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Pin to quick picksPlant Health Regulatory News (PHC)

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New Long-Term Incentive Plan and Grant of Awards

3 Jul 2013 07:00

RNS Number : 4597I
Plant Health Care PLC
03 July 2013
 



For immediate release

3 July 2013

 

 

Plant Health Care PLC

(The "Company")

 

New Long-Term Incentive Plan and grant of Awards

 

Plant Health Care announces that it has implemented a new Long-Term Incentive Plan and made awards under it to a number of senior executives, including two directors, Dr. Christopher Richards, Chairman of the Company, and Paul Schmidt, CEO.

 

At the time of the equity fundraising, which the Company announced on 26 March 2013, the Company disclosed that it was proposing to implement a value creation-based long-term incentive plan in which the Chairman, CEO and key members of the senior executive team would participate. The plan would calculate value generated for shareholders from the point of the placing over a four-year period, with plan participants receiving up to 10 per cent. of value generated over an annual hurdle of 8 per cent., paid in shares valued at that end point. This is the plan which has now been implemented, with the baseline for valuation under the plan being 78p, the placing price.

 

Of the total value pool created, Dr. Richards has been allocated 12.5 per cent. and Paul Schmidt has been allocated 30 per cent. On a change of control, awards vest subject to the meeting of the performance condition at that point.

 

The majority of the participants are US residents. In order that a portion of their awards have the potential to be delivered tax efficiently, US residents have been awarded a number of Incentive Stock Options, with the bulk of US residents' participation being satisfied by restricted share units.

 

Dr. Richards's participation in the plan will be entirely by way of an award of market value options, subject to a performance condition under which such number of market value options will vest as gives a gross profit equal to his 12.5 per cent. share of the total participant value pool. Details of these option awards are set out in the table below:

 

 

Director

Date of award

Exercise price

Number of options

Dr. Christopher Richards

2 July 2013

80.0p

862,000

Paul Schmidt

2 July 2013

US$1.2528

79,821

 

The maximum number of restricted share units awarded to Paul Schmidt, which may vest subject to the workings of the performance condition, is 1,630,000.

 

For further information contact: -

 

Plant Health Care plc

Michael Higgins

Senior Independent Director

Tel: +44 (0)7802 964560

 

Nomura Code Securities

Clare Terlouw / Chris Golden

Tel: +44 (0)20 7776 1200

www.nomuracode.com

Powerscourt

Paul Durman / Nick Dibden / Sophie Moate

Tel: +44 (0)20 7250 1446

paul.durman@powerscourt-group.com

nick.dibden@powerscourt-group.com

sophie.moate@powerscourt-group.com.

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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