GKO.L Regulatory News (GKO)

24 Apr 2008 11:00

Greenko Group plc24 April 2008 Greenko Group plc ("Greenko" or "the Company") Introduction of Long-Term Incentive Plan ("LTIP") for senior management team The Board of Greenko announces that, in line with statements made in itsAdmission Document dated 31st October 2007, it has adopted an LTIP for itssenior executive officers. The scheme is initially confined to AnilChalamalasetty, Chief executive and Co-founder, and Mahesh Kolli, President andCo-founder. Under the scheme each of the two executives will be granted optionsover 337,718 ordinary shares at the flotation price of 97.5p immediately withtwo further equivalent grants at the time of the anniversary and secondanniversary of the adoption of the LTIP. As an additional incentive, a matchinggrant will be made provided that within the first three years, from the adoptionof the scheme, the Company's ordinary share trade at over 200p for a period ofover 20 consecutive days. A further matching grant will be made if within thefirst three years the Company's ordinary shares trade at over 300p for a periodof over 20 consecutive days. If the maximum price performance conditions areachieved the two executives will be awarded options over shares of approximately9 per cent. of the existing issued share capital. The basic grant over threeyears in aggregate will equate to approximately 3 per cent. of the issued sharecapital which is intended to retain the two executives but is not otherwisesubject to a performance condition. Y. Harish Chandra Prasad, Chairman, commented: "The grant of the option package fulfils an obligation made by the Company atthe time of flotation and ensures an exceptional return for shareholders totrigger the reward to the two executives in the Group. The retention andincentivisation of these key managers is regarded by the Board as essential todrive the business forward for the benefit of all shareholders and thesemilestones further align the managers' goal to grow shareholder value." Enquiries: Greenko Group plcY. Harish Chandra Prasad, Chairman +91 98481 11511Tim Bowen, Finance Director 07973 668 818 Arden Partners plc 020 7398 1630Chris HardieAdrian Trimmings Cardew Group 020 7930 0777Rupert PittmanJamie MiltonCatherine Maitland This information is provided by RNS The company news service from the London Stock Exchange