Last checked at 21 Jul 2016 16:22
21 July 2016 |
| |
| ||
Creston plc
| ||
('Creston' or the 'Group')
Grant of Awards to Executive Directors under the Long Term Incentive Plan | ||
Creston plc (LSE: CRE) announces that, on 21 July 2016, the Group granted the following conditional share awards (the "Awards") to the Executive Directors under the Creston Long Term Incentive Plan 2015 ("LTIP") approved by shareholders at the 2015 Annual General Meeting. The Awards were granted at a share price of 89.7 pence per ordinary share (being the average of the middle market quotations of the Company's shares during a period of 3 dealing days immediately prior to the date of grant) as set out below:
Name | Award Type | Number of ordinary shares subject to LTIP Award | Market value of shares at the date of the Award (£) |
Barrie Brien | Core Award | 423,791 | 380,000 |
Barrie Brien | Stretch Award | 423,791 | 380,000 |
Kathryn Herrick | Core Award | 128,252 | 115,000 |
Kathryn Herrick | Stretch Award | 128,252 | 115,000 |
After granting the Awards the Executive Directors now hold the following beneficial interests:
Name | Number of conditional shares held following Award | Number of ordinary shares currently held | Total shareholding of currently held shares (%) |
Barrie Brien | 1,813,273 | 361,671 | 0.62% |
Kathryn Herrick | 548,700 | 5,700 | 0.01% |
The conditional shares granted under the Awards will normally vest on 12 June 2019, subject to the satisfaction of the stretching performance conditions applying to the respective Core and Stretch Awards and are then required to be held for a further two years.
The performance criteria for which the Core Awards are based on is the performance of the Group's diluted earnings per share over the three year performance period (being the financial years ending 31 March 2017, 2018, and 2019). The performance criteria for which the Stretch Awards are based on is the performance of the Group's relative Total Shareholder Return ("TSR") over the three year performance period (being the financial years ending 31 March 2017, 2018, and 2019). The Group's TSR must exceed the median ranking of the TSR of a comparator group comprising the constituents of the FTSE SmallCap for the award to begin vesting. The award will then vest on a straight line basis from 0 per cent to 100 per cent as the Group's TSR ranks from the median TSR up until the upper decile TSR ranking. See the Directors' Remuneration Report within the FY16 Annual Report and Accounts for further detail.
No consideration will be paid for the conditional shares upon vesting.
For further information please contact:
Creston plc | |
Barrie Brien, Group Chief Executive | +44 (0)20 7930 9757 |
Kathryn Herrick, Chief Financial Officer | |
Bell Pottinger | +44 (0)20 3772 2491 |
Elly Williamson/Lucy Stewart |
About Creston plc
Creston plc (LSE: CRE), incorporating the Creston Unlimited group offer, is a marketing communications group delivering a range of digital technology-based marketing solutions to blue-chip global clients. Encompassing consultants and discipline experts from across the industry and beyond, Creston Unlimited unlocks the power of creative collaboration to realise the opportunities that exist for brands and businesses in today's rapidly evolving world. www.creston.com / www.creston-unlimited.com