25th Apr 2007 13:28
Mavinwood PLC25 April 2007 Mavinwood plc Grant of Share Incentives to Directors The Board of Mavinwood plc announces that the following grants of shareincentives over the Company's ordinary shares of 0.1 pence each were made todayto the undermentioned Directors. The share incentives were awarded under the Mavinwood plc Long Term IncentivePlan - ("LTIP"). Director Scheme No. of shares Exercise Price Total number of LTIPs held following notification Philip Reid LTIP 500,000 0.1p 3,500,000 Kevin Mahoney LTIP 2,000,000 0.1p 19,685,000 Mike Vincent LTIP 3,000,000 0.1p 18,065,000 John Minton LTIP 500,000 0.1p 2,000,000 Steve Watkins LTIP 1,500,000 0.1p 2,500,000 The exercise period in respect of grants under the LTIP scheme is from 25thApril 2010 to 25th April 2017, subject to satisfaction of either of theapplicable performance criteria which relate to earnings per share growth andTotal Shareholder Return (TSR). The first test is that the average annual compound growth in EPS exceeds 16% inthe 3 year periods ending 31 December 2008, 2009 and 2010. The second test is based on TSR (that is share price growth plus re-investeddividends) measured over the periods commencing 25th April 2007 as shown in thetable below Years following award TSR 3 70% 4 85% 5 100% TSR shall be measured using the average share price over 20 consecutive daysprior to the anniversary following award and comparing this with 18.5p. Theclosing mid-market price on 24th April was 18.5p. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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