3 Sep 2013 07:00
3 September 2013
WYG plc
("WYG" or "Company")
Share Plan Update
The Company's Remuneration Committee today provides an update on the Company's Transformation Incentive Plan ("Plan") for the Executive Directors and key senior executives which was implemented as part of the Company's restructuring in July 2011. The Committee is pleased to confirm that the share price performance target in respect of options over 5,355,660 WYG shares has been achieved. Consequently, the Committee, having confirmed that all other vesting criteria set out in the Plan have been met, has today approved the vesting of options over 5,355,660 WYG shares to the relevant executives.
Importantly, under the Plan rules, shares in respect of vested awards will not be released to awardholders until 12 months after they have vested.
Robert Barr, chairman of the Remuneration Committee, said:
"We are pleased that this important milestone has been reached. The Plan is designed to align as closely as possible the interests of management with those of the original investors who subscribed in the 2011 refinancing and of current and future shareholders and we believe that the Company's performance and recent trading updates have vindicated the trust that has been placed in the management to deliver WYG's turnaround."
ENDS
WYG plc Tel: 0113 278 7111
Paul Hamer, Chief Executive Officer
Sean Cummins, Group Finance Director
MHP Communications Tel: 020 3128 8100
John Olsen / Katie Hunt / James White / Vicky Watkins
Numis Securities Limited Tel: 020 7260 1000
Stuart Skinner/ Jamie Lillywhite (Nominated Adviser)
David Poutney/ Ben Stoop (Corporate Broker)