Restore PLC Executive Incentive Plan (9667Q)
December 05 2016 - 4:09AM
UK Regulatory
TIDMRST
RNS Number : 9667Q
Restore PLC
05 December 2016
5 December 2016
Restore plc
("Restore" or the "Company")
Executive Incentive Plan (the "EIP")
Vesting of awards and Directors' dealing
Further to the announcement of 23 November 2013, and the
subsequent achievement of performance hurdles under the Restore
EIP, performance units held by Charles Skinner, Chief Executive,
and Adam Councell, Group Finance Director, have been converted into
3,518,145 and 1,172,715 nil cost share options in respect of new
ordinary shares of 5 pence each in the Company respectively.
The achievement of the EIP performance conditions follows the
Company's share price performance exceeding, at the end of a
three-year performance period which started on 26 November 2013, a
threshold hurdle of 10 per cent annualised growth in the market
capitalisation of the Company, plus dividend payments minus net
shareholder investments. Under the terms of the EIP, upon this
threshold hurdle having been achieved the participants are entitled
to receive, in aggregate, 10 per cent of the value created for
shareholders above the performance hurdle. 50 per cent of the share
options vested on 5 December 2016, with the remainder due to in
equal measure at the end of each of the following two years (26
November 2017 and 26 November 2018 respectively). The Board retains
the option to cancel all or part of the nil cost options issued
under the scheme and settle those cancelled options as a cash
payment.
Further details of the EIP are set out in the Company's 2015
Report & Accounts.
Following the issue of share options, Charles Skinner holds
3,518,145 share options and Adam Councell holds 1,172,715 share
options.
Contact:
Restore plc
Charles Skinner, Chief
Executive 07966 234 075
Adam Councell, Group
Finance Director 07860 402 434
Cenkos Securities plc 020 7397 8900
Nicholas Wells
Elizabeth Bowman
FTI Consulting 020 3727 1340
Nick Hasell
Alex Le May
This information is provided by RNS
The company news service from the London Stock Exchange
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