the publication of the quarterly report for Q4 for the preceding year, except for the current year in which the options were awarded on 21 April 2017. 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 strike price for the options awarded on 21 April 2017 is NOK 48.15.
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 2017. The total number of shares (if any) held by these primary insiders as set out below include deferred shares under the incentive scheme for the year 2015 (please see the Company’s stock exchange announcement of 4 January 2017):
Martin Ackermann
Options awarded: 142,000
Shares held (including the deferred shares): 151,611
Niels Rigault
Options awarded: 71,000
Shares held: 46,000
Elaine Ong
Options awarded: 49,700
Shares held (including the deferred shares): 5,630
Pontus Berg
Options awarded: 21,300
Shares held (including the deferred shares): 1,495
For further information, please contact:
Elaine Ong, CA
Chief Financial Officer
BW LPG Limited
Tel: +65 6705 5506
Email: elaine.ong@bwlpg.com
John Papaioannou, CFA
Senior Manager, Strategy & Investor Relations
BW LPG Limited
Tel: +65 6705 5514
Email: john.papaioannou@bwlpg.com
About BW LPG:
BW LPG is the world’s leading owner and operator of LPG vessels. BW LPG currently owns and operates 55 Very Large Gas Carriers (VLGC) and Large Gas Carriers (LGC) including two VLGC newbuildings with a total carrying capacity of 4.5 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.
BW LPG is associated with BW Group, one of the world’s leading shipping groups. BW Group is involved in oil and gas transportation, floating gas infrastructure, environmental technologies and deep-water production.
This information is subject to disclosure requirements pursuant to Sections 4-2 and 5-12 of the Norwegian Securities Trading Act.
