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19 Jan 2011 14:35
Avesco Group plc (the "Company")
Directors' Share Interests
Avesco Group plc announces that on 18 January 2011 awards were made to senior executives under the Avesco Group plc 2007 Long Term Incentive Plan (the "Plan") in respect of a total of 1,200,000 ordinary shares of 10p each ("shares"), representing 4.8% of the current issued share capital (excluding treasury shares), and including the following awards to executive directors:
Director | Number of shares
|
Ian Martin | 80,000 |
John Christmas | 80,000 |
Graham Andrews | 80,000 |
David Nicholson | 80,000 |
No payment was made for the grant of the awards. Subject to the rules of the Plan and the satisfaction of a performance condition, under normal circumstances 50% of the award will vest on the date of announcement of the preliminary results of the Company in respect of the year ended 30 September 2013 and the remaining 50% of the award will vest on the first anniversary of that announcement date or, if later, the date of announcement by the Company of its results for the period ending 30 September 2014. The performance condition is the achievement of a minimum cumulative adjusted earnings before interest, taxation depreciation and amortisation in the three years ended 30 September 2013. The shares will vest and be issued and allotted upon satisfaction of the performance condition to award holders for nil cost. It is the Company's intention that vested allocations will be satisfied by delivery through an employee trust.
Following the announcement on 13 January 2011 of the Company's results for the year ended 30 September 2010, awards under the Plan in respect of total balance of 1,262,000 shares, made in August 2007 and January 2008, have all lapsed due to the applicable performance conditions not having been achieved. As a result, the total number of shares, which remain subject to awards under the Plan (including the above award), is now 2,450,000, of which the total number of awards made to the above Directors, is as follows:
Director | Number of shares
|
Ian Martin | 230,000 |
John Christmas | 200,000 |
Graham Andrews | 200,000 |
David Nicholson | 180,000 |
In addition, Ian Martin, John Christmas, Graham Andrews and David Nicholson have the following beneficial shareholdings in existing ordinary shares of the Company:
Director | Number of shares
| Representing approx. % of voting rights |
Ian Martin | 692,454 | 2.77 |
John Christmas | 23,461 | 0.09 |
Graham Andrews | 136,864 | 0.55 |
David Nicholson | 146,335 | 0.58 |
Enquiries:
Avesco Group plc 01293 583400
Ian Martin (Chief Executive)
John Christmas (Finance Director)
finnCap (Nominated Adviser) 020 7600 1658
Clive Carver/Edward Frisby - Corporate Finance
Brian Patient - Corporate Broking
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