13th Jun 2005 07:01
Applied Optical Technologies PLC13 June 2005 APPLIED OPTICAL TECHNOLOGIES PLC13 June 2005 DIRECTORS' SHAREHOLDINGS AND AWARDS UNDER LONG TERM INCENTIVE SCHEME Applied Optical Technologies plc is pleased to announce the purchase of sharesby two Directors under the Company's bonus scheme. The following shares wereacquired from the AH LTIP Trustee Company Limited on 10 June 2005 at a price of30p each: Director Amount of New shareholding Percentage of the Company's shares Issued Share Capital Mark Turnage 41,876 351,876 0.66%Mike Angus 34,922 183,922 0.34% Shares purchased by individuals under the share scheme will be matched by theCompany on a one-for-one basis. These matching shares vest with the individualsin three years time subject to continued employment, continued ownership of theoriginal shares and satisfaction of performance conditions (the same performanceconditions as those for the LTIS below). Other members of the management team purchased 51,969 shares under the samescheme and the resultant holding of the AH LTIP Trustee Company is now 2,357,333(representing 4.42% of the Company's Issued Share Capital). The Company also announces that on 10 June 2005 it made initial awards of840,000 ordinary shares of 5p each under the Company's Long Term IncentiveScheme. The awards are conditional upon growth in the Company's reportedearnings per share (adjusted for the effects of goodwill, exceptional items andamounts written off investments) being equal to or greater than the sum of theretail price index measure of inflation (RPI) plus 15 per cent over the threeyears ending 31 March 2008. As the Company recorded a loss per share for the year ended 31 March 2005 (beingthe base point for the assessment of these awards) the base EPS will be taken asBrewin Dolphin Securities' forecast EPS for the year ended 31 March 2006discounted by the RPI for that year plus 5 per cent. Directors Mark Turnage and Mike Angus have been granted initial awards of200,000 and 160,000 shares respectively. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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