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11 Mar 2013 17:37
STV Group plc
("STV" or the "Company")
On 18 February 2013 the Board of STV Group plc adopted the STV Group plc Value Creation Plan ("VCP").
STV has today awarded performance units in the VCP to the directors of the Company listed below.
Approval for the VCP will be sought from STV shareholders at the Company's Annual General Meeting to be held on 24 April 2013 (the "AGM"). Awards shall lapse automatically if such approval is not given.
Full details of the VCP will be set out in the Company's shareholder circular (incorporated in the Notice of AGM).
Key features
The following directors have been conditionally granted an award of performance units under the VCP:
Name | Position | % share of performance units available | Number of performance units |
Rob Woodward | Chief Executive Officer | 33% | 330,000 |
George Watt | Chief Financial Officer | 17% | 170,000 |
No payment has been made for the grant of these awards and the VCP performance units have no value at grant. Provided the measurement price is above £1.50 at the end of a 3 year measurement period, 5% to 7.5% of any value created above the relevant threshold price (£1.50 and £2.00) will be converted into nil-cost options over shares.
Jane E A Tames
Company Secretary
STV Group plc
0141 300 3074
11 March 2013
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