Achievement of performance targets under 2013 LTIP

RNS Number : 7169E

Inland Homes PLC

05 November 2015

 

5 November 2015

Inland Homes plc

('Inland Homes', 'Inland', the 'Group' or the 'Company')

Achievement of performance targets under 2013 LTIP

The Company announces that the Performance Targets as set out in the Inland Homes plc 2013 Growth Plan ("2013 LTIP") have been achieved for the first two reporting periods commencing on 1 July 2013 and 1 July 2014 respectively.

The Company now expects 4,000,000 ordinary shares to become issuable to Stephen Wicks, Nishith Malde and Paul Brett, in exchange for non-voting exchangeable growth shares of 0.001 pence each in Inland Homes 2013 Limited ("Growth Shares") once vested. These Growth Shares are expected to vest, subject to good/bad leaver and change of control provisions, on 20 December 2016 being three years from the Grant Date.

The breakdown of these Growth Shares now expected to vest is as follows:

Executive Director	Number of Growth Shares
Stephen Wicks Chief Executive Officer	1,880,000
Nishith Malde Finance Director	1,520,000
Paul Brett Land Director	600,000
Total	4,000,000

Entitlements to any further ordinary shares under the 2013 LTIP will vest annually by reference to the share price performance in each of the four remaining financial years commencing from 1 July 2015 to 30 June 2019 (inclusive) or earlier in the event of a takeover of the Company.

The 2013 LTIP was approved by shareholders on 20 December 2013. Further details of the 2013 LTIP are included in the circular to shareholders date 3 December 2013.

Enquires:

Inland Homes plc	www.inlandplc.com	Tel: [phone]
Stephen Wicks
Nishith Malde
Stifel Nicolaus Europe Limited	Nomad & Broker	Tel: [phone]
David Arch
Roger Clarke
Blytheweigh Communications		Tel: [phone]
Tim Blythe
Wendy Haowei
George Yeomans

Notes to Editors:

Inland Homes identifies brownfield land in the South and South-East of England principally for residentially led development schemes.  The business then enhances the land value by obtaining planning permission, before building houses for private sale or selling consented land onto other developers.

 

END

 

 

MSCBDBDBUDGBGUU