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8 Dec 2010 14:56
Swallowfield plc
Long Term Incentive Plan
Swallowfield plc ("the Company") announced on 8 March 2010, the introduction of a new long term incentive plan, the Swallowfield plc 2009 Long Term Incentive Plan ("LTIP") to incentivise its senior management team to maximise shareholder value.
The Company announces that it has made further awards pursuant to the LTIP of 58,983; 27,331; and 27,331 shares to Ian Mackinnon, Mark Warren and Jane Fletcher (directors of the Company) respectively. The Remuneration Committee has determined that the vesting of these awards should be linked to, and be conditional upon, the compound growth in the Company's pre tax earnings per share over a three year cycle measured by reference to the last full year audited results, which for the purpose of this award be those for the year ended 30 June 2010. The minimum hurdle, below which no awards will vest, equates to 15% annual growth (excluding inflation) at which level 25% of the awards will vest. The maximum award equates to 25% annual growth (excluding inflation) with the percentage of awards vesting being pro-rated between these levels. Upon vesting, half of each award will be made in shares, which the recipient will be required to hold for 12 months, and the balance in cash.
Following the grant of the awards, the aforementioned directors have the following interests in the Company's share capital:
Number of issued Ordinary Shares | Percentage of issued share capital | Number of awards issued under the LTIP | ||
Ian Mackinnon | 135,500 | 1.2% | 135,546 | |
Mark Warren | 22,100 | 0.2% | 60,144 | |
Jane Fletcher | 25,000 | 0.2% | 62,878 | |
Enquiries:
Swallowfield plc | 01823 652241 |
Ian Mackinnon - Chief Executive Officer Mark Warren - Group Finance Director | |
Smith & Williamson Corporate Finance Limited | 0117 376 2213 |
Broking - Barrie Newton Nominated Adviser - Nick Reeve/Martyn Fraser |
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