Annual Grant of Awards (1966G)

TIDMTAW

RNS Number : 1966G

Tawa PLC

09 May 2011

Annual Grant of Awards

Tawa plc ('the Company') announces that on 6 May 2011 it made its annual grant of awards over the Company's Ordinary Shares of 10p each ('the Shares') under the Tawa 2007 Performance Share Plan ('the Plan') to those of its executive directors detailed in the table below. Awards granted under the Plan will vest on 6 May 2014 provided that certain performance criteria, as set out below, are satisfied by the Company over a three year period. No consideration is payable for the grant of the awards. The receipt of the Shares is conditional upon meeting the performance criteria and the recipient being either an employee or director within the Company's group on 6 May 2014.

The Company also announces that under the terms of the Plan the awards granted on 9 May 2008 over the Shares have lapsed. The awards now held by its executive directors (including the awards granted on 6 May 2011) are as follows:

Name Role Previously announced Granted Lapsed Current awards held

Gilles Erulin CEO 1,274,271 405,797 215,385 1,464,683

David Vaughan COO 1,201,455 286,957 203,077 1,285,335

Colin Bird Chairman 89,231 0 89,231 0

Performance conditions for awards granted on 6 May 2011:

1) Up to 30% of the award will be dependent on the size and number of acquisitions made by the Company over a three year period from the date of grant of the awards to the vesting date.

2) Up to 25% of the award will be dependent on the achievement of cumulative targets for the extraction of capital from Tawa's run--off risk carriers over the three year period from the date of grant of the awards to the vesting date.

3) Up to 25% of the award will be dependent on the compound growth in the Company's net asset value per share, expressed in the currency of the listing, before dividends over a period commencing 1 January 2011 to 31 December 2013.

4) Up to 20% of the award will be dependent on the Company's relative total shareholder return performance against a group of companies comprising the constituents of the FTSE Small Cap (excluding investment trusts) over a single period of three years.

The notification of these awards is made pursuant to AIM Rule 17 and Schedule 5 to the AIM Rules for Companies.

Enquiries:

 
     Christopher Jones, Company Secretary 
      Tawa plc                                   020 7068 8071 
------------------------------------------  ------------------ 
     James Britton or Guy Wiehahn 
      Peel Hunt LLP (nominated adviser 
      and broker)                                020 7418 8900 
------------------------------------------  ------------------

This information is provided by RNS

The company news service from the London Stock Exchange

END

RDSALMLTMBTMMRB

Achp (LSE:ACH)
Historical Stock Chart
From May 2024 to Jun 2024