Last checked at 21 Sep 2017 15:50
21 September 2017
IG Design Group Plc
('DG' or the 'Company')
Long Term Incentive Awards
As part of a wider award to senior management, the Company today announces it intends to issue up to 60,855 shares to Lance Burn (Director) under the Long Term Incentive Plan announced on 31 March 2014.
The issue of the shares set out above is conditional upon and proportionate to the achievement of growth in fully diluted earnings per share measured before the long term incentive plan charge and excluding exceptional items.
This performance condition is measured over the period 1 April 2017 to 31 March 2020 and cumulative average growth must reach at least 10% at which point 25% of the awards vest. Full vesting is achieved if cumulative average growth reaches 17.5% or above.
The cost to the Executive of the Ordinary Shares to be issued under the LTIP, if the performance criteria are met, will be nil.
As a result, Lance Burn will have the following interests in the Company's Ordinary Shares, including adjustments in respect of accumulated dividends over the period:
Ordinary Shares held | LTIP 2014-2017 (Vested) | LTIP 2015-2018 (Not Yet Vested) | LTIP 2016-2019 (Not Yet Vested) | LTIP 2017-2020 (Not Yet Vested) | |
Lance Burn | - | 268,678 | 192,191 | 110,259 | 60,855 |
The total number of shares subject to award under the 2017-20 shares is 328,443 including those above.
For further information, please contact:
IG Design Group Plc Tel: 01525 887310
Paul Fineman, Chief Executive
Anthony Lawrinson, Chief Financial Officer
Cenkos Securities Tel: 020 7397 8900
Bobbie Hilliam
Cameron MacRitchie
Harry Hargreaves