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14 Aug 2012 07:01
NWF Group plc
For release: 14 August 2012
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 award has 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 266,667 Ordinary Shares at a price of 96 pence per ordinary share, being the average closing price of the last three business days during May 2012. 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 2015 is 31.11 pence per ordinary share, 160,000 ordinary shares will be issued under the Plan; and
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2. | the maximum of 266,667 ordinary shares will be issued if the aggregate reported earnings per share are equal to or greater than 35.77 pence per ordinary share in the three financial years ending 31 May 2015. |
Following the award, Richard Whiting will be interested in 777,626 options/conditional awards over ordinary shares of the Company.
In addition, the Company today also announces today that it has issued 127,517 ordinary shares, in respect of awards made under the Plan. 71,456 have been issued in respect of Mr R A Whiting following the satisfaction of performance conditions who now has an interest of 215,177 ordinary shares of the Company representing 0.5% of the issued share capital of the Company. 33,356 have been issued in respect of Mr J R Ford who now has an interest of 53,356 ordinary shares representing 0.1% of the issued share capital of the company.
Application has been made for the 127,517 new ordinary shares to be admitted to AIM ("Admission"); Admission is expected to take place at 8.00 am on 17 August 2012.
Following Admission NWF's total issued share capital will be 47,303,777 ordinary 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.
For further information please visit www.nwf.co.uk or contact:
Rob Andrew, Company Secretary
NWF Group plc Tel: 01829 260 260 | John West / Andrew Dunn Tavistock Communications Tel: 020 7920 3150 | Julian Blunt / Mike Bell Peel Hunt LLPNominated AdviserTel: 020 7418 8900 |
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