20th Dec 2013 14:29
Shaftesbury PLC
GRANT OF AWARDS UNDER LONG TERM INCENTIVE PLAN
Shaftesbury PLC ("the Company") announces that on 20 December 2013, it made the following awards of nil cost options over the Company's ordinary 25p shares to executive directors under the Company's Long Term Incentive Plan. The awards were made pursuant to a recommendation made by the Company's Remuneration Committee.
The following awards have been made to executive directors:
Director | Number of ordinary 25p shares over which nil cost options granted |
B Bickell | 94,900 |
S J Quayle | 67,000 |
T J C Welton | 67,000 |
C P A Ward | 61,900 |
The shares will vest on the third anniversary of the date of grant subject to meeting performance criteria set by the Remuneration Committee and may be exercised in the six month period following vesting.
The performance conditions for the awards are as follows:
· The performance condition attached to one half of an award will require average adjusted diluted annual net asset value ("NAV") growth of between RPI plus 3% to RPI plus 7% per annum over three financial years commencing 1 October 2013 for between 30% and 100% of this part of the award to vest (i.e. between 15% and 50% of the total award).
· The performance condition attached to the other half will require total shareholder return ("TSR") performance against the FTSE 350 Real Estate Index to match or exceed it by up to 5.5% per annum over three financial years commencing 1 October 2013 for between 20% and 100% of this part of the award to vest (i.e. between 10% and 50% of the total award). For the purposes of calculating TSR, share price plus dividends reinvested will be averaged over the three months prior to the start and end of the performance period.
Awards will vest on a straight line basis between minimum and maximum thresholds.
The three year performance period for the options granted commenced on 1 October 2013.
Penny Thomas
Company Secretary
20 December 2013
Telephone 020 7333 8118
Related Shares:
SHB.L