1st Apr 2011 12:59
ARENA LEISURE PLC
('ARENA' OR THE 'COMPANY')
Grant of Shares under Long Term Incentive Plan ('LTIP') and Director's Share Dealings
The Company announces that on 1 April 2011 awards over 2,361,967 ordinary shares in the Company were granted to certain employees based on a share price of 27.5p per share ('the Awards'); the latter being based on the average mid market closing price of the Company's shares over the preceding three days.
No shareholder rights will be conferred upon the employees until the Awards have vested.
Vesting of the Awards is expected to occur following the issue of the annual results for 2013, subject to the Company achieving adjusted earnings per share ('EPS') growth targets for the year ending 31 December 2013 (compared to the base year of 2010) as follows:
Adjusted EPS growth over the | Vesting percentage of the shares |
performance period | subject to an Award |
≤ RPI + 10% pa (non compound) | 0% |
= RPI + 20% pa (non compound) | 50% |
≥ RPI + 30% pa (non compound) | 100% |
Straight-line vesting occurs between 0% and 50% and between 50% and 100%.
The Awards consist of two elements. The Base Awards cover 1,847,842 shares and have been granted as a conditional allocation of shares. The Additional Awards cover 514,125 shares and have also been granted as a conditional allocation of shares to those recipients of Base Awards that agreed to purchase 'matching' shares in the Company.
In connection with the granting of the Additional Awards, the Board of Arena has been notified that on 31 March 2011 the following directors purchased ordinary shares in the Company as detailed below:
Director / PDMR | Number of shares acquired | Price paid per share (pence) | Number of shares now held | % holding in the Company |
Mark Elliott,Chief Executive | 81,479 | 27.25 | 81,479 | 0.022 |
Tony Harris,Finance Director | 50,277 | 27.25 | 50,277 | 0.014 |
Ian Renton,Racing Director | 49,187 | 27.25 | 79,187 | 0.022 |
The Awards of conditional shares made to the directors of the Company on 1 April 2011, the total number of conditional shares awarded to them under the LTIP scheme and under the previous share option scheme are as detailed below:
Director / PDMR | Awards made on 1 April 2011 | Total number of shares held under the LTIP | Total number of shares held under option | ||
Base Award | Additional Award | Total | |||
Mark Elliott,Chief Executive | 543,192 | 162,957 | 706,149 | 2,543,829 | 2,045,845 |
Tony Harris,Finance Director | 335,180 | 100,554 | 435,734 | 1,569,521 | nil |
Ian Renton,Racing Director | 327,913 | 98,374 | 426,287 | 1,523,856 | 810,953 |
The issued share capital of the Company consists of 364,202,007 ordinary shares of 5p each.
1 April 2011
For further information, please contact:
Arena Leisure Plc | 020 7632 2080 |
Bob Mercer | |
Chief Financial Officer and Company Secretary | |
Related Shares:
ARE.L