International Greetings PLC New Long Term Incentive Plan (5040D)
31 Março 2014 - 3:00AM
UK Regulatory
TIDMIGR
RNS Number : 5040D
International Greetings PLC
31 March 2014
31 March 2014
International Greetings Plc
('IG' or the 'Company')
New Long Term Incentive Plan
International Greetings plc today announces that it has
introduced a new Long Term Incentive Plan ("LTIP"). Under the LTIP
ordinary shares of 5 pence each ("Ordinary Shares") may be awarded
annually to Executive Board Directors, Managing Directors and other
selected Senior Management Team members of IG. The performance
criteria for Ordinary Shares to be issued under the LTIP is IG's
key target of cumulative average growth in fully diluted earnings
per share before exceptional items.
The performance period for the LTIP will be three years with the
first awards made in respect of the performance period being 1
April 2014 to 31 March 2017. The cost to employees of Ordinary
Shares issued under the LTIP, if the performance criterion is met,
will be nil. In principle the number of Ordinary Shares to be
granted to each employee under the LTIP will not in value be more
than 100 per cent. of the relevant employee's salary in any one
year based on the relevant share price at the time of grant,
although the rules allow an upper maximum of 150 per cent. Ordinary
Shares only vest to the degree that stretching performance
conditions are met. The maximum dilution under the LTIP is 15 per
cent. over a ten year period, excluding the award to Anthony
Lawrinson set out below and disregarding prior option schemes. The
Board retains the flexibility for the Employee Benefit Trust to buy
Ordinary Shares to mitigate future dilution.
The Company also today announces it intends to issue up to
1,400,000 Ordinary Shares under the LTIP to Anthony Lawrinson, the
Group's Chief Financial Officer. The Ordinary Shares are being
issued as part of Mr Lawrinson's remuneration package agreed at the
time of his appointment to the Board in October 2011. Vesting is
conditional upon and proportionate to the cumulative average growth
in fully diluted earnings per share before exceptional items over a
defined period from 1 April 2012 to 31 March 2015 with a CAGR of
20% required for the whole amount to vest and a minimum CAGR of
7.5% for any shares to vest. The cost to Mr Lawrinson of the
Ordinary Shares to be issued under the LTIP, if the performance
criterion is met, will be nil. Mr Lawrinson has no other options
over Ordinary Shares.
For further information, please contact:
International Greetings plc Tel: 01525 887310
Paul Fineman, Chief Executive
Anthony Lawrinson, Chief Financial Officer
Cenkos Securities plc Tel: 020 7397 8900
Bobbie Hilliam
Harry Pardoe
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCFMGZFVRGGDZM
Ig Design (LSE:IGR)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Ig Design (LSE:IGR)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024