20 Dec 2013 16:39
brownfield regeneration specialists and housebuilders
INLAND HOMES PLC
('Inland Homes', 'Inland' or the 'Company')
Awards made under 2013 LTIP
With the approval of its shareholders given at the general meeting of the Company held on 20 December 2013, the Company has adopted a new long term incentive plan known as "The Inland Homes plc 2013 Growth Plan" ("2013 LTIP"). The 2013 LTIP replaces the long term incentive plan adopted by the Company in 2007.
The Company announces that, on 20 December ("Grant Date"), 1000 non-voting exchangeable growth shares of 0.001 pence each in Inland Homes 2013 Limited ("Growth Shares") were issued to the three executive directors of the Company pursuant to the 2013 LTIP. Over the term of the LTIP, assuming that the performance conditions are met and that awards vest in full, the Growth Shares are exchangeable into a maximum of 11,350,504 ordinary shares of 10 pence each in the Company ("Shares") in the respective numbers set out below:
Executive Director | Current number of ordinary shares held | Existing options held | Total number of Option Shares, assuming vesting in full, at the end of the term in 2018 | Total number of ordinary shares assuming vesting in full, at the end of the term in 2018 | Percentage holding, assuming fully diluted share capital |
Stephen Wicks Chief Executive Officer | 16,287,332 | - | 5,334,737 | 21,622,068 | 9.93% |
Nishith Malde Finance Director | 11,270,029 | 1,500,000 | 4,313,191 | 17,083,220 | 7.84% |
Paul Brett Land Director | 3,504,214 | 1,100,000 | 1,702,576 | 6,306,789 | 2.90% |
Total | 31,061,575 | 2,600,000 | 11,350,504 | 45,012,077 |
Entitlements to Shares will ordinarily vest by reference to the share price performance in each of the six financial years commencing from 1 July 2013 to 30 June 2019 (inclusive) with vesting of the first three tranches being deferred until the third anniversary of the Grant Date. Thereafter awards will vest annually. Vesting is subject to the achievement of specified performance targets and awards are subject to good/bad leaver and change of control provisions. No consideration is payable in respect of the grant of the awards. The share price performance will be calculated from a base of 46.5p, being the mid price at the close of business on 20 December 2013.
Inland Homes plc | www.inlandplc.com | Tel: 01494 762450 |
Stephen Wicks | Chief Executive | |
Nishith Malde | Finance Director | |
Paul Brett | Land Director | |
finnCap | Nomad & Broker | Tel: 020 7220 0500 |
Matthew Robinson/Simon Hicks | Corporate Finance | |
Simon Starr | Corporate Broking | |
Blythe Weigh Communications | Tel: 020 7138 3204 | |
Paul Weigh | Tel: 07989 129658 | |
Tim Blythe | Tel: 07816 924626 | |
Editor's Note:
Inland Homes plc's strategy is to identify brownfield land in the South of England where it considers it to hold excellent potential for residential and mixed use development, including commercial space. The Group then seeks to enhance its land value by obtaining planning permission before selling consented land onto developers. It also develops some of its plots for sale.