OPG Power Ventures plc Long Term Incentive Plan (4694H)
August 01 2019 - 1:03AM
UK Regulatory
TIDMOPG
RNS Number : 4694H
OPG Power Ventures plc
01 August 2019
1 August 2019
OPG Power Ventures plc
("OPG", the "Group" or the "Company")
Long Term Incentive Plan ("LTIP")
As reported on 29 April 2019, the Remuneration Committee of the
Board of Directors has approved the introduction of an LTIP. The
Remuneration Committee has further reviewed, amended and now
approved revised terms of the LTIP.
The number of performance-related awards was reduced from of
18.5 million ordinary shares to 14 million (the "LTIP Shares")
(representing approximately 3.6 per cent of the Company's issued
share capital). In addition to three executive directors,
additional members of the senior management team will be included
within the LTIP.
The LTIP Shares will be awarded as Nominal Cost Shares and will
vest in three tranches subject to continued service with OPG until
vesting and meeting the following share price performance targets,
plant load factor ("PLF") and term loan repayments of the Chennai
thermal plant.
- 20% of the LTIP Shares shall vest upon meeting the target
share price of 25.16p before the first anniversary for the first
tranche, i.e. 24 April 2020, achievement of PLF during the period
April 2019 to March 2020 of at least 70% at the Chennai thermal
plant and repayment of all scheduled term loans;
- 40% of the LTIP Shares shall vest upon meeting the target
share price of 30.07p before the second anniversary for the second
tranche, i.e. 24 April 2021, achievement of PLF during the period
April 2020 to March 2021 of at least 70% at the Chennai thermal
plant and repayment of all scheduled term loans;
- 40% of the LTIP Shares shall vest upon meeting the target
share price of 35.00p before the third anniversary for the third
tranche, i.e. 24 April 2022, achievement of PLF of at least 70% at
the Chennai thermal plant during the period April 2021 to March
2022 and repayment of all scheduled term loans.
The share price performance metric will be deemed achieved if
the average share price over a fifteen day period exceeds the
applicable target price. In the event that the share price or other
performance targets do not meet the applicable target, the number
of vesting shares would be reduced pro-rata, for that particular
year. However, no LTIP Shares will vest if actual performance is
less than 80 per cent of any of the performance targets in any
particular year. The terms of the LTIP provide that the Company may
elect to pay a cash award of an equivalent value of the vesting
LTIP Shares.
None of the LTIP Shares, once vested, can be sold until the
third anniversary of the award, unless required to meet personal
taxation obligations in relation to the LTIP award.
For further information, please visit www.opgpower.com or
contact:
+91 (0) 44 429
OPG Power Ventures PLC 11211
Arvind Gupta / Dmitri Tsvetkov
Cenkos Securities (Nominated Adviser +44 (0) 20 7397
& Broker) 8900
Russell Cook / Stephen Keys
+44 (0) 20 7920
Tavistock (Financial PR) 3150
Simon Hudson / Barney Hayward
-ends-
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END
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