6 Aug 2013 07:02
NWF Group plc
Draft for release 6 August 2013
NWF Group plc ('NWF' or 'the Group')
Award of Options and Issue of Equity under Company Performance Share Plan
NWF Group plc, the specialist agricultural and distribution business, announces the following award has been approved under the terms of the established NWF Company Performance Share Plan (the "Plan").
Richard Whiting, Chief Executive of NWF will receive, an award of a conditional right over a maximum of 221,186 Ordinary Shares at a price of 118 pence per ordinary share, being the average closing price of the last three business days during May 2013. This award is subject to the following performance targets:
1. | if the aggregate reported headline basic earnings per share in the three financial years ending 31 May 2016 is 42.1 pence per ordinary share, 132,712 ordinary shares will be issued under the Plan; and
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2. | the maximum of 221,186 ordinary shares will be issued if the aggregate reported earnings per share are equal to or greater than 52.6 pence per ordinary share in the three financial years ending 31 May 2016. |
Following the award, Richard Whiting will be interested in 702,979 options/conditional awards over ordinary shares of the Company.
Brendon Banner, Finance Director of NWF will receive, an award of a conditional right over a maximum of 103,602 Ordinary Shares at a price of 118 pence per ordinary share, being the average closing price of the last three business days during May 2013. This award is subject to the following performance targets:
1. | if the aggregate reported headline basic earnings per share in the three financial years ending 31 May 2016 is 42.1 pence per ordinary share, 62,161 ordinary shares will be issued under the Plan; and
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2. | the maximum of 103,602 ordinary shares will be issued if the aggregate reported earnings per share are equal to or greater than 52.6 pence per ordinary share in the three financial years ending 31 May 2016. |
Following the award, Brendon Banner will be interested in 103,602 conditional awards over ordinary shares of the Company.
The Company announces that it will issue 116,192 ordinary shares, in respect of awards made under the Plan. 92,194 will be issued in respect of Mr R A Whiting following the satisfaction of performance conditions who will then have an interest of 307,371 ordinary shares of the Company representing 0.7% of the issued share capital of the Company.
Application has been made for the 116,192 new ordinary shares to be admitted to AIM ("Admission"). Admission is expected to take place at 8.00 am on 9 August 2013.
Following Admission NWF's total issued share capital will be 47,419,969 ordinary shares. There are no shares held in treasury.
The Plan was established for the purpose of incentivising and retaining the Company's eligible executive management. Ordinary shares awarded under the Plan are subject to a performance criteria that requires NWF to meet a minimum reported basic earnings per share target over a three year period. The Remuneration Committee has responsibility for determining the award of Ordinary Shares and the performance targets under the Plan.
Enquiries:
Rob Andrew Group Company SecretaryNWF Group plcTel: 01829 260 260 | John West/Andrew DunnTavistock CommunicationsTel: 020 7920 3150 | Justin Jones /Mike BellPeel Hunt LLP (Nominated Adviser)Tel: 020 7418 8900 |
Nwf (NWF)