CTP.L Regulatory News (CTP)

2 Apr 2008 07:00

Redstone PLC02 April 2008 Redstone plc ("Redstone" or the "Company") Long Term Incentive Plan 2nd April 2008 - The Board of Redstone announces that, following therecommendation of the Company's remuneration committee (the "RemunerationCommittee"), the Company introduced a new Long Term Incentive Plan ("LTIP") forthe executive directors of the Company on 31st March 2008. The Board believes that the existing remuneration structures no longerappropriately incentivise Redstone's executive directors, particularly MartinBalaam and Tim Perks, whom the Board believes are central to building long-termshareholder value. Accordingly, on the recommendation of the RemunerationCommittee and in conjunction with its remuneration advisers, HalliwellConsulting, the Board of Redstone has today implemented a plan which theybelieve: - Will focus and appropriately reward the executive directors for building shareholder value; - Balances the costs and benefits for the Company and its stakeholders; - Aligns the interests of the executive directors with those of the Company's shareholders; and - Provides an appropriate balance between the executive directors' level of salary and potential total compensation. The LTIP awards granted to Martin Balaam and Tim Perks on 31 March 2008 willprovide them with the opportunity to be granted, during a three-year period,nil-cost options over shares with a value equivalent to 15% of the excess valuegenerated for shareholders above the annual hurdle. The annual hurdle is setfrom 1st April 2008 at 60 pence per share and appreciates at 10% per annum aftertaking into account any dividends paid to shareholders. Nil cost options grantedunder the LTIP may be made on an annual basis with the first grant of optionsexpected to be made following the announcement of the Company's preliminaryresults for the year ended 31st March 2009, subject to the annual hurdle beingexceeded. The new LTIP will be the primary incentive vehicle for rewarding and retainingthe executive directors, replacing the executive directors' annual cash bonusarrangements and any future grants made to the executive directors under theCompany's existing share option schemes. The current LTIP was cancelled on 31st March 2008. Further details of the new LTIP will be included in the Company's annual report,which is expected to be issued in July 2008. Ends. ENQUIRIES: Redstone plc Tel. +44 (0)845 200 2200 Martin Balaam, Chief Executive Officer Tim Perks, Chief Financial Officer ICIS Limited Tel. +44 (0)20 7651 8688 Tom Moriarty or +44 (0)7769 937 626 Caroline Evans-Jones This information is provided by RNS The company news service from the London Stock Exchange