30 Sep 2014 15:50
30 September 2014
THE STANLEY GIBBONS GROUP PLC
("Stanley Gibbons" or the "Company")
On 30 September 2014 the following members of the Company's Board were granted nil cost options awards over ordinary shares of 1 pence each ("Ordinary Shares") under the Stanley Gibbons plc Value Creation Plan (the "VCP") as noted below:
Executive Director | Maximum number of Ordinary Shares under option
|
Michael Hall | 559,174 |
John Byfield | 559,174 |
Donal Duff | 372,782 |
Ian Goldbart | 372,782 |
Under the terms of the VCP, the number of Ordinary Shares comprised within the awards that shall vest (if any) will ordinarily be determined based on the level of total shareholder return ("TSR Growth") achieved over a three year performance period (that commenced on the grant of the awards) in excess of a threshold level of TSR Growth of 7% per annum.
To the extent an award vests it shall be deemed to comprise three distinct tranches ("Tranche A", "Tranche B" and "Tranche C") each relating to a distinct one-third of the total number of vested Ordinary Shares (if any) determined for the award. The earliest dates from which each tranche may ordinarily become exercisable are as follows:
● | in respect of Tranche A, the later of the date on which the number of vested Ordinary Shares subject to the award is determined and the third anniversary of the grant date;
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● | in respect of Tranche B, the fourth anniversary of the grant date; and
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| ● | in respect of Tranche C, the fifth anniversary of the grant date.
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Once a tranche becomes exercisable, it shall ordinarily remain exercisable until the eve of the sixth anniversary of the grant date of the awards.
Awards shall ordinarily be forfeited prior to vesting in the event of the grantee's departure from the Company, subject to the terms of the VCP.
No consideration was paid for the grant of the awards and no consideration is due on the vesting and/or exercise of the awards.
Further details of the terms of the VCP can be found in the notice for the Annual General Meeting of the Company held on 30 July 2014 at which shareholders approved the implementation of the VCP by ordinary resolution.
This notification is made in accordance with DTR 3.1.4R(1)(a).
For further information, please contact:
The Stanley Gibbons Group plc
| |
Donal Duff, Chief Finance Officer Richard Purkis, Company Secretary
| +44 (0) 1534 766711 |
| Peel Hunt LLP, NOMAD/Broker | |
Dan Webster/Matthew Armitt/Richard Brown | +44 (0) 20 7418 8900 |
Tavistock
| |
Lulu Bridges/Teresa Towner | +44 (0) 20 7920 3150 |