12th Sep 2005 16:40
Applied Optical Technologies PLC12 September 2005 APPLIED OPTICAL TECHNOLOGIES PLC12 SEPTEMBER 2005DIRECTORS' SHAREHOLDINGS Following the approval by shareholders of The AOT Executive Directors IncentivePlan 2005 (the "Plan") at the Extraordinary General Meeting of the Company heldon 8 September 2005, the Company has granted awards under the Plan over newordinary shares of 5p each to Mark Turnage, Chief Executive, and Mike Angus,Financial Director, of up to 1,908,000 and 1,272,000 shares respectively. Awards will only vest if the company's earnings per share (adjusted to excludetaxation, goodwill and exceptional items) is at least 5.26p for the year ending31 March 2008 and the share price is at least 58.5p on average for the period of30 days commencing with the Annual General Meeting of the Company for the yearending 31 March 2008. If these targets are met, the number of awards that willvest is variable according to the share price reached, with minimum awards of318,000 and 212,000 shares for Mark Turnage and Mike Angus respectively at58.5p, rising to 1,908,000 and 1,272,000 shares if a price of 180p is achieved. As a condition of the grant to them of the awards set out above, Mark Turnagehas surrendered options granted to him between February 2000 and December 2002over, in aggregate, 503,104 ordinary shares and Mike Angus has surrenderedoptions granted to him between July 1997 and December 2002 over, in aggregate,343,495 ordinary shares. In addition both of the participants have surenderedenhanced notice period provisions contained in their employment contracts. Enquiries: Applied Optical Technologies plc 0191 417 5434Mark Turnage, Chief Executive ([email protected])Mike Angus, Finance Director ([email protected]) Weber Shandwick Square Mile 020 7067 0700Nick Oborne Brewin Dolphin Securities Limited 0113 241 0130Andrew Emmott This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
OSG.L