7th Dec 2007 15:00
Gooch & Housego PLC07 December 2007 For Immediate Release 7 December 2007 Gooch & Housego PLC (The "Company") Awards under Long Term Incentive Plan On 3 August 2007 the Board of Gooch & Housego PLC adopted the Gooch & Housego2007 Long Term Incentive Plan (the "Plan"). On 6 December 2007 the Company madeawards of nil-cost share options under the Plan. Awards were made to threedirectors of the Company, based on a share price of £4.15 per ordinary share(being the closing share price on the preceding dealing day): Gareth Jones (Chief Executive Officer): 43,373 nil cost-share optionsIan Bayer (Finance Director): 28,433 nil-cost share optionsTerry Scribbins (Chief Operating Officer): 27,710 nil-cost share options Under the rules of the Plan, the awards are subject to a three-year holdingperiod and their release is subject to two performance conditions. The firstperformance condition is a Total Shareholder Return ("TSR") underpin wherebyawards are not released unless the Company's return exceeds the return of theFTSE AIM index over the three-year period. Once the TSR underpin has beensatisfied, the extent to which the awards are released is dependent uponstretching Return on Capital Employed ("ROCE") targets - an average ROCE for theCompany over the three-year period of 20% triggers a threshold release of 25% ofthe award, rising linearly to 100% release for an average ROCE of 35%. Noshareholder rights are conferred on the participants until the awards have beenreleased and exercised. Contacts: Ian Bayer, Finance Director, 01460 52271 Scott Richardson-Brown, Oriel Securities Limited, 020 7710 7600 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Gooch & Housego