14th Aug 2007 12:36
Gooch & Housego PLC14 August 2007 For immediate release 14 August 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 13 August 2007 the Company madeinitial awards of nil-cost share options under the Plan, such awards being inthe form of HMRC Enterprise Management Incentive options to the extent that theyfall within the HMRC individual maximum limits. Awards were made to threedirectors of the Company, based on a share price of £4.325 per ordinary share(being the closing share price on the preceding dealing day): Gareth Jones (Chief Executive Officer): 17,341 nil cost-share options Ian Bayer (Finance Director): 17,341 nil-cost share options Terry Scribbins (Chief Operating Officer): 23,121 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