Applegreen PLC New Employee Share Option Scheme (1091K)

TIDMAPGN

RNS Number : 1091K

Applegreen PLC

24 December 2015

Applegreen plc

("Applegreen" or the "Company")

New Employee Share Option Scheme

Dublin, London, 24 December 2015:

The Company has been informed of the establishment on 22 December 2015 of a new share option scheme (the "Scheme") through which Bob Etchingham and Joe Barrett, CEO and COO of Applegreen, are awarding certain long standing employees of the Company options over ordinary shares of EUR0.01 each in the Company ("Ordinary Shares") currently held by B&J Holdings Limited ("B&J"), a company owned and controlled by them. In total 600,000 options over Ordinary Shares (the "Options) currently held by B&J will be awarded under the Scheme, which represents approximately 0.75 per cent. of the current issued share capital of the Company. This follows on from a payment, funded by B&J, of one month's salary to reward long standing employees of the Company in August of this year. Together these initiatives funded by the major shareholder are designed to reward the contribution of employees to the development of the business and to facilitate their ownership in the business.

The Options will be exercisable in two years following their grant for a period of five years at an exercise price of EUR2.00. The Scheme will be effected through the establishment of a trust (the "Trust"). In order to satisfy the exercise of the Options, on 23 December 2015 the Trust acquired 600,000 Ordinary Shares from B&J at EUR2.00 per Ordinary Share (the "Acquisition"). The consideration for Acquisition will be deferred until such time as the Options are exercised. Shore Capital Stockbrokers Limited, Shore Capital & Corporate Limited and Goodbody Stockbrokers have given consent for the Acquisition as required under the lock-in deed dated 16 June 2015 which was entered into by B&J in connection with the Company's admission to trading on AIM and ESM.

The award of the Options will have no cash impact on the Company nor will it result in any reduction in Shareholders equity. However, the award falls fully within the scope of IFRS 2 as an equity settled share based payment and therefore will be recorded as an expense in the group income statement over the vesting period.

Following the Acquisition, B&J holds 54,136,842 Ordinary Shares representing approximately 67.99% of the current issued share capital of the Company.

 
 For further enquiries, please contact: 
 Applegreen 
  Bob Etchingham, CEO / Paul Lynch     +353 (0) 1 512 
  CFO                                            4800 
 Drury Porter Novelli (Irish 
  media)                               +353 (0) 1 260 
  Paddy Hughes                                   5000 
 Powerscourt (UK and international 
  media) 
  Lisa Kavanagh                       +44 (0) 20 7250 
  Simon Compton                                  1446 
 Shore Capital 
  Stephane Auton                      +44 (0) 20 7408 
  Patrick Castle                                 4090 
 Goodbody 
  Simon Howley                         +353 (0) 1 667 
  Siobhan Wall                                   0420

About Applegreen

Established in 1992, Applegreen is a major petrol forecourt retailer in the Republic of Ireland with a significant and growing presence in the United Kingdom, and small presence in the US. The business employs c. 2,600 people, and operates 175 forecourt sites across the UK, Ireland and the US.

Applegreen is the number one motorway service area operator in the Republic of Ireland where it has a motor fuel market share of c.12%. The Group operates a distinctive retail led business model focused on offering "low fuel prices always" to drive footfall to its sites and aims to provide a premium food and hot beverage offering in all its sites.

Applegreen has a number of strategic partnerships with international brands including Burger King, Subway, Costa Coffee, Greggs, Lavazza and Chopstix. The business also has its own food offer through the aCafe and Bakewell café brands.

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCDBBDDUXDBGUX

(END) Dow Jones Newswires

December 24, 2015 02:00 ET (07:00 GMT)

Applegreen (LSE:APGN)
Historical Stock Chart
From Jun 2024 to Jul 2024