4 Jun 2015 17:00
4 June 2015
London, Gatwick
Air Partner plc
("Air Partner", the "Company", or the "Group")
Grant of Options under Long Term Share Incentive Plan 2012 ("LTIP")
Air Partner announces that on 3 June 2015, the Remuneration Committee of the Company, which is made up entirely of non-executive directors, approved the grant of nil-cost options ("Nil-cost Options") over ordinary shares of 5p each in the Company ("Ordinary Shares") under the Air Partner 2012 Long Term Incentive Plan ("APLTIP") ("the Grants") to the executive directors as follows:
Director | Position | Number of Ordinary Shares over which Nil-cost Options have been granted | Market Price on day preceding date of grant | Percentage of basic salary |
Mark Briffa | Chief Executive Officer | 87,097 | 387.5p | 150% |
Neil Morris | Chief Financial Officer | 38,710 | 387.5p | 100% |
The awards granted are subject to the achievement of performance and employment conditions as specified by the Remuneration Committee. Vesting of the grants is subject to a combination of 50% Earnings per share ("EPS") and 50% total shareholder return ("TSR") related targets:
EPS:
• 100% vest if performance greater than RPI + 20% per annum
• 25% vest if performance equal to RPI +15% per annum
TSR:
• 100% vest if performance greater than 75th percentile
• 25% if performance equal to 50th percentile
Between these target levels, share options will vest on a straight line basis and shares will vest, subject to achievement of these performance conditions, on 3 June 2018.
The adjusted underlying EPS for the base year ending 31 January 2015 has been calculated as 19.5p excluding the impact of one off tax credits.
The number of shares subject to the award was determined by using the closing price of an Air Partner plc share on the day preceding the date of grant (2 June) as ascertained by the Official List which was 387.5p per share.
Enquiries:
Air Partner plc +44 (0) 1293 844570
Justin Scarborough, Director of Corporate Development and IR
Sally Chandler
Company Secretary
Temple Bar Advisory +44 (0) 20 7002 1080
Tom Allison (M.07789 998020)
Alycia MacAskill
About Air Partner:
Air Partner has been trading for over 50 years and is a world leading provider of aviation charter services to industry, commerce, governments and individuals worldwide. The Group is globally recognised as a leading charter broker and organises ad hoc aircraft charters of every type for any reason. Its three main divisions comprise Air Partner Private Jets, Air Partner Commercial Jets and Air Partner Freight. The Commercial Jets division charters large airliners to move groups of any size. Private Jets offers the company's pre-paid JetCard scheme and on-demand charter. With its headquarters alongside Gatwick airport in the UK, Air Partner operates 24/7 year-round and has 20 offices globally. Air Partner is also the only air charter broker in the UK certified ISO 9001:2008 compliant for commercial airline and private jet solutions worldwide.www.airpartner.com