(Singapore, 26 May 2020)
Reference is made to the stock exchange announcement by BW LPG Limited (“BW LPG” or the “Company”) on 28 February 2020 regarding the fourth annual award of share options to the senior management of BW LPG under the five-year long-term management share option plan (“LTIP 2017”).
The Board has decided to award Mr. Anders Onarheim, as the new permanent CEO of the Company, 186,304 options under the LTIP 2017. Hence, the total number of options that will be awarded under the LTIP 2017 in 2020 is 521,424 options.
The options will be awarded in connection with the publication of the quarterly report for Q1 2020 and the strike price shall be equal to the sum of:
(i) the volume weighted average share price quoted on the Oslo Stock Exchange over the first trading day (VWAP) following the release of BW LPG’s Q1 2020 report on 26 May 2020, and
(ii) 16% of the VWAP.
In this connection, the Company will purchase 186,304 common shares, representing 0.13% of the total number of shares in issue, at a price of up to US$0.93 million. The shares will be purchased from the open market, commencing on 2 Jun 2020 and will continue until and including 5 Jun 2020.
The total number of options and shares held by Mr. Anders Onarheim is as set out below:
Anders Onarheim, Chief Executive Officer
Options awarded in 2020: 186,304
Shares held: 30,000
For further information, please contact:
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, one of the world’s leading shipping groups. BW Group controls a fleet of over 360 ships which includes product tankers, LNG and LPG carriers, floating storage and regasification (FSRU) units, dry cargo carriers, crude oil supertankers and floating production storage and offloading (FPSO) units.