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10 Jan 2013 07:01
10th January 2013
Revolymer plc
("Revolymer" or "the Group")
Awards 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 9 January 2013 of awards under the Revolymer plc Long Term Incentive Plan ("LTIP") to executive directors.
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 grants to executive directors on 9 January 2013:
- To the CEO Roger Pettman a nil cost option over 281,690 ordinary shares
- To the CFO Robin Cridland a nil cost option over 253,521 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 125p. Between weighted average ordinary share prices of 125p and 150p, vesting shall be pro-rata and on a straight line basis between 50% and 100%. Below 125p the grants are not exercisable and lapse in full.
The Board also requires the executive directors to maintain minimum interests (of at least 400,000 ordinary shares for Roger Pettman and 360,000 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 |
Roger Pettman Rob Cridland | |
Panmure Gordon (UK) Limited | +44 (0) 20 7886 2500 |
Callum Stewart / Adam James (Corporate Finance) Adam Pollock / Charles Leigh-Pemberton (Corporate Broking) | |
Citigate Dewe Rogerson | +44 (0)20 7638 9571 |
Simon Rigby / David Dible / Ginny Pulbrook |
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 markets. Revolymer's strategy is to generate significant and growing revenue streams by licensing its unique and proprietary technologies to manufacturers and marketers within the global high value FMCG industry. Current applications for the Group's technologies are in the coatings & adhesives, household products and personal care markets (together "Consumer Specialties") and the confectionery chewing gum and medicated chewing gum (together "Gum") markets.
www.revolymer.com
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