HydroDec Group plc Long Term Incentive Plan (0515D)
April 23 2013 - 12:17PM
UK Regulatory
TIDMHYR
RNS Number : 0515D
HydroDec Group plc
23 April 2013
23 April 2013
Hydrodec Group plc
(the "Company")
Long Term Incentive Plan
At a general meeting of the Company held on 21 November 2011
shareholders approved the adoption of a Long Term Incentive Plan
("LTIP") for the purposes of attracting, retaining and motivating
key executives and securing greater alignment of shareholders' and
management's interests with transparency over performance
targets.
The following members of the executive management team have
previously received awards under the LTIP. With effect from today
these existing awards will be structured as various classes of
shares in Hydrodec Holdco Limited ("Holdco"), a subsidiary of
Hydrodec Group plc. The participants have paid nominal value of
GBP0.005 per share.
The Holdco articles of association will entitle the individuals
to exchange the Holdco shares for shares in the Company, determined
by reference to the individual's proportionate interest in a pool
of shares, if certain share price hurdles (linked to the Company's
average mid-market closing share price on AIM over 90 dealing days)
are met before the vesting date. The share price hurdles, vesting
date, calculation of the aggregate value of the pool of shares and
other key provisions remain unchanged from the LTIP previously
announced and as approved by shareholders.
Name Number of Holdco shares Share price hurdles Vesting date % entitlement to pool of shares in
the Company **
Ian Smale* 3,000 16p, 20p, 25p 15 January 2015 33%
Chris Ellis* 1,800 16p, 20p, 25p 15 January 2015 20%
Mark McNamara* 1,200 16p, 20p, 25p 15 January 2015 13%
Lee Taylor 1,800 16p, 20p, 25p 15 January 2015 20%
David Robertson 1,200 16p, 20p, 25p 15 January 2015 13%
*denotes a director of the Company
**the aggregate value of the pool of shares in the Company will
represent 15% of the increase in market capitalisation of the
Company between two specific dates being (a) 1 November 2011 and
the date the 16p share price hurdle is met; and (b) the date on
which the 16p share price hurdle is met and the date on which the
20p share price hurdle is met and; (c) the date on which the 20p
share price hurdle is met and the date on which the 25p share price
hurdle is met, in each case provided the relevant hurdle is met on
or prior to 15 January 2015 and as adjusted to reflect any cash
subscribed for the issue of shares by the Company during the
relevant period.
If any of the share price hurdles are reached after 15 January
2014, the shares in the Company acquired following exchange will be
subject to restrictions on sale and transfer until 12 months after
the date on which that hurdle is met.
For further information please contact:
Hydrodec Group plc 020 7907 9220
Ian Smale, CEO
Chris Ellis, Chief Financial Officer
Mike Preen, Head of Corporate
and Legal Affairs
Numis Securities Limited (Nominated
adviser/joint broker) 020 7260 1000
Nominated Adviser: Hugh Jonathan
Corporate Broker: David Poutney
Cenkos Securities plc (Joint broker)
Corporate Finance: Adrian Hargrave
Sales: Christian Hobart 020 7397 8900
Luther Pendragon (PR adviser to
Hydrodec) 020 7618 9100
Neil Thapar, Alexis Gore, Sarah
Davis
This information is provided by RNS
The company news service from the London Stock Exchange
END
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