ARE.L Regulatory News (ARE)

12 Jun 2007 07:01

Arena Leisure PLC12 June 2007 ARENA LEISURE PLC (THE 'COMPANY') Grant of Shares under Long Term Incentive Plan ('LTIP') The Company announces that on 11 June 2007 awards over 1,275,168 ordinary sharesin the Company were granted to certain employees based on a share price of 70.65p per share ('the Awards'); the latter being the average mid market closing price of the Company's shares over the preceding five days. The Awards have been granted as a conditional allocation of shares and so no shareholder rights will be conferred upon the employees until the Awards have vested. Vesting of the Awards is expected to occur three years after the date of grant, subject to the Company achieving absolute adjusted earnings per share ('EPS') growth targets for the year ending 31 December 2009 as follows: Absolute adjusted EPS growth targets Vesting percentage of the sharesfor the year ending 31 December 2009 subject to an Award Less than 2.2p 0% 2.2p 25% 3.0p 75% 3.3p 100% Straight-line vesting occurs between 25% and 75% and between 75% and 100%. The total of Awards granted includes, 389,242 conditional shares granted to Mark Elliott (Chief Executive) and 226,468 conditional shares granted to Ian Renton (Racing Director). In addition to these LTIP conditional shares, Mark Elliott holds options over a further 2,392,405 ordinary shares of the Company ('Ordinary Shares'), and Ian Renton holds options over a further 996,835 Ordinary Shares and owns a further 30,000 Ordinary Shares. The issued share capital of the Company consists of 364,202,007 ordinary sharesof 5p each. This grant of Awards represents the first grant made under the LTIP approved bythe Company's shareholders at the Annual General Meeting held on 30 April 2007. For further information, please contact: Bob MercerChief Financial Officer and Company Secretary 020 7495 2277Arena Leisure Plc This information is provided by RNS The company news service from the London Stock Exchange