LTIP Award and Total Voting Rights

RNS Number : 6633D

Walker Greenbank PLC

18 May 2012

 



For immediate release

18 May 2012

WALKER GREENBANK PLC

("Walker Greenbank" or "the Company")

Director Shareholdings, Re-issue of Treasury Shares and Total Voting Rights

Walker Greenbank PLC (AIM: WGB), the luxury interior furnishings group whose brands include Sanderson, Morris & Co, Harlequin, Zoffany and Scion, announces that it has today granted conditional awards of ordinary shares of 1p each in the Company ("Ordinary Shares") to its executive directors under its Long-Term Incentive Plan ("LTIP") based on a closing mid-market price on 17 May 2012 of 71.5 pence per Ordinary Share. 

In accordance with the rules of the LTIP, the Ordinary Shares awarded will vest three years after the date of grant subject to the Company achieving a target for Total Shareholder Return ("TSR"), as well as a base level of profit before tax as detailed below.The award begins to vest upon the Company achieving TSR at the median of its comparator group in the Household Goods sector and increases on a sliding scale to achieve maximum award if the Company tops its comparator group over the three year period. (TSR equates to the growth in share price plus dividends in respect of that period.). No award will vest if the base level of profit before tax is below £6.5 million for the year ended 31 January 2015.

The awards granted under the LTIP on the basis of the Company achieving the maximum target:

John  Sach	416,199 Ordinary Shares
David Smallridge	329,888 Ordinary Shares
Alan Dix	244,755 Ordinary Shares

The Remuneration Committee of the Board of Directors believes that today's award aligns management reward with the creation of returns to the Company's shareholders.

The Company also announces that it has today transferred 960,000 Ordinary Shares out of treasury into the Company's Employee Benefit Trust to satisfy conditional awards made in 2009. Following the transfer, the Company no longer holds any shares in treasury.

Following this transaction, the Company's issued ordinary share capital with voting rights consists of 59,006,162 Ordinary Shares and this figure is to be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interest in Walker Greenbank under the FSA's Disclosure and Transparency Rules.

The number of shares in the Company in which the executive directors' have an interest are as follows:

Executive Director	No. of Ordinary Shares	% of Total Voting Rights
John Sach	1,331,105	2.25
David Smallridge	729,734	1.24
Alan Dix	566,334	0.96

For further information:

Walker Greenbank PLC	[phone]
John Sach, Chief Executive
Caroline Geary, Company Secretary
Seymour Pierce	[phone]
Mark Percy / Catherine Leftley - Nominated Adviser
Katie Ratner - Corporate Broking
Buchanan	[phone]
Mark Court / Sophie Cowles

 

END

 

 

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