28 May 2014 12:00
For immediate release | 28 May 2014 |
WALKER GREENBANK PLC
("Walker Greenbank" or "the Company")
Director Shareholdings
Walker Greenbank PLC (AIM: WGB), the luxury interior furnishings group whose brands include Sanderson, Morris & Co, Harlequin, Zoffany, Scion and Anthology, announces that it has today granted conditional awards of ordinary shares of 1p each in the Company ("Ordinary Shares") in the form of nil-cost options to its executive directors under its Long-Term Incentive Plan ("LTIP") based on a closing mid-market price on 27 May of 187.0 pence per ordinary Share.
In accordance with the rules of the LTIP, Ordinary Shares awarded will vest three years after the date of grant subject to the satisfaction of performance conditions. 50% of the award is measured against a 3 year earnings per share compound growth target from 1 February 2014 to 31 January 2017 and 50% of the award is against a measurement of total shareholder return ("TSR") of the Company against a comparator group of AIM companies ranked by market capitalisation as at 27 May 2014, with a base level profit before tax underpin of £7.425 million for the year ended 31 January 2017. This relevant TSR measurement is on a sliding scale, with no vesting until the Company reaches at least the median position within the comparator group. The comparator group chosen is the AIM companies ranked 101 to 200 by market capitalisation.
The awards granted under the LTIP on the basis of the Company achieving the maximum targets were:
John Sach 168,827 Ordinary Shares
Mike Gant 152,406 Ordinary Shares
David Smallridge 120,949 Ordinary Shares
The Remuneration Committee of the Board of Directors believes that today's award aligns management reward with the creation of returns to the Company's shareholders.
For further information:
Walker Greenbank PLC | +44 (0) 844 543 4668 |
John Sach, Chief Executive | |
Mike Gant, Chief Financial Officer | |
Caroline Geary, Company Secretary | |
Investec Bank plc |
+44 (0) 20 7597 5970 |
Garry Levin / David Anderson - Nominated Adviser | |
Henry Reast - Corporate Broking | |
Buchanan |
+44 (0) 20 7466 5000 |
Mark Court / Fiona Henson / Sophie Cowles |
Notes for editors:
About Walker Greenbank
Walker Greenbank PLC is a luxury interior furnishings company that designs, manufactures and markets wallpapers and fabrics. The Company's brand portfolio - comprising Sanderson, Morris & Co, Harlequin, Zoffany, Scion and Anthology - spans heritage and contemporary design and its products are sold in more than 75 countries worldwide. The Company derives significant licensing income from the use of its designs in lifestyle products such as bed linen, rugs and tableware.
The Company employs more than 600 people and has showrooms in London, New York, Paris and Dubai along with partnership showrooms in Moscow and in Shenzhen, China. Its UK manufacturing base, which includes a wallpaper factory in Loughborough and a fabric printing factory in Lancaster, manufactures product both for the Company and for other wallpaper and fabric brands. Continued investment in manufacturing has allowed the Company to offer a wide range of printing techniques.
Walker Greenbank trades on the AIM market of the London Stock Exchange under the ticker symbol WGB.
For further information please visit: www.walkergreenbank.com/