2 Mar 2015 07:00
2 March 2015
Cambria Automobiles plc
("Cambria" or the "Group")
(AIM: CAMB)
Grant of Share Options
Cambria, the franchised motor retailer, has today granted options to certain individuals under a new long term incentive plan ("the Options").
Following the grant of the Options the total number of ordinary shares subject to options which could, in the future, be issued is 5,000,000. This represents 5% of the current issued share capital of the Group.
All of the Options granted have challenging profit and share price based performance conditions attached to them and have an exercise price of 47 pence and vest between January 2020 and January 2025.
James Mullins, Finance Director of the Group has been issued up to 1,500,000 options under the LTIP which represents 1.5% of the issued share capital of the Group.
Mark Lavery, CEO, commented:
"This is the first time Cambria has issued options and we feel it is the appropriate time to introduce them to ensure that key individuals continue to be incentivised to drive the business forward."
Enquiries:
Cambria Automobiles Mark Lavery, Chief Executive James Mullins, Finance Director
| Tel: 01707 280 851 |
N+1 Singer - NOMAD & Joint Broker Jonny Franklin-Adams / Nick Owen
| Tel: 020 7496 3000 |
Zeus Capital - Joint Broker Adam Pollock
| Tel: 020 7533 7727 |
Tavistock Keeley Clarke / Emma Blinkhorn | Tel: 020 7920 3150 |
About Cambria - www.cambriaautomobilesplc.com
Cambria Automobiles ("Cambria") was established in March 2006 with the aim of creating a balanced independent UK motor retail group through a self funded "buy and build" strategy, focused on turnaround opportunities.
Working in close cooperation with its manufacturer partners, the Group has built a balanced portfolio of 28 luxury, premium and volume dealerships, representing 45 franchises and 18 brands, with geographical representation spanning from the North West to the South East in Kent and South West in Exeter. These businesses are autonomous and trade under local brand names, including, Dees, Doves, Grange, Invicta, Motorparks and Pure Triumph.
Cambria's brand portfolio currently comprises Abarth, Alfa Romeo, Aston Martin, Citroen, Dacia, Ford, Fiat, Honda, Jaguar, Jeep, Land Rover, Mazda, Nissan, Renault, Seat, Triumph, Vauxhall and Volvo.
The management's success in turning around under-performing dealerships has allowed Cambria to build a strong balance sheet. As a result, the Group is in a position to acquire valuable premium operations, like the recently acquired Land Rover & Jaguar business in Barnet, which are immediately earnings enhancing and directly in line with the Group's strategy to further enhance the brand portfolio.
The Group's medium term ambition is to create a £1 billion turnover business producing attractive returns on both capital and equity invested.