28 Jan 2016 16:17
28 January 2016
Hunters Property PLC
("Hunters" or the "Company")
New Share Incentive Scheme and Issue of Options
Hunters, one of the UK's largest national sales and lettings estate agency and franchise businesses, is pleased to announce that the Company has introduced a new share incentive scheme for its senior management, the Hunters Property Senior Executive Share Option Scheme (the "Share Scheme").
Awards have today been made under the Share Scheme to certain of the Executive Directors. Chief Executive, Harry Hill has separately been granted share options as described below.
Terms of the Share Scheme
The Share Scheme has been introduced in order to incentivise and retain key members of the executive management team, and to drive shareholder value creation. Share options granted over ordinary shares of 4p each in the Company ("Ordinary Shares") under the Share Scheme ("Share Options") vest, subject to the achievement of certain earnings per share performance conditions, as to one third following the end of each of the Company's current and two subsequent financial years. The exercise price of the Share Options is 4 pence per Ordinary Share. Share Options which have vested are exercisable following the preliminary announcement of the Company's results for the second financial year after the Company's current financial year. Subject to the rules of the Scheme, Share Options lapse 10 years after the date of grant.
Awards to Executive Directors
The following awards to Executive Directors have been made in accordance with the rules of the Share Scheme:
Director | No. of Share Options granted under the Share Scheme | % of existing ISC |
Kevin Hollinrake | 100,000 | 0.35 |
Glynis Frew | 150,000 | 0.53 |
Ed Jones | 150,000 | 0.53 |
Options award to Chief Executive
Harry Hill has today been granted an option over 150,000 Ordinary Shares, exercisable at a price of 4 pence per Ordinary Share, which vests upon the fulfilment of certain strategic performance conditions. The option may be exercised in whole or in part (in tranches of not less than 25,000 Ordinary Shares) at any time after it has vested. Subject to the provisions of the option agreement between the Company and Harry Hill, the option lapses 10 years after the date of grant.
Resultant holdings
As a result of the above transactions, the following Directors' beneficial holdings in the Company have changed:
Director | Current holding of Ordinary Shares (unchanged) | % of existing ISC | Number of options | % of existing ISC |
Harry Hill | 68,005 | 0.24 | 575,000 | 2.03 |
Kevin Hollinrake | 4,214,958 | 14.90 | 100,000 | 0.35 |
Glynis Frew | 1,744,031 | 6.17 | 150,000 | 0.53 |
Edward Jones | 3,605,245 | 12.75 | 150,000 | 0.53 |
For further information please contact:
Hunters Property PLC Ed Jones, Chief Financial Officer
| 01904 756 197 |
Numis Securities Stuart Skinner, Paul Gillam (Nomad) David Poutney (Corporate Broking)
| 020 7260 1000 |
Smithfield Consultants Alex Simmons
| 0207 360 4900 |