2nd Sep 2009 08:48
Greene King plc
2 September 2009
Long-Term Incentive Plan - Performance conditions for awards in 2009
Further to the remuneration report contained within the report and accounts for the 2008/9 financial year released at the beginning of August 2009, the remuneration committee wishes to confirm the performance conditions which will be applied to awards under the Greene King Long-Term Incentive Plan (LTIP) to be made in 2009. Finalisation of the targets had been delayed in order to make certain adjustments to take account of the effect of the recent rights issue.
The remuneration committee is content, given the economic climate, that the targets are sufficiently stretching, and has also been mindful of the need on the one hand to give clarity to shareholders as to the targets proposed, whilst on the other wishing to avoid the release of figures which might be construed as a profit forecast.
As set out in the remuneration report, the performance period for awards to be granted in 2009 will be the three financial years of Greene King plc (the "Company") ending in April 2012. A maximum of 60% of each award will vest if an adjusted free cash flow performance condition has been met. The remaining 40% of the award will vest if an earnings per share performance condition has been met.
The target range for the adjusted free cash flow performance condition is that the aggregate adjusted free cash flow of the Company for the three financial years ending in April 2010, 2011 and 2012 must be between £190.0m for nil vesting and £230.0m for 100% vesting.
The earnings per share performance condition sets a range for the EPS for the financial year ending in April 2012 which the remuneration committee considers to be sufficiently challenging in the current market conditions.
Awards will be made shortly after the AGM of the Company, to be held next Tuesday, 8 September 2009, in the event that shareholders pass the necessary resolution to permit the directors to amend the rules of the LTIP.
For further information:
|
Greene King plc |
Lindsay Keswick, Company Secretary |
Tel: 01284 763222 |
|
Financial Dynamics |
Ben Foster |
Tel: 020 7831 3113 |
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