Victoria PLC Long Term Management Incentive Plan (1429R)
26 Junho 2020 - 3:00AM
UK Regulatory
TIDMVCP
RNS Number : 1429R
Victoria PLC
26 June 2020
For Immediate Release 26 June 2020
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Victoria PLC
('Victoria' or the 'Group')
Long Term Management Incentive Plan
Victoria PLC (LSE: VCP) the international designers,
manufacturers and distributors of innovative flooring, is pleased
to announce a new long-term management incentive plan ("LTIP" or
"Plan") in order to enable the Board to continue to incentivise
senior management in a manner that is closely aligned with the
interests of Victoria's shareholders.
When considering possible incentive plan structures, the Board
focussed on achieving three key objectives:
1. Motivating and rewarding the managing directors of each group
business for medium-to-long term performance that creates wealth
for shareholders.
2. Retention. Victoria's higher margins and stronger cash flow
are directly due to the decisions, energy, and leadership of its
key management. We want them to stay.
3. Simplicity. We wanted a plan that could be easily understood
by all. Shareholders should know exactly how their money is being
spent, and the managers need to easily understand how they benefit
if they achieve their objectives.
The result of these deliberations is that nil cost options have
been granted to 17 scheme participants (in differing proportions),
which, when exercised, will convert into a total of 1.25 million
ordinary shares (1% of the total outstanding Victoria shares).
The participants will be able to exercise these options in four
years provided they are still employed by the Group at that
time.
Once exercised in June 2024, the participants are entitled to
sell 50% of the shares immediately to help meet any taxes together
with the minimum subscription price of 5p per share. The remaining
shares must be held for a minimum period of 12 months.
The participants have no right to any payment in cash, rather
they will become Victoria shareholders. In this way, the interests
of the participants will be aligned with those of all other
shareholders.
The compensation of Victoria's management team will thus
typically consist of three key elements:
1. Base salary. Victoria heavily weights total compensation
towards performance and base salaries reflect this bias.
2. Bonuses. Annual cash bonuses are linked directly to the
results of the individual business unit that the managers run. The
precise criteria for the bonus awarded varies from business to
business depending on priorities but is typically linked to working
capital management and operating earnings.
3. LTIP. As described above, which aligns the financial
interests of senior management with those of Victoria's
shareholders.
The Independent Directors consider the introduction of the Plan
to be in the best interests of the Group and Shareholders as a
whole and is designed to promote the success of the Group for the
benefit of those Shareholders.
Certain board directors at Victoria's are participating in the
Plan, as detailed below, along with members of the Group's senior
management team. The Board may extend participation in the Plan to
other members of the current or future senior management team.
Name Position Number of issued Incentive
Shares (subject to
dilution)
Philippe Hamers Group Chief Executive 245,000
------------------------ ---------------------------
Michael Scott Group Finance Director 200,000
------------------------ ---------------------------
- Ends -
For more information contact:
Victoria PLC
Geoff Wilding, Chairman
Philippe Hamers, Group Chief Executive
Michael Scott, Group Finance Director +44 (0) 1562 749 300
Cantor Fitzgerald Europe (Nominated Adviser and
Broker)
Rick Thompson, Phil Davies, Will Goode
(Corporate Finance) +44 (0) 20 7894 7000
Berenberg (Joint Broker)
Ben Wright, Mark Whitmore
(Corporate Broking)
Peel Hunt (Joint Broker)
Adrian Trimmings, George Sellar, Andrew Clark +44 (0) 203 207 7800
Buchanan Communications (Financial PR) +44 (0) 20 7418 8900
Charles Ryland, Victoria Hayns, Madeline Seacombe +44 (0) 20 7466 5000
Notification and public disclosure of transactions by persons
discharging managerial responsibilities ("PDMRs") and persons
closely associated ("PCA") with them.
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Philippe Hamers
Michael Scott
------------------------- -----------------------------------------
2 Reason for the notification
--------------------------------------------------------------------
a) Position/status Group Chief Executive
Group Finance Director
------------------------- -----------------------------------------
b) Initial notification Initial Notification
/ Amendment
------------------------- -----------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------
a) Name Victoria plc
------------------------- -----------------------------------------
b) LEI 2138002K6ECECHVCQN25
------------------------- -----------------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
--------------------------------------------------------------------
a) Description of Options to subscribe for ordinary shares
the financial in Victoria PLC
instrument, type ISIN: N/A
of instrument
Identification
code:
------------------------- -----------------------------------------
b) Nature of the LTIP Share Scheme
transaction
------------------------- -----------------------------------------
c) Price(s) and volume(s) Price Volume
N/A N/A
------------------------- -----------------------------------------
d) Aggregated information Price(s) Aggregated volume
N/A N/A
------------------------- -----------------------------------------
e) Date of the transaction 26 June 2020
------------------------- -----------------------------------------
f) Place of the transaction Outside a trading venue
------------------------- -----------------------------------------
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END
DSHDZGZVVKFGGZM
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