Last checked at 13 May 2011 14:10
Hikma Pharmaceuticals PLC - LTIP Awards
LONDON, 13 May 2011: Hikma Pharmaceuticals PLC (LSE: HIK) (NasdaqDubai: HIK) announces that, further to the approval of the Ordinary Shareholders of Hikma obtained at the Company's Annual General Meeting yesterday to make awards to the executive directors on 13 May 2011, the Remuneration Committee has made the following conditional awards under the Hikma Pharmaceuticals PLC 2005 Long-Term Incentive Plan (the "LTIP") to Persons Discharging Managerial Responsibility ("PDMR") of the Company.
Awards under the LTIP were made on 13 May 2011 at a price of 723 pence per Ordinary Share as follows:
Name of PDMR Said Darwazah | Number of LTIP Shares 108,000 |
Mazen Darwazah | 72,000 |
The shares subject to the LTIP awards will only be released to the participants in three years time, subject to their continued employment and the satisfaction of the comparative Total Shareholder Return ("TSR"), sales growth, earnings per share ("EPS") growth and return on invested capital ("ROIC") performance targets. Half of the award is subject to TSR against the Comparator Group and requires at least upper quartile performance to vest in full. The remaining half is split equally between the financial targets and requires sales growth of 13%, EPS growth of 20% and ROIC of 12% to vest in full. Each target is measured individually and is independent of the other targets. Further details on these performance criteria can be found in Hikma's report and accounts for the year ended 31 December 2010 on pages 60 to 62.
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Enquiries:
Hikma Pharmaceuticals PLC
Henry Knowles +44 20 7399 2760
Company Secretary
Susan Ringdal +44 20 7399 2760
Investor Relations Director
About Hikma
Hikma Pharmaceuticals PLC is a fast growing multinational group focused on developing, manufacturing and marketing a broad range of both branded and non-branded generic and in-licensed pharmaceutical products. Hikma's operations are conducted through three businesses: "Branded", "Injectables" and "Generics". Hikma's operations are based principally in the Middle East and North Africa ("MENA") region, where it is a market leader and sells across 17 countries, the United States and Europe. In 2010, the Group achieved revenues of $731 million (2009 $637 million) and profit attributable to shareholders was $99 million (2009 $78 million).