U and I Group PLC Director/PDMR Shareholding (6222G)
May 31 2017 - 2:00AM
UK Regulatory
TIDMUAI
RNS Number : 6222G
U and I Group PLC
31 May 2017
U and I Group PLC makes awards under its Long Term Incentive
Plan 2014
U and I Group PLC (the Company) announces that on 30 May 2017,
the Remuneration Committee granted options over ordinary shares to
Executive Directors of the Company under its Long Term Incentive
Plan 2014 (the Plan), which was approved by shareholders at the
Annual General Meeting on 16 July 2014.
In accordance with the rules of the Plan, LTIP awards were
granted on 30 May 2017 at the price of 194.20 pence per share,
being the mathematical average mid-market price over the preceding
5 dealing days.
Options over ordinary shares have been granted to the following
Executive Directors as follows:
Matthew Weiner 579,299
Richard Upton 540,679
Marcus Shepherd 167,353
Awards will be made on the basis that shares will be acquired
subject to the satisfaction of the performance condition. The aim
of which is to link the receipt of shares under the Plan to an
improvement in the performance of the Company over a three-year
performance period from 1 March 2017.
Performance Condition
1. Each Award is divided into two Tranches each comprising 50%
of the Shares subject to the Award.
2. The Normal Vesting Date for Tranche 1 is the third
anniversary of the Award Date and for Tranche 2 is the fourth
anniversary of the Award Date.
3. Each Tranche will (subject to the risk underpin set out in
paragraph 4 below) Vest by reference to NAV Growth over the
Performance Period as set out in the table below.
NAV Growth means the cumulative growth in the diluted net assets
per share of the Company (as reported in the Group's consolidated
balance sheet) taking into account dividends over the Performance
Period, as determined by the Directors. The Directors may adjust
the calculation of NAV Growth as they consider appropriate.
Performance Period means:-
Tranche 1: 1 March 2017 to 29 February 2020
Tranche 2: 1 March 2017 to 28 February 2021
NAV Growth over the Performance
Period
------------------------------- ------------------------------------
Percentage of Tranche Tranche 1 Tranche 2
Vesting
------------------------------- ---------------- ------------------
0% Less than 15.8% Less than 21.6%
------------------------------- ---------------- ------------------
20% 15.8% 21.6%
------------------------------- ---------------- ------------------
Between 20% and 100% Between 15.8% Between 21.6% and
determined on a straight-line and 40.5% 57.4%
basis
------------------------------- ---------------- ------------------
100% 40.5% or more 57.4% or more
------------------------------- ---------------- ------------------
Note: the targets for NAV Growth are equivalent to annual growth
of 5% pa (for 20% vesting) and 12% pa (for 100% vesting).
4. The Directors have discretion to reduce (including to nil)
the percentage of a Tranche which Vests if they consider that:
-- NAV Growth has been achieved as a result of inappropriate financial risk; or
-- The level of the Company's financial and/or business risk is
not in accordance with its stated strategy.
5. The Directors have discretion to reduce (including to nil)
the percentage of a Tranche which Vests if they consider that the
Participant's conduct prior to Vesting has not met the Group's
organisational standards.
6. A Tranche will lapse to the extent that it does not Vest.
7. If, under the Plan rules, an Award vests early, the Directors
will determine the extent to which the Performance Condition has
been satisfied. As part of such determination, the Directors may,
without limitation, take into account any information it considers
appropriate including but not limited to the Company's most recent
results and/or management accounts.
For further information please contact:-
Chris Barton
Company Secretary
020 7828 4777
31 May 2017
This information is provided by RNS
The company news service from the London Stock Exchange
END
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