Notification of Directors' Interests

RNS Number : 0015R

GB Group PLC

05 September 2014

 



5 September 2014

GB Group PLC

("GBGroup" or the "Company")

Notification of Directors' Interests

The Company announces that Richard Law and Dave Wilson (GBGroup's Chief Executive Officer and Group Finance & Operations Director, respectively), have today notified the Company that they have exercised options over a total of 878,169 ordinary shares of 2.5 pence each in the Company ("Ordinary Shares").  Having sold a proportion of the shares they retain a total of 200,000 of the Ordinary Shares exercised. Mr Dave Wilson also disposed of an interest in 43,836 ordinary shares in the Company at the same time.

The exercise of these options is in accordance with the rules of GBGroup's Share Matching Scheme (the "Scheme").  Under the Scheme, the executive directors and certain senior managers have the annual opportunity to elect to invest up to 20% of their annual salary and up to 80% of their annual bonus in ordinary shares at market price. Subject to their continued employment, the retention of these shares and the meeting of a demanding financial performance target, the investment will be matched on a gross basis by matching shares issued at an exercise price of 2.5 pence per share.

The principle qualification for vesting of the options detailed above was a growth in earnings per share ("EPS") of at least 25% per annum compound over 3 financial years. The actual compound growth in EPS over the period was 51% per annum.  The Scheme requires that the options are exercised within 1 year of vesting.  The options vested on 2 July 2014 when the Group's annual results for the year ended 31 March 2014 were announced.

As detailed above, a proportion of the Ordinary Shares exercised were sold at a price of 145 pence to cover the exercise costs incurred and tax liabilities arising in respect of the exercise of these options and also compensation for an element of the salary and bonus which was sacrificed in previous years to participate in the Scheme.

More specifically:

(i)           In relation to Mr Law, he exercised options over a total of 546,875 Ordinary Shares, retaining 120,000 Ordinary Shares.

                Following this notification, Mr Law has:

·     a beneficial holding of 1,961,430 ordinary shares (which represents 1.63% of the issued share capital of the Company); and

·     options over a maximum of 1,868,241 ordinary shares .

(ii)          In relation to Mr Wilson, he exercised options over a total of 331,294 Ordinary Shares, retaining 80,000 Ordinary Shares. At the same time, Mr Wilson also sold a total of 43,836 ordinary shares (of this total, 26,836 ordinary shares represented his wife's interests).

                Following this notification, Mr Wilson has:

·     a beneficial holding of 341,035 ordinary shares (which represents 0.28% of the issued share capital of the Company); and

·     options over a maximum of 923,780 ordinary shares .

-Ends-

For further information, please contact:

GB Group plc	01244 657333
Richard Law, Chief Executive
Dave Wilson, Group Finance & Operations Director
Peel Hunt LLP (Nominated Adviser and Broker)	020 7418 8900
Richard Kauffer
Daniel Harris

 

END

 

 

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