9th Apr 2010 16:21
Directors' Shareholding & Notification of Interests
Hampson Industries PLC ("the Company") announces that it has made awards under its Performance Share Plan to two directors of the Company, Kim Ward and Howard Kimberley over 513,592 ordinary shares and 402,123 ordinary shares respectively.
The shares comprised in these awards will only vest if the performance targets are satisfied as follows:
1. 50% of the award is dependent on the Company's relative total shareholder return ("TSR") performance compared with the TSR of those of a group of selected aerospace and specialist engineering companies. Shares are only receivable if the Company's TSR is above the median TSR compared with that peer group. If the Company's TSR performance is at or below median performance in the peer group, nothing will be received. If the Company's TSR performance is equal to the peer group median plus 13% per annum compound, full vesting will occur. For intermediate performance, vesting will occur on a straight-line basis.
2. 50% of the award will be based on the Company's earnings per share ("EPS"). If the growth in EPS over the performance period is less or equal to 5% per annum, nothing will be received. If the growth in EPS over the performance period is greater than or equal to 15% per annum, full vesting will occur. For intermediate performance, vesting will occur on a straight-line basis.
In addition, awards have been made to Mr. Ward and Mr. Kimberley under the Company's Co-Investment Plan over 70,039 and 54,224 respectively. These are the first awards made under the Co-Investment Plan which was approved by Shareholders at the Annual General Meeting held in September 2008. The shares comprised in these awards will be purchased by the Company's Employee Benefit Trust ("EBT") using retentions of 25% of the bonuses paid to the executive directors in 2009 for the Financial Year ended 31 March 2009. The shares will be held for 3 years and are subject to the same performance targets as those for the Performance Share Plan detailed above. The EBT is a discretionary trust for the benefit of employees of the Company and its subsidiaries and is registered in the name of Kleinwort Benson (Jersey) Trustees Limited.
Mr. Ward and Mr. Kimberley have also exercised those awards under the Company's Long-Term Investment Plan which, having achieved their performance targets, vested in August 2008 and July 2009. In order to cover income tax and national insurance payable on this exercise the directors have sold ordinary shares of 25p each as detailed below:
|
Director
|
Holding prior to exercise |
No. of LTIPs Exercised
|
Holding following exercise |
Number of shares sold |
Sale Price (p) |
Resultant Holding |
% of issued share capital |
|
Kim Ward |
46,875 |
383,640 |
430,515 |
165,000 |
57.0 |
265,515 |
0.10 |
|
Howard Kimberley |
57,981 |
311,480 |
369,461 |
135,000 |
57.0 |
234,461 |
0.08 |
In addition, the EBT has purchased a total of 226,382 ordinary shares at a price of 57.0 pence per share. The shares held in the EBT are intended to be used to satisfy future awards made under the Company's Performance Share Plan and Co-Investment Plan.
The Executive Directors of the Company, together with other senior employees, are included as potential beneficiaries under the EBT and are deemed to be interested in those shares and the dealings thereof.
Following these transactions, the EBT holds 226,382 ordinary shares on which dividends are waived and are treated as non dilutive.
Malcolm Dolan
Company Secretary
9 April 2010
Related Shares:
HAMP.L