Last checked at 7 Sep 2015 09:15
7 September 2015
Duke Royalty Limited
("Duke Royalty" or the "Company")
Company share option scheme
Duke Royalty announces that a new share option scheme ("the Scheme") has been adopted by the board of the Company, together with the initial grants made under the share option scheme.
Prior to the Scheme being established, the Company did not have a long term incentive plan. The Scheme has been established to incentivise directors, staff and certain key advisers and consultants to deliver long-term value creation for shareholders.
Under the Scheme, the board of the Company will award, at its sole discretion, options to subscribe for ordinary shares of the Company on terms and at exercise prices and with vesting and exercise periods to be determined at the time. However, the board of the Company has agreed not to grant options such that the total number of unexercised options represents more than 10 per cent. of the Company's Ordinary Shares in issue from time to time. The board also expects that the exercise price will be at a premium to the mid-market share price at the date of granting the options.
Awards have been approved for the following individuals, as follows:
Name | Position | Number of options awarded |
Nigel Birrell Charlie Cannon-Brookes Neil Johnson Jim Ryan
Directors total
Consultants and advisors
Total |
Director Director Director Director |
85,000 85,000 85,000 85,000
340,000
420,000
760,000
|
|
|
|
The options vest with immediate effect, have an exercise price of 75p and expire five years after the date of issuance.
For further information, please contact:
Duke Royalty Limited
Guernsey office | Neil Johnson Charlie Cannon-Brookes +44 1481 741 240 |
Grant Thornton UK LLP (Nominated Adviser) | Colin Aaronson/ Jamie Barklem |
+44 (0)20 7383 5100 |