Issue of Equity

RNS Number : 6243A

NWF Group PLC

30 September 2015

 



NWF Group plc

For release 30 September 2015                                                                             

NWF Group plc ('NWF' or 'the Group')                                                                                                        

Award of Options and Issue of Equity under Company Performance Share Plan

NWF Group plc, the specialist agricultural and distribution business, announces the following award has been approved under the terms of the established NWF Company Performance Share Plan (the "Plan").

Richard Whiting, Chief Executive of NWF will receive, an award of a conditional right over a maximum of 165,854 ordinary shares ("Shares") at a price of 164 pence per Share, being the mid market price at the close of business on 29 September 2015. This award is subject to the following performance targets:

1.   if the reported headline basic earnings per share for the three financial years ending 31 May 2018 increases by RPI plus 3% per annum then 49,756 Shares will be issued under the Plan; and

2.   the maximum of 165,854 Shares will be issued if the reported headline basic earnings per share increases by RPI plus 10% per annum for the three financial years ending 31 May 2018.

Following the award, Richard Whiting will be interested in 558,744 options/conditional awards over Shares.

Brendon Banner, Finance Director of NWF will receive, an award of a conditional right over a maximum of 103,354 Shares at a price of 164 pence per Share, being the mid market price at the close of business on 29 September 2015. This award is subject to the following performance targets:

1.   if the reported headline basic earnings per share for the three financial years ending 31 May 2018 increases by RPI plus 3% per annum then 31,006 Shares will be issued under the Plan; and

2.   the maximum of 103,354 Shares will be issued if the reported headline basic earnings per share increases by RPI plus 10% per annum for the three financial years ending 31 May 2018.

Following the award, Brendon Banner will be interested in 313,876 conditional awards over Shares.

The Company announces that it will issue 178,103 ordinary shares, in respect of awards made under the Plan. 141,334 will be issued in respect of Richard Whiting following the satisfaction of performance conditions who will then have an interest of 452,101 ordinary shares of the Company representing 0.93% of the issued share capital of the Company.

Application has been made for the 178,103 new Shares to be admitted to trading on AIM ("Admission").

Admission is expected to take place at 8.00 am on 5 October 2015.

Following Admission NWF's total issued share capital will be 48,528,481 Shares. There are no shares held in treasury.

The Plan was established for the purpose of incentivising and retaining the Company's eligible executive management.  Shares awarded under the Plan are subject to a performance criteria that requires NWF to meet a minimum reported basic earnings per share target over a three year period.  The Remuneration Committee has responsibility for determining the award of Shares and the performance targets under the Plan. 

Enquiries:

Rob Andrew Group Company Secretary NWF Group plc Tel: [phone]

Reg Hoare/ Andrew Leach / Naomi Lane MHP Communications Tel: [phone]

Justin Jones /Mike Bell Peel Hunt LLP  (Nominated Adviser) Tel: [phone]

 

END

 

 

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