AVS.L Regulatory News (AVS)

7 Aug 2007 07:00

Avesco Group PLC07 August 2007 Embargoed until 7.00 am, 7 August 2007 Avesco Group plc (the "Company") New Long Term Incentive Plan and Directors' Share Interests Avesco Group plc announces that it has adopted a new share based incentive plan(the "Plan") for senior executives. Under the Plan, awards will be made toparticipants under which they may receive ordinary shares of 10p each of theCompany ("shares") at no cost to themselves based on the achievement ofpredetermined performance conditions. Awards were made under the Plan on 6 August 2007, in respect of a total of964,000 shares, representing 3.72 per cent of the current issued share capital(excluding shares held in treasury), including the following awards to executivedirectors: Director Number of sharesIan Martin 70,000Graham Andrews 60,000John Christmas 60,000David Nicholson 60,000 No payment was made for the grant of the awards. Subject to the rules of thePlan and the satisfaction of a performance condition, under normal circumstances50 per cent of the award will vest on the date of announcement by the Company ofits results for the period ending 30 September 2010 and the remaining 50% of theaward 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 30September 2011. The shares will vest and be issued and allotted uponsatisfaction of the performance condition to award holders for nil cost. It isthe Company's intention that vested allocations will be satisfied in due courseby delivery through an employee trust. Prior to the date of these awards, no executive of the Company held anyshare-based incentive in the Company. Enquiries: Avesco Group plc 01293 583400Ian Martin (Chief Executive)John Christmas (Finance Director) JM Finn & Co. Ltd. (Nominated Adviser) 020 7600 1658Clive CarverCharles CunninghamEdward Frisby This information is provided by RNS The company news service from the London Stock Exchange