BW LPG Purchases Common Shares for the Management Share Option Plan
(Singapore, 28 February 2018)
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 second annual award of share options under the five-year long-term management share option plan ("LTIP 2017") which was launched on 21 April 2017. Details of the plan can be found in the following link.
The strike price for the options awarded shall be equal to the sum of (i) 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 2017 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.
Shares will be made available for the Management Share Option Plan through the purchase of common shares. BW LPG will purchase 284,000 common shares, representing 0.2% of the Company's issued share capital, at a price of up to US$1.52 million (approximately NOK 11.9 million, subject to foreign exchange rates).
The shares will be purchased from the open market as well as potentially through private offerings. The share buy-back programme will commence on 5 March 2018 and will continue until and including 9 March 2018.
The following primary insiders of the Company have been awarded the second annual tranche of share options under LTIP 2017. The total number of shares held by these primary insiders are as set out below:
Options awarded in 2018: 142,000
Options awarded in 2017: 142,000
Shares held: 201,611
Options awarded in 2018: 71,000
Options awarded in 2017: 71,000
Shares held: 46,000
Options awarded in 2018: 49,700
Options awarded in 2017: 49,700
Shares held: 10,630
Options awarded in 2018: 21,300
Options awarded in 2017: 21,300
Shares held: 6,495
For further information, please contact:
Elaine Ong, CPA, CA
Chief Financial Officer
BW LPG Limited
Tel: +65 6705 5506
Zhao Yi Yen, CFA, CAIA
Head of Investor Relations and Research
BW LPG Limited
Tel: +65 6705 5514
About BW LPG
BW LPG is the world's leading owner and operator of LPG vessels. BW LPG currently owns and operates 49 Very Large Gas Carriers (VLGC) and Large Gas Carriers (LGC). In addition, the Group has two VLGCs owned and operated by a joint venture two VLGC newbuildings. Total carrying capacity for the 53 vessels amounted to 4.3 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's fleet of over 160 vessels includes refined 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 Sections 4-2 and 5-12 of the Norwegian Securities Trading Act.