19th Dec 2007 15:46
Shaftesbury PLC19 December 2007 Shaftesbury PLC GRANT OF AWARDS UNDER LONG TERM INCENTIVE PLAN Shaftesbury PLC ("the Company") announces that on 18 December 2007, it made thefollowing awards of nil cost options over the Company's Ordinary 25p shares toExecutive Directors under the Company's Long Term Incentive Plan. The awardswere made pursuant to a recommendation made by the Company's RemunerationCommittee. The following awards have been made to executive Directors: Director Number of Ordinary 25p shares over which nil cost options grantedJ S Lane 69,200B Bickell 48,735S J Quayle 46,785T J C Welton 43,860 The shares will vest on the third anniversary of the date of grant subject tomeeting performance criteria set by the Remuneration Committee and may beexercised in the 6 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 annual net asset value ("NAV") growth of between RPI plus 3% to RPI plus 7% per annum over three financial years commencing 1st October 2007 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 1st October 2007 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 maximumthresholds. The three year performance period for the options granted today commenced on 1October 2007. The award of shares is based on the average of the closing midmarket share price on the five days prior to the date of grant. Penny ThomasCompany Secretary19 December 2007020 7333 8118 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
SHB.L