Last checked at 9 Dec 2014 07:15
AIM: DRV
9 December 2014
Driver Group plc
("Driver Group" or the "Company")
Grant of Share Options
Driver Group, the global construction consultancy to the construction and engineering industries, announces that the directors have undertaken a comprehensive review of executive incentivisation arrangements.
As a result of this review the directors have implemented the following recommendations of the Remuneration Committee:
· new options over a maximum of 1,250,000 shares ("Share Options") have been granted to Dave Webster; and
· new options over a maximum of 300,000 shares ("Share Options") have been granted to Damien McDonald.
The Directors consider that implementing the recommendations of the Remuneration Committee is a vital part of the Company's planned growth strategy. As Chief Executive, Dave Webster is charged with the responsibility of delivering the Group's growth strategy.
The Share Options which have been granted to Dave Webster and Damien McDonald are conditional on the future performance of the company. The options will vest on the following basis should the Company achieve specified underlying earnings per share in any financial year up to and including the year ended 30 September 2017:
Underlying earnings per share target | Shares capable of being vested |
|
|
20 pence | Dave Webster: 415,000 shares Damien McDonald: 100,000 shares
|
25 pence | Dave Webster: 830,000 shares* Damien McDonald: 200,000 shares* |
|
|
30 pence | Dave Webster: 1,250,000 shares* Damien McDonald: 300,000 shares* |
\* These awards include the shares capable of being vested at the lower underlying earnings per share targets.
The achievement of these targets would reflect growth of approximately 1.8 times, 2.2 times and 2.7 times the underlying earnings per share in financial year ended 30 September 2014 of 11.2p. The share options are nil priced.
The Remuneration Committee believes that, following the award of the Share Options, the overall remuneration of Dave Webster will be commensurate with the role of Group Chief Executive responsible for implementing the Groups growth strategy.
The Company has an Employee Benefit Trust ("EBT") which currently holds 596,677 Shares which are capable of being issued on exercise of share options. No such exercise has taken place to date and all the Shares held by the EBT are therefore available to satisfy the exercise of Share Options.
Enquiries:
Driver Group plc
David Webster, Chief Executive Tel:+44 (0) 1706 223999
Damien McDonald, Group Finance Director
Alan McClue, Non-executive Chairman Tel: +44 (0) 7791 546798
Charles Stanley Securities
Nominated Advisor & Broker
Marc Milmo / Carl Holmes Tel: +44 (0) 207 149 6000