Last checked at 4 Mar 2015 16:49
Date: Wednesday 4th March 2015
On behalf of: Jaywing plc ("the Company" or "the Group")
Jaywing plc
("Jaywing" or "the Company")
Grant of Options under Jaywing plc share incentive plan
The Company announces that options over ordinary shares of 5p each in the Company ("Ordinary Shares") have today been granted to certain executive directors in accordance with the recommendations of the Company's Remuneration Committee.
Director | Position | Number of options granted | Exercise price | Total number of options held following grant |
Martin Boddy | CEO | 526,000 | 5p | 526,000 |
Andy Gardner | COO | 526,000 | 5p | 526,000 |
Michael Sprot | Finance Director | 299,000 | 5p | 299,000 |
60% of these options have vesting criteria that are based on the financial performance of the Company over the period commencing from 1 April 2015 until 31 March 2017. EBITDA growth during this period must exceed 3% for any options to vest and all options subject to these criteria will vest if the Company achieves an EBITDA compound annual growth rate of at least 20% over two years.
The remaining 40% of the options have vesting criteria based on share price targets (adjusted for share based payment costs) of 45p in 2017 or 55p in 2018. If all of the performance targets are met, all shares will vest by 31 January 2019.
All options granted today are exercisable until 31 July 2019.
Following the grant of options as detailed above, the total number of options outstanding, either vested or unvested, is 6,771,000. This figure (6,771,000) represents approximately 9 per cent of the Company's existing issued share capital being 76,359,385 ordinary shares.
Enquiries:Jaywing plcMichael Sprot (Company Secretary) Tel: 0114 281 1200
Cenkos Securities plc
Nicholas Wells (Nomad) Tel: 0207 397 8920