Last checked at 24 Apr 2014 07:00
24 April 2014
Revolymer plc ("Revolymer" or "the Group") Award under Long Term Incentive Plan
Revolymer (AIM: REVO), the British polymer company developing patented products for a number of high value fast moving consumer goods ("FMCG") and industrial markets, announces the grant on 23 April 2014 of awards under the Revolymer plc Long Term Incentive Plan ("LTIP") to its executive director Robin Cridland.
The LTIP was adopted by the board of directors of Revolymer plc (the "Board") on 29 June 2012 and its remuneration committee has approved the following grant on 23 April 2014:
· To the Acting CEO and CFO Robin Cridland a nil cost option over 355,140 ordinary shares. The vesting period of these grants is three years and they only become exercisable if challenging performance conditions are met; namely that 50% of the grant becomes exercisable if the weighted average ordinary share price in the 30 day period ending on the third anniversary of grant is £1.25. Between weighted average ordinary share prices of £1.25 and £1.50, vesting shall be pro-rata and on a straight line basis between 50% and 100%. Below £1.25 the grants are not exercisable and lapse in full.
The Board also requires the executive directors to maintain minimum interests (of at least 380,000 ordinary shares for Robin Cridland) before selling any ordinary shares that are the result of exercise, except that they may sell that number of ordinary shares that are required to satisfy any income tax and employee's national insurance liabilities arising at exercise. This requirement shall not apply on a change of control, or other transaction with substantially the same effect.
Ends
For further information please contact:
Revolymer plc | +44 (0) 1244 283 500 |
Rob Cridland
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Panmure Gordon (UK) Limited | +44 (0) 20 7886 2500 |
Callum Stewart / Adam James (Corporate Finance) Adam Pollock / Charles Leigh-Pemberton (Corporate Broking) |
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Citigate Dewe Rogerson | +44 (0)20 7282 2867 |
David Dible / Malcolm Robertson
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About Revolymer
Revolymer is a technology company that designs, develops and formulates novel polymers to improve the performance of existing consumer products within the FMCG and other industrial markets. Revolymer's strategy is to generate significant and growing revenue streams by licensing its unique and proprietary technologies to manufacturers and marketers within these global high value markets. Current applications for the Group's technologies are in the household products, personal care and coatings & adhesives markets (together "Consumer Specialties") and the medicated chewing gum and confectionery chewing gum (together "Gum") markets.
www.revolymer.com