Renewable Energy Generation Ltd Long Term Incentive Plan (7071X)
February 12 2013 - 6:49AM
UK Regulatory
TIDMWIND
RNS Number : 7071X
Renewable Energy Generation Ltd
12 February 2013
12 February 2013
Renewable Energy Generation Limited
New Long Term Incentive Plan
Renewable Energy Generation Limited ("the Company") (AIM: WIND),
the UK renewable energy group, announces that it has introduced a
new long term incentive plan ("LTIP") to strengthen its ability to
attract and retain key senior executives whilst aligning their
interests with those of the Company's shareholders.
Participation in the LTIP will be at the discretion of the
Remuneration Committee with awards being based on a percentage of
the participant's base annual salary at the date the recommendation
is made. Awards will give participants a right to receive up to a
specified maximum number of shares in the Company at the end of a
vesting period of three years and subject to achievement of a
performance target or targets to be determined by the Remuneration
Committee. The awards will be made in the form of options to
acquire shares for nil consideration.
The awards will vest early under certain other limited
circumstances, including in the event of a change of control in the
Company, although such exercise will normally be subject, unless
the Remuneration Committee determines otherwise, to the
satisfaction of the performance conditions and the number of shares
in respect of which the award may be exercised being pro-rated to
reflect the proportion of the vesting period that has elapsed.
The plan is subject to an overall limit on the number of shares
that may be allocated under it. This provides that in any ten-year
period not more than ten per cent. in aggregate of the issued
ordinary shares of the Company may be issued or transferred out of
treasury to satisfy awards granted under the LTIP and any other
employees' share schemes adopted by the Company. Shares acquired by
an employee benefit trust in the market will not count towards this
limit.
The Company yesterday made initial awards pursuant to the LTIP
of 355,141 and 251,559 to Andrew Whalley and David Crockford
(directors of the Company) respectively. A further 327,290 awards
were made to other key senior executives who are not directors of
the Company.
The Remuneration Committee has determined that in each case the
vesting of these awards should be linked to, and be conditional
upon, a performance condition measuring the Company's total
shareholder return over a three-year performance period against the
total shareholder return over the same period of the companies
constituting the FTSE AIM All Share Index. If the Company is ranked
at the median, 25% of the shares in an award will vest with 100%
vesting if it is ranked in the top quartile. Between these the
percentage of shares in an award will vest on a straight-line
sliding scale with the awards lapsing if the Company is ranked
below the median.
In addition the Company announces that it has introduced a new
Company Share Option Plan to incentivise certain other employees.
The Remuneration Committee yesterday granted options, in aggregate,
over 417,000 ordinary shares in the Company pursuant to this plan.
These options are not subject to performance conditions and have a
three year vesting period and a ten year exercise period from the
date of grant. The exercise price of the options is 71pence.
ENDS
Enquiries:
Renewable Energy Generation Limited
Andrew Whalley, Chief Executive Officer
David Crockford, Finance Director +44 (0)1483 901
Ian Lawrence, Communications Manager 790
Smith & Williamson Corporate Finance Limited (Nominated Adviser) +44 (0)117 376
Martyn Fraser 2213
Cenkos (Corporate Broker) +44 (0)20 7397
Bobbie Hilliam 8900
City Profile +44 (0)20 7448
Simon Courtenay / Abigail Genis 3244
This information is provided by RNS
The company news service from the London Stock Exchange
END
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