4 Nov 2019 07:00
4 November 2019
PITTARDS PLC
("Pittards", "Company" or "the Group")
Modifications to Long Term Incentive Plan
Pittards plc, the specialist producer of technically advanced leather and luxury leather goods for retailers, manufacturers and distributors, announces that the Group's Remuneration Committee has extended and modified the Group's 2016 LTIP (the "Scheme") established to incentivise the Company's directors.
The Scheme has been extended by 27 months and now vests in March 2022. In addition, the Scheme has been converted to a growth share scheme, whereby shares in a subsidiary company have been purchased in the proportions set out in the table below.
The potential benefits of the Scheme are unchanged and remain dependent upon the attainment of a minimum share price of £1.20 at the vesting date. The directors will become entitled to cash or shares in Pittards plc based on the excess value generated at the vesting date in March 2022 with a further six month period allowed for exercise. The total excess value calculated in accordance with the Scheme rules will be split amongst the directors on the basis of the percentages set out below. These percentages are unchanged, save that Richard Briere, who was appointed Chief Financial Officer earlier in the year, has now been allocated the proportion previously allocated to his predecessor.
Director | Percentage of growth shares/ excess value created |
Reg Hankey | 40% |
Stephen Yapp | 30% |
Richard Briere | 20% |
Louise Cretton | 5% |
Godfrey Davis | 5% |
For further information, please contact:
Pittards plc
| www.pittards.com |
Stephen Yapp, Chairman
Reg Hankey, CEO
Richard Briere | +44 (0) 1935 474 321
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WH Ireland Limited
| www.whirelandcb.com |
Mike Coe, Chris Savidge | +44 (0) 117 945 3470 |