Executive Share Incentive (5728T)
08 Dicembre 2011 - 8:02AM
UK Regulatory
TIDMSTOB
RNS Number : 5728T
Stobart Group Limited
08 December 2011
8 December 2011
Stobart Group Limited
("the Company")
Executive Share Incentive
As set out in the Placing document of 26 April 2011 and as
subsequently approved at the Annual General Meeting held on 30 June
2011, share incentives have now been put in place in respect of 35m
shares from an available allocation of 38m. Vesting of the shares
will not take place for at least three years.
None of the shares will vest unless, at the vesting date, the
Company's Total Shareholder Return has outperformed the Total
Shareholder Return of the FTSE250 by at least 40%. The maximum
entitlement will not vest unless the outperformance has reached at
least 120% on the same basis. The performance measurement period
will be from 7 December 2011 until the last day of any calendar
month between December 2014 and December 2015. The base share price
from which the measurement will be made is the Placing price of
155p.
The executives who are to receive the share incentive under this
scheme are having their base salaries frozen at current levels for
the period of the scheme.
The scheme was put in place to align the interests of
shareholders and management and is a scheme for which management
will only be rewarded if they deliver the significant returns to
shareholders as referred to above. As the Chairman stated on 26
April, "the incentive plan will encourage the management to pursue
aggressively value-maximising strategies in relation to existing
and new assets of the Group, which will strengthen their alignment
with shareholders' interests."
The Placing document set out that 75% of the 38m shares in the
scheme would be allocated to three principal members of the
management team divided pro rata in line with their shareholdings
at that time. Based on this allocation Andrew Tinkler, the Chief
Executive Officer, will receive an interest in 16,355,088 shares,
William Stobart will receive an interest in 5,717,149 shares and
Allan Jenkinson will receive an interest in 6,447,763 shares under
the scheme. A further 25% of the shares were to be allocated to
other senior executives and managers. Part of this allocation has
now been granted, which includes an interest in 2,000,000 shares
each for Ben Whawell, the Chief Financial Officer, and Richard
Butcher.
Further details of the scheme are contained in the Placing
document, which is available in the investors section of the
Company's website at www.stobartgroup.co.uk.
- Ends -
Enquiries:
David Bick, Square1 Consulting +44 207 929 5599
James Andrew, Influence +44 207 287 9610
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCDKFDNKBDKCBK
Grafico Azioni Esken (LSE:ESKN)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Esken (LSE:ESKN)
Storico
Da Lug 2023 a Lug 2024