Warpaint London PLC Implementation of Long-term Incentive Plan (6166B)
September 24 2018 - 1:01AM
UK Regulatory
TIDMW7L
RNS Number : 6166B
Warpaint London PLC
24 September 2018
24 September 2018
Warpaint London plc
("Warpaint London" or the "Company")
Implementation of Long-term Incentive Plan and Initial Grant
Warpaint London plc (AIM: W7L), the specialist supplier of
colour cosmetics and owner of the W7 and Technic brands, announces
the implementation of a new Long-Term Incentive Plan ("LTIP") with
initial grants to six senior team members including the two Joint
CEOs and the CFO.
The LTIP has been established to incentivise management to
increase shareholder value over the long term. The Remuneration
Committee is keen to ensure that remuneration for the Company's
senior team will be effective and fair and motivate them to deliver
success for the Company, its shareholders and employees. Share
options with an exercise price of 254.5p, equal to the closing
mid-market value immediately prior to the date of grant, and
subject to the achievement of demanding Earnings Per Share ("EPS")
and Total Shareholder Return ("TSR") performance conditions
measured over a period of up to 5 years were granted to the Joint
CEOs and the CFO, who comprise the executive members of the board,
on 21 September 2018 as set out in the table below:
Board member Role Share Options
Samuel Bazini Joint CEO 1,534,986
----------- --------------
Eoin Macleod Joint CEO 1,534,986
----------- --------------
Neil Rodol CFO 306,996
----------- --------------
The share options are exercisable up to 10 years from the date
of grant. Vesting is subject to the performance conditions set out
below:
50% of the award is subject to an adjusted EPS growth
performance condition. One third of this portion of the award will
be tested and vest after three, four and five years. Vesting is
based on adjusted EPS in the years ending Dec 2020, 2021 and 2022.
Threshold vesting of 20% of the award is achieved at 12.5% compound
annual EPS growth and full vesting at 22.5% compound annual EPS
growth, measured from 31 December 2017.
50% of the award is subject to an absolute TSR performance
condition tested following the announcement of results for the
years ending 31 December 2020, 2021 and 2022. Threshold vesting of
20% of the award is achieved at 8% compound annual TSR and straight
line vesting up to 100% vesting at 18% compound annual TSR,
measured from 31 December 2017.
An additional grant of 460,494 share options with the same terms
has been made to three senior management individuals of the
Company, including Richard Eastwood, the UK Sales Director, who has
been identified as a PDMR and two other non PDMRs. Each has been
granted 153,498 share options. Mr Eastwood was also granted options
in aggregate over 21,053 ordinary shares in the Company on 29 June
2017. He holds no ordinary shares in the Company.
The entire award represents 5.0% of the current issued share
capital of the Company.
Samuel Bazini and Eoin Macleod, the Joint CEOs of Warpaint
London, hold no other share options in the Company and their
respective shareholdings remain unchanged, as previously set out in
the Director Dealings announcement of 19 June 2018.
Neil Rodol, the CFO of Warpaint London, in addition to the above
LTIP, was granted options in aggregate over 105,262 ordinary shares
in the Company on 29 June 2017. Further information is set out in
the announcement of 30 June 2017. Mr Rodol's shareholding in the
Company remains unchanged, as previously set out in that
announcement.
Enquiries:
Warpaint London PLC c/o IFC
Sam Bazini - Joint Chief Executive Officer
Eoin Macleod - Joint Chief Executive Officer
Neil Rodol - Chief Financial Officer
Stockdale Securities Limited (Nominated
Adviser and Broker)
Antonio Bossi, Ed Thomas - Corporate Finance
Fiona Conroy - Corporate Broking 020 7601 6100
IFC Advisory Limited (Financial PR & IR)
Tim Metcalfe
Heather Armstrong
Florence Chandler 020 3934 6630
Warpaint London plc
Warpaint London is a colour cosmetics business, based in Iver,
Buckinghamshire. It is made up of two divisions: close-out and
own-brand. The second and larger own-brand division primarily
consists of the Group's flagship brand, W7, together with the
Technic, Body Collection and Man'stuff brands acquired through the
acquisition of Retra Holdings in 2017.
W7 is an extremely creative, design-focused cosmetic brand
proposition with a focus on the 16-30 age range, delivering
high-quality cosmetics at affordable prices. The W7 brand has grown
organically since its inception in 2002 and now contains over 700
items which are sold into high street retailers and independent
beauty shops across the UK, Europe, Australia and the US. In 2017,
W7 was supplied in more than 60 countries.
In 2017 Warpaint completed the acquisition of Retra Holdings
Limited, a UK colour cosmetics business with a significant focus on
the gifting market, principally for high street retailers and
supermarkets including Boots, Superdrug and Asda. Retra owns three
major brands: Technic, Body Collection and Man'stuff, in addition
to supplying white label cosmetics produced for several major high
street retailers including Asda and Matalan.
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END
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