PTD Pittards Plc

TIDMPTD

RNS Number : 8150H

Pittards PLC

07 December 2020

Pittards PLC

7 December 2020

PITTARDS PLC

("Pittards", "Company" or "the Group")

Modifications to Long Term Incentive Plan

Pittards plc, the specialist producer of technically advanced leather and luxury leather goods for retailers, manufacturers and distributors, announces that the Group's Remuneration Committee has modified the Group's 2016 LTIP (the "Scheme") .

The Scheme, which was established in 2016, continues to vest in March 2022, however the excise period has been extended to April 2023, formerly August 2022. In addition, the Scheme base price has been set at 51p, with two new conditions, firstly, that no award will be made unless the share price reaches or exceeds 70p, and finally that the aggregate award to management will not exceed 10% of the issued share capital, being 1,388,860 shares (the company already holds 921,634 in treasury), previously the scheme was uncapped.

The potential benefits and rules of the Scheme are otherwise unchanged. The total excess value calculated in accordance with the Scheme rules will be split amongst the directors on the basis of the percentages set out below. These percentages are also unchanged.

 
 Director          Percentage of growth shares/ 
                    excess value created 
 Reg Hankey        40% 
                  ----------------------------- 
 Stephen Yapp      30% 
                  ----------------------------- 
 Richard Briere    20% 
                  ----------------------------- 
 Louise Cretton    5% 
                  ----------------------------- 
 Godfrey Davis     5% 
                  ----------------------------- 
 

For further information, please contact:

 
 Pittards plc                   www.pittards.com 
 Stephen Yapp, Chairman 
 
  Reg Hankey, CEO 
 
  Richard Briere            +44 (0) 1935 474 321 
 
 WH Ireland Limited          www.whirelandcb.com 
 Mike Coe, Chris Savidge    +44 (0) 117 945 3470 
 

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END

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