Sign In
Last checked at 
7 Jan 2013 07:00
For immediate release | 7 January 2013 |
Gooch & Housego PLC
("G&H" or the "Company")
Value Creation Plan Crystallises
Gooch & Housego PLC, the specialist manufacturer of optical components & systems, announces that the Company's Value Creation Plan (VCP) crystallises today.
Further to the update issued on 4 October 2012, we are now able to provide details of the share option awards and share awards that will be made today. As a reminder, on 7 January 2010, following consultation with major shareholders, a share-based incentive scheme in the form of a VCP was put in place. At the same time approved share options were awarded under the Company Share Option Plan (CSOP) to UK-based participants. In accordance with the rules of the plan, on the third anniversary of the plan (today) the value created during the life of the plan, over and above a pre-determined threshold value based on a share price of £2.00, has been calculated and a share of that value (approximately 12%) will be distributed among the participating members of the senior management of the Company in the form of nil-cost share options (UK participants) and share awards (US participants). Half of the awards made today are exercisable immediately and the balance after twelve months, subject to certain conditions.
Details of the awards are as follows: -
Total number of market value CSOP share options awarded: 158,936
Total number of nil-cost share options and shares awarded: 1,380,566
In terms of dilutive effect, in aggregate these awards amount to 7% of the current issued share capital, although, as mentioned above, half the awards are not exercisable for twelve months.
Aggregate awards made to directors of the Company are as follows: -
Gareth Jones (CEO): 19,867 CSOP share options
450,747 Nil-cost share options
Terry Scribbins (COO) 19,867 CSOP share options
265,296 Nil-cost share options
Andrew Boteler (CFO) 19,867 CSOP share options
265,296 Nil-cost share options
Save for possibly some of the CSOP share options, the above directors are not planning to exercise any of their nil-cost options until June 2013 at the earliest.
For further information contact: -
| ||
Gareth Jones / Andrew Boteler | Gooch & Housego plc | 01460 256440 |
Tim Thompson / Nicola Cronk | Buchanan | 020 7466 5000 |
Patrick Robb/James Grace | Investec Bank plc | 020 7597 5970 |
Follow the stocks
