International Greetings PLC Director/PDMR Shareholding (2576A)
September 25 2015 - 7:22AM
UK Regulatory
TIDMIGR
RNS Number : 2576A
International Greetings PLC
25 September 2015
25 September 2015
International Greetings Plc
('IG' or the 'Company')
Long Term Incentive Awards
As part of a wider award to senior management, the Company today
announces it intends to issue up to 200,948 shares to Paul Fineman
(Group CEO), 160,759 shares to Anthony Lawrinson (Group CFO) and up
to 185,877 shares to Lance Burn (Director) under the Long Term
Incentive Plan announced on 31 March 2014.
The issue of the shares set out above is conditional upon and
proportionate to the achievement of three performance conditions
over a defined period from 1 April 2015 to 31 March 2018. Those
performance conditions are:
-- Growth in fully diluted earnings per share before exceptional items (50%)
-- Growth in profit before tax before exceptional items (30%); and
-- Reduction in average leverage (net debt relative to EBITDA) (20%)
Growth targets range from 10% to 20% over the performance period
while average debt must fall within the range 1.8 to 2.5 times
EBITDA for shares to vest. Each metric is tested independently
according to the weighting above.
The cost to the Executives of the Ordinary Shares to be issued
under the LTIP, if the performance criteria are met, will be
nil.
As a result the three Executives will have the following
interests in the Company's Ordinary Shares:
Ordinary Executive LTIP 2012-2015 LTIP 2014-2017 LTIP 2015-2018
Shares Share Options (Not Yet
2008 Vested)
(Vested) (Not Yet
Vested)
--------------- ---------- --------------- --------------- --------------- ---------------
Lance Burn - - - 262,083 185,877
--------------- ---------- --------------- --------------- --------------- ---------------
Paul Fineman* 4,239,249 214,285 200,948
--------------- ---------- --------------- --------------- --------------- ---------------
Anthony
Lawrinson 500,000 283,334 160,759
--------------- ---------- --------------- --------------- --------------- ---------------
*Paul Fineman owns a non-beneficial interest of a further
174,608 ordinary shares
The total number of shares subject to award under the 2015-18
shares, including the individuals above, is 1,176,860.
For further information, please contact:
International Greetings Plc Tel: 01525 887310
Paul Fineman, Chief Executive
Anthony Lawrinson, Chief Financial Officer
Cenkos Securities Tel: 020 7397 8900
Bobbie Hilliam
Harry Pardoe
This information is provided by RNS
The company news service from the London Stock Exchange
END
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