Augean Plc Vesting of LTIP (4157V)
03 Dicembre 2019 - 8:01AM
UK Regulatory
TIDMAUG
RNS Number : 4157V
Augean Plc
03 December 2019
Augean plc
("Augean", "the Group")
Vesting of Cash LTIP
Augean, one of the UK's leading specialist waste management
businesses, announces that the Group's cash long-term incentive
plan ("Cash LTIP" or "Plan") for its management team vested on 2
December 2019.
The Cash LTIP was, as previously notified, introduced on 16
August 2018. The aim of the Cash LTIP was to retain and motivate
key employees during the potentially extended period of uncertainty
for the Group following receipt of the HMRC assessments. The Cash
LTIP was designed, following consultation with the Group's major
shareholders, to align and optimise the performance of the Group
for the benefit of all shareholders, with the management team
sharing in the incremental value generated from a base share price
of 35 pence subject to an overall cap on total payments under the
Cash LTIP of GBP7.0 million.
One of the criteria for the Cash LTIP to vest in full is an
average closing share price for the preceding 90 days ("Average
Closing Price") of at least 140 pence per share. The closing share
price on 2 December 2019 was 179.5 pence, with the Average Closing
Price for the 90 days being 141 pence. Accordingly, the Board
confirms that the Cash LTIP has now vested in full. Payments will
therefore be made in December 2019 to recipients of awards
totalling GBP7.0 million, of which GBP3.164 million will be paid to
Jim Meredith (Executive Chairman) and GBP1.029 million to Mark
Fryer (Group Finance Director). The balance of the Cash LTIP of
GBP7.0 million will be paid to a number of senior and key managers
within the Group. The payment will be made in December from the
Group's cash balance, which was approximately GBP28 million at the
end of November 2019.
The total awards of GBP7.0m represent approximately 6.3% of the
increase in shareholder value from the base price of 35p to the 90
day Average Closing Price of 141 pence, and approximately 4.7% of
the increase in shareholder value from the base price to the
closing share price of 179.5 pence on 2 December 2019.
The Group recognised an expense of GBP0.4m in relation to the
Cash LTIP in the year ended 31 December 2018. A charge equal to the
total value of the payments on vesting of the Cash LTIP less any
amounts charged in previous accounting periods will be recognised
as an exceptional cost in the Group's results for the year ending
31 December 2019, with the total charge expected to be GBP7.6m,
including GBP1.0m of associated National Insurance costs.
- Ends -
Enquiries:
Augean plc
Roger McDowell, Chairman of the Remuneration Committee
Angela McGhin, Company Secretary 01937 844 980
N+1 Singer
Shaun Dobson
Peter Steel
Rachel Hayes 020 7496 3000
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
DSHFLLLBKLFEFBL
(END) Dow Jones Newswires
December 03, 2019 02:01 ET (07:01 GMT)
Grafico Azioni Augean (LSE:AUG)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Augean (LSE:AUG)
Storico
Da Apr 2023 a Apr 2024