FAROE Petroleum chief executive Graham Stewart is quitting the company with two fellow executive directors after DNO’s success in a bitter battle for control of the firm, which triggered the vesting of options awards held by the men worth around £18.6 million.
Norway’s DNO acquired a controlling interest in Aberdeen-based Faroe on Wednesday after increasing its offer to 160p per share from 152p. The increased offer valued North Sea-focused Faroe at £640m. Directors had insisted that DNO was trying to buy the firm on the cheap.
Faroe announced yesterday that Mr Stewart, chief financial officer Jonathan Cooper and chief operating officer Helge Hammer had given three months’ notice of termination of their employment with the company. The men intend to stay on until new replacement executive directors are appointed, to ensure an orderly transition, but will leave by the end of their three-month notice periods.
Faroe also announced that the takeover of the firm had triggered change of control provisions attaching to options held by the directors, with a total of 11.6 million nil cost awards vesting. The shares acquired by Mr Stewart as a result were worth around £8.5m based on the 160p offer price. The awards vesting in favour of Mr Cooper and Mr Hammer were worth £4.8m and £5.2m respectively.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules here