17th Oct 2006 08:00
Mavinwood PLC17 October 2006 Mavinwood plc Grant of Share Incentives to Directors 17 October 2006 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 on 16October 2006 to the undermentioned Directors. The share incentives were awarded under the Mavinwood plc Long Term IncentivePlan - ("LTIP"). Director Scheme No. of Exercise Total number of share Shares Price incentives held following notification Philip Reid LTIP 253,125 0.1p 3,000,000 Kevin Mahoney LTIP 5,597,185 0.1p 17,685,000 Mike Vincent LTIP 4,767,972 0.1p 15,065,000 John Minton LTIP 500,000 0.1p 1,500,000 Steve Watkins LTIP 500,000 0.1p 1,000,000 In each case there was no consideration for the LTIP award. The exercise period in respect of grants under the LTIP scheme is from 16October 2009 to 15 October 2016, 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 compounded growth in EPS exceeds 16%in the three 3 year periods ending 31 December 2008, 2009 and 2010. This hurdle rate has been increased to 16% from 12% in the earlier grants underthe LTIP. The second test is based on TSR (that is share price growth plus re-investeddividends) measured over the periods commencing 16 October 2006 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 16p. Theclosing mid-market price on 16 October was 14.25p. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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