Nwf Regulatory News (NWF)

5 Feb 2009 07:01



Embargoed until: 0701, 05 February 2009

NWF Group plc ("NWF" or the "Company")

Award of Ordinary Shares under Company Performance Share Plan

NWF Group plc, the specialist distribution business, announces that as described in today's Interim Results announcement for the six months ended 30 November 2008, the Company has established the NWF Company Performance Share Plan (the "Plan") and that the following award has been made under the Plan.

Richard Whiting, the Chief Executive of NWF has been awarded a conditional right over a maximum of 288,272 Ordinary Shares at a price of 81 pence per ordinary share, subject to satisfying certain performance targets as outlined below.

If the aggregate reported basic earnings per share in the three financial years ending 31 May 2011 is 18.97 pence per ordinary share 86,482 ordinary shares will be issued under the Plan and the maximum of 288,272 ordinary shares will be issued if the aggregate reported earnings per share are equal to or greater than 31.62 pence per ordinary share in the three financial years ending 31 May 2011.

Richard Whiting is interested in 10,000 ordinary shares of the Company representing 0.02% of the issued share capital of the Company.

The Plan is a discretionary scheme which has been 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. It is anticipated that the award of shares under the Plan will be satisfied from ordinary shares acquired by the NWF Group Plc Employee Benefit Trust.

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