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7 Dec 2020 15:55
Pittards PLC
7 December 2020
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 modified the Group's 2016 LTIP (the "Scheme").
The Scheme, which was established in 2016, continues to vest in March 2022, however the excise period has been extended to April 2023, formerly August 2022. In addition, the Scheme base price has been set at 51p, with two new conditions, firstly, that no award will be made unless the share price reaches or exceeds 70p, and finally that the aggregate award to management will not exceed 10% of the issued share capital, being 1,388,860 shares (the company already holds 921,634 in treasury), previously the scheme was uncapped.
The potential benefits and rules of the Scheme are otherwise unchanged. 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 also unchanged.
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 |
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