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9 Aug 2011 07:01
NWF Group plc
For release, 9 August 2011
NWF Group plc ('NWF' or 'the Company)
NWF Group plc: Award of Options under Company Performance Share Plan and Issue of Equity
NWF Group plc, the specialist agricultural and distribution business, announces the following awards have been approved under the terms of the established NWF Company Performance Share Plan (the "Plan").
Richard Whiting, Chief Executive of NWF will receive, an award of a conditional right over a maximum of 215,126 Ordinary Shares at a price of 119 pence per ordinary share, being the average closing price of the last three business days during May 2011. This award is subject to the following performance targets:
1. | if the aggregate reported basic earnings per share in the three financial years ending 31 May 2014 is 35.42 pence per ordinary share, 129,076 ordinary shares will be issued under the Plan; and |
2. | the maximum of 215,126 ordinary shares will be issued if the aggregate reported earnings per share are equal to or greater than 40.73 pence per ordinary share in the three financial years ending 31 May 2014. |
Following the award, Richard Whiting will be interested in 756,877 options/conditional awards over ordinary shares of the Company.
Johnathan Ford the Finance Director will receive an award of a conditional right over a maximum of 102,258 Ordinary Shares at a price of 119 pence per ordinary share, being the average closing price of the last three business days during May 2011. This award is subject to the following performance targets:
1. | if the aggregate reported basic earnings per share in the three financial years ending 31 May 2014 is 35.42 pence per ordinary share, 61,355 ordinary shares will be issued under the Plan; and |
2. | the maximum of 102,258 ordinary shares will be issued if the aggregate reported earnings per share are equal to or greater than 40.73 pence per ordinary share in the three financial years ending 31 May 2014. |
Following the award, Johnathan Ford will be interested in 357,679 options/conditional awards over ordinary shares of the Company and is interested in 20,000 Ordinary Shares of the Company representing 0.04% of the issued share capital of the Company.
In addition, the Company today also announces today that it has issued 169,156 ordinary shares, in respect of awards made under the Plan. 133,721 have been issued in respect of Mr R A Whiting following the satisfaction of performance conditions who now has an interest 143,721 ordinary shares of the Company representing 0.3% of the issued share capital of the Company. The 143,721 ordinary shares will be registered in the name Mrs S J Whiting.
Application has been made for the 169,156 new ordinary shares to be admitted to AIM ("Admission"); Admission is expected to take place at 8.00 am on 12 August 2011.
Following Admission NWF's total issued share capital will be 47,109,291ordinary shares.There are no shares held in treasury.
The Plan was established for the purpose of incentivising and retaining the Company's eligible executive management. Ordinary shares awarded under the Plan are subject to a performance criteria that requires NWF to meet a minimum reported basic earnings per share target over a three year period. The Remuneration Committee has responsibility for determining the award of Ordinary Shares and the performance targets under the Plan.
Enquiries:
Rob Andrew Group Company SecretaryNWF Group plcTel: 01829 260 260 | John West/Andrew DunnTavistock CommunicationsTel: 020 7920 3150 | Julian Blunt Peel Hunt LLP (Nominated Adviser)Tel: 020 7418 8900 |
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