Last checked at 7 Jun 2013 15:31
Terrace Hill Group PLC ("Terrace Hill" or "the Company")
Notification of Awards under the Terrace Hill Group PLC Performance Share Plan
Terrace Hill Group PLC (AIM: THG) announces the following grant of nominal cost options over ordinary shares in the Company of 2 pence each ("Shares") with an exercise price per Share of 2 pence ("Awards") to certain directors of the Company under the Company's Performance Share Plan ("PSP") on 7 June 2013.
Name | Total Awards granted on 7 June 2013 | Total Awards outstanding on 7 June 2013 |
Robert Adair, Executive Chairman | 2,134,688 | 3,254,235 |
Philip Leech, Chief Executive | 2,134,688 | 3,254,235 |
Jon Austen, Group Finance Director | 1,808,663 | 3,351,284 |
Further details of the Awards are set out below.
Notes
1. A further 2,733,460 Awards were granted to employees of the Company on 7 June 2013;
2. The Awards will ordinarily vest following the third anniversary of the grant date, but only to the extent that the following performance criteria are satisfied over the Company's next three financial years commencing with the current financial year:
a. EPRA Triple Net Asset Value must increase more than 2.5% per annum more than RPI for 25% vesting and must increase by more than 12.5% per annum more than RPI for 100% vesting
b. Total Shareholder Return must be equal to the movement in the FTSE 350 Real Estate Index for 25% vesting and must exceed the FTSE 350 Real Estate Index by 15% for 100% vesting
There is equal weighting attached to each of these performance conditions. To the extent that the Awards vest, they will be exercisable from vesting until 6 June 2023, assuming the participant remains in Terrace Hill employment;
3. No consideration is payable on the grant of the Awards;
4. The Company has 211,971,299 Ordinary Shares of 2p each in issue;
5. There are no shares held in treasury so the total voting rights in the Company are therefore 211,971,299;
6. The Company now has a total of 17,066,350 Awards outstanding, under the Terrace Hill Group PLC Performance Share Plan, representing 8.05% of the issued Ordinary Share Capital; and
7. The notification of these Awards is intended to satisfy the Company's obligations under the AIM rules.
For further information please contact:
Philip Leech/Jon Austen Tel. 020 7631 1666
Terrace Hill Group PLC
Mark Young/Gareth Price Tel: 020 7710 7600
Oriel Securities Limited
(Nominated Adviser and Broker)