23rd Dec 2014 07:00
Superglass Holdings PLC
Grant of Share Options
Superglass Holdings PLC
22 December 2014
Superglass Holdings PLC
("Superglass" or "the Company")
Grant of Share Options
The Company announces that on 22 December 2014, a total of 2,380,952 nil cost share options (the "Share
Options") over ordinary shares of one pence each in the capital of the Company ("Ordinary Shares") were granted to Chris Lea, Group Finance Director, under the Superglass Holdings plc Performance Share Plan ("PSP"). The Share Options will vest on 22 December 2017, subject, inter alia, to 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.
The Share Options are subject to the achievement of certain performance conditions as specified by the Remuneration Committee. The Company's Earnings Per Share (as defined below) in the financial year ending 31 August 2017 (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:
EPS in the last Financial Year in the Performance Period | % of an Award that Vests |
Less than 1.6p | 0% |
1.6p | 50% |
Between 1.6p and 2.3p | On a straight line basis between 50% and 100% |
More than 2.3p | 100% |
¹EPS is defined as the adjusted earnings per share of the Company (adding back the taxed effect of amortisation and exceptional costs to profit)
EPS of 2.3p is estimated to be equivalent to EBITDA of approximately £3.5m; and EPS of 1.6p is estimated to be equivalent to EBITDA of approximately £2.5m (in each case based on the current issued share capital).
Following the grant of the Share Options, Chris Lea holds no Ordinary Shares in the Company holds the following share options under the following schemes:
· 2,380,952 under the Company's PSP
Further information
1. The Company has 153,007,577 Ordinary Shares in issue (including 790 Ordinary
Shares held in treasury).
2. The Company now has a total of 3,025,657 share awards and options outstanding, under the Company Share Option Plan and PSP, representing 2.0% of the issued share capital of the Company.
For further information, please contact:
Superglass Holdings Plc
Alex McLeod, Chief Executive Officer 01786 451170
Chris Lea, Finance Director
N+1 Singer
Sandy Fraser 0131 603 6873
Related Shares:
SPGH.L