Issue of share options to Dir

RNS Number : 8517W

Spice PLC

04 August 2009

 



4 August 2009

Issue of share options to Directors of Spice plc ("Spice" or "the Company")

Subsequent to the announcement of final results on 13 July 2009 and following consultation with the Company's principal shareholders in the period since then, Spice announces that share options over ordinary shares of 2 pence each, in the Company, have today been granted to the following Directors under the terms of the Company's Performance Share Plan:

Name	Role	Number of shares subject to option	Option exercise price	Total number of options held under all schemes
Simon Rigby	Chief Executive Officer	570,647	£Nil	4,332,365
Oliver Lightowlers	Group Finance Director	284,504	£Nil	3,803,644
Chris Lee	Supply Director	173,333	£Nil	503,228
Andy Catchpole	Distribution Director	254,667	£Nil	273,715

The vesting of these options is subject to the achievement of compound growth in Diluted Earnings per Share (adjusted for the amortisation of intangible fixed assets and non-operating exceptional items) for the three year period ending April 2012 relative to the year ended April 2009 as follows:

Compound growth in EPS (including RPI)	Level of vesting
Less than 8%	Nil
Between 8% and 14%	Straight line vesting
Exceeding 14%	100%

EPS is a significant internal measure of long term performance used by the Board to assess the performance of the Group. As a result, the Remuneration Committee considers EPS to be the most appropriate measure to use to incentivise the Directors. Subject to the achievement of the compound EPS growth target then these options would become exercisable three years after the date of grant in the period August 2012 to August 2019. Nil consideration is payable in respect of either the grant or exercise of these options.

This announcement is provided for the purposes of DTR 3.1.2. The grant of options referred to above took place in Leeds.

- Ends -

Spice plc	Tel: [phone]
Simon Rigby, Chief Executive Officer
Oliver Lightowlers, Group Finance Director
Financial Dynamics	Tel: [phone]
Billy Clegg
Caroline Stewart
KBC Peel Hunt (Broker)	Tel: [phone]
Julian Blunt (Corporate finance)
Matthew Tyler (Corporate broking)

NOTES TO EDITORS

Spice plc

Spice is a total utility infrastructure support services business.  The Group's operations were founded in 1996 and have their origins in the electricity industry, although the range of activities has since been expanded into other niche areas. The Group is organised into two divisions to match its utility customer base; a Supply Division; and a Distribution Division.  Spice's businesses have a common theme of delivering and co-ordinating infrastructure services to customers, and the technological element within the product mix has been built up significantly over the course of the last three years.

 

END

 

 

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