9th Jun 2009 07:00
9 June 2009
Carluccio's PLC ("Carluccio's" or the "Company")
Subscription of shares by the Carluccio's Employee Benefit Trust No.1 ("EBT No.1") and awards to Directors under the Company's Long Term Incentive Plan ("LTIP")
The Company announces that 900,000 new Carluccio's ordinary shares of 5 pence each (the "New Ordinary Shares") have been subscribed by EBT No.1 at a price of 83.5p per New Ordinary Share. Application has been made for admission of the New Ordinary Shares to AIM with admission expected on 10 June 2009. The New Ordinary Shares acquired by EBT No.1 will be used to satisfy awards under the LTIP
EBT No.1 has entered into arrangements with the Carluccio's Employee Benefit Trust No.2 ("EBT No.2") and Simon Kossoff, Frank Bandura and Sarah Murray (the "Directors") to effect awards under the LTIP pursuant to which sub-trusts of EBT No.2 and each of the Directors respectively will jointly acquire the beneficial interest in the shares. The interest acquired by the sub-trusts of EBT No.2 will relate broadly to such proportion of a share as represents the closing market value of the New Ordinary Shares on 5 June 2009 (83.5p) plus 5% per annum for the 3-year vesting period and the interest acquired by the Directors will relate broadly to such proportion of a share as represents the value of the share above this level.
The awards vest over a period of 3 years and have performance conditions attached. Voting rights are waived in relation to the New Ordinary Shares for as long as the joint ownership is retained. Dividend rights in relation to the New Ordinary Shares are waived until the performance conditions are met, after which the dividends will be allocated between the sub-trusts of EBT No.2 and the Directors in proportion to the values of their interests at the time the dividend is declared. The Directors will have a beneficial interest in the following numbers of New Ordinary Shares:-
Simon Kossoff 400,000
Frank Bandura 300,000
Sarah Murray 200,000
Following the admission of the New Ordinary Shares, Carluccio's will have 58,367,660 ordinary shares of 5 pence each in issue.
Enquiries:
Carluccio's PLC
Frank Bandura (Finance Director) Tel: 020 7580 3050
Related Shares:
Carluccios