Last checked at 8 Oct 2014 15:52
8th October 2014
International Greetings Plc
('IG' or the 'Company')
Long Term Incentive Awards
The Company today announces it intends to issue up to 283,333 shares to Anthony Lawrinson, the Group's Chief Financial Officer and up to 262,083 shares to Lance Burn, Director, under the Long Term Incentive Plan announced on 31st March 2014.
Vesting is conditional upon and proportionate to the cumulative average growth in fully diluted earnings per share before exceptional items over a defined period from 1 April 2014 to 31 March 2017 with a CAGR of 20% required for the whole amount to vest and a minimum CAGR of 10% for any shares to vest. The cost to Mr Lawrinson and Mr Burns of the Ordinary Shares to be issued under the LTIP, if the performance criterion is met, will be nil.
Mr Lawrinson already has 1,400,000 options over Ordinary Shares also subject to performance criteria. Mr Burn has no other options over Ordinary Shares.
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