1st Jul 2013 17:16
Superglass Holdings plc
("Superglass" or "the Company")
Grant of Share Options
The Company announces that on 1 July 2013, share options over ordinary shares of 25 pence each in the capital of the Company ("Ordinary Shares") were granted to certain directors of Superglass for nil consideration, as set out below.
A total of 590,909 share options over Ordinary Shares (the "Share Options") were granted under the Superglass Holdings plc Performance Share Plan ("PSP") to Alex McLeod, Chief Executive and Allan Clow, Finance Director. These Share Options will vest on 1 July 2016, subject to, inter alia, certain performance related criteria being met, and are exercisable for seven years from the date of vesting, at an exercise price of nil pence per Ordinary Share.
Director | Number of Share Options Awarded | Award Scheme |
Alex McLeod | 340,909 | PSP |
Allan Clow | 250,000 | PSP |
The Share Options are subject to the achievement of certain performance conditions as specified by the Remuneration Committee. The Company's EBITDA (as defined below) in the financial year ending 31 August 2015 (the "Performance Period") must match or exceed the targets set out in the table below in order for any Share Options to vest, with the number to be determined as follows:
EBITDA¹ in the Performance Period | % of Share Options that vest |
Less than £3.5m | 0% |
£3.5m | 75% |
Between £3.5m and £5.0m | On a straight line basis between 75% and 100% |
£5.0m or more | 100% |
¹EBITDA is defined as earnings before interest, tax, depreciation and amortisation.
EBITDA of £5.0m is estimated to be equivalent to earnings per share of 5.8p; and EBITDA of £3.5m is estimated to be equivalent to earnings per share of 1.0p (in each case based on the current issued share capital).
In the event that the Company's EBITDA increases due to factors not relating to the performance of the existing business, such as an acquisition, the Remuneration Committee, acting fairly and reasonably, may make adjustments to the EBITDA targets.
Following the grant of the Share Options, Alex McLeod holds 20,000 Ordinary Shares, representing 0.07% of the issued share capital of the Company. In addition, he holds the following share options under the following schemes:
·; 1,167 shares under the PSP granted on 20 December 2010; and
·; 23,300 shares under the PSP granted on 7 December 2011.
Allan Clow has no further interests in the share capital of the Company.
Further information
1. The Company has 28,007,557 Ordinary Shares in issue (including 790 Ordinary Shares held in treasury).
2. The Company now has a total of 655,174 share awards and options outstanding, under the Company Share Option Plan ("CSOP") and Performance Share Plan ("PSP"), representing 2.34% of the issued share capital of the Company.
3. The notification of these option awards is intended to satisfy the Company's obligations under Disclosure and Transparency Rule 3.1.4.
For further information, please contact:
Superglass Holdings plc
Alex McLeod, Chief Executive Officer 01786 451170
Allan Clow, Chief Finance Officer
N+1 Singer
Sandy Fraser 0131 603 6873
Related Shares:
SPGH.L