19 Jul 2013 07:00
Awards under Long Term Incentive Plan
19 July 2013
This notification is made in accordance with DTR 3.1.4(1)(a).
The following awards of ordinary shares have been made on 18 July 2013 under the Company's 2013 Long Term Incentive Plan ('LTIP') to Charles Hindson, a Director of the Company. Details of the Plan are set out in the Notice of Annual General Meeting of 17 June 2013, and herein:
Normal Award:
Charles Hindson: 174,126 shares
Additional Award:
Charles Hindson: 43,530 shares
In the normal course of events these awards vest at the third anniversary of the grant on the basis of achievement of performance conditions. The vesting of the awards will be assessed against two performance measures over the three year period.
Normal awards will be assessed as follows:
·; 50% of the normal award will be subject to relative Total Shareholder Return (TSR) performance of the Company against a group of selected peers. Awards would vest on a straight line basis from 25% of the award for median performance through to 100% of the award for upper quartile performance; and
·; 50% of the normal award will be subject to absolute TSR performance. Awards would vest on a straight line basis from 25% of the award for absolute TSR of 160p, through to 100% of the award for absolute TSR of 235p.
The additional award granted to Charles Hindson will be assessed as follows:
·; 50% of the additional award will be subject to relative TSR performance of the Company against a group of selected peers. Awards would vest on a straight line basis with nil vesting for upper quartile performance and full vesting for upper quintile performance; and
·; 50% of the additional award will be subject to absolute TSR performance. Awards would vest on a straight line basis from nil vesting for absolute TSR of 235p and full vesting for absolute TSR of 264p.
An award amounts to a contractual right to acquire an interest in shares. No consideration was paid for the grant of an award, which is structured as an option with a nil exercise price.
The total holdings of unvested share awards held by the Charles Hindson following this grant is as follows, excluding bonus payment deferred shares:
Charles Hindson 1,009,338 shares
The total holdings of ordinary shares in the Company held by Charles Hindson at the date of this announcement, excluding any deferred or LTIP element, is as follows:
Charles Hindson 1,607,101 shares
The Company made the award on 18 July 2013.