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31 Mar 2011 10:18
Jelf Group plc
("Jelf" or the "Company")
Director/PDMR Shareholding
Today, the Board announces new awards have been made under, and changes have been made to, the Jelf Group plc 2008 Long Term Incentive Plan ("2008 LTIP"), which provides for awards of equity-settled share appreciation rights ("SARs") to certain executive directors and key employees. The SARs awards have the potential to deliver to recipients a net gain equal to the increase in share price between the base price and the price prevailing at the end of the performance period. This net gain is delivered in shares, by reference to the share price prevailing when the award is exercised. The number of shares actually issued following exercise will therefore be less than the number of SARs issued. The economic, accounting and tax treatment of SARs are similar to share options, but SARs are more "share efficient" in terms of dilution.
Exercise of the SARs is subject to the achievement of specified performance conditions, primarily a target share price.
The vesting period of the awards made in 2010 has been extended from 1 October 2012 to 1 October 2015 - 30 September 2017. This extension aligns the long term interests of shareholders and management. The base price for these awards is unchanged at 36p and the target share price required to be met for the awards to vest is also unchanged at 80p.
The new awards issued in 2011 have the same vesting period as the 2010 awards. The base price for these awards is 61.5p and the target share price requirement is 120p.
The SARs granted under the 2008 LTIP to each of the relevant directors are as follows:
Director | Number of SARs granted in 2011 | Total number of share options and SARs held following this grant | |
Alex Alway | 500,000 | 4,500,000 | |
Chris Jelf | - | 550,000 | |
John Harding | 325,000 | 1,582,813 | |
Phil Barton | 325,000 | 1,125,000 | |
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The total existing aggregate holdings of each of the relevant directors and their beneficial interest in the total voting rights is now as follows:
Director | Number of ordinary shares held | Number of SARS and options not vested or exercised | Number of shares awarded by EBT not yet vested | Total aggregate holding | Total holding as a % of issued and to be issued capital* |
Alex Alway | 1,320,883 | 4,500,000 | 126,942 | 5,947,825 | 6.16% |
Chris Jelf | 2,439,243 | 550,000 | - | 2,989,243 | 3.10% |
John Harding | 338,886 | 1,582,813 | 44,904 | 1,966,603 | 2.04% |
Phil Barton | 453,681 | 1,125,000 | 39,394 | 1,618,075 | 1.68% |
* Calculated by dividing each individual's total aggregate holding by the whole of the issued and to-be-issued share capital of the Company (which comprises 84,949,782 Ordinary Shares in issue (excluding non-voting shares), and 1,722,845 share options and 9,850,000 SARs). As noted above the conversion of SARs will not result in an equivalent issue of shares.
All other Directors' interests are unchanged.
For further information, please contact:
Jelf Group plc
Alex Alway - Chief Executive 01454 272713
Cenkos Securities plc
Stephen Keys 020 7397 8900
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