Joint Share Ownership Awards

RNS Number : 1836S

Staffline Group PLC

06 September 2010

 



 

Embargoed until 0700                                                                                 Monday 6^th September 2010

STAFFLINE GROUP PLC

Joint Share Ownership Awards

Staffline Group plc (the "Company" or "Staffline") announces that, on 6 September 2010 it issued 1,257,263 new shares (the "New Shares") at a price of 92p per share to the Staffline Group Employee Benefit Trust ("EBT") in accordance with the Staffline Group Joint Share Ownership Plan ("JSOP") for the purpose of incentivising the executive Directors and key senior managers to achieve certain earnings per share targets over a five year period.

Pursuant to the JSOP rules the value per Ordinary Share used as the basis for calculating the number of the individual Ordinary Share awards is the average closing mid-market price on the five business days immediately preceding the date of the award. 

Under the JSOP rules the award will trigger at 50 percent of the full allocation if diluted earnings per share before amortisation in any complete financial year up to and including the year ending 31 December 2014 ("Adjusted EPS") exceed 24.0p. The full allocation will be triggered if Adjusted EPS exceed 42.0p in any complete year, with the allocation scaled up on a straight line basis for Adjusted EPS between 24.0p and 42.0p. Of the New Shares, 857,263 shares have been allocated to the executive Directors of the Company at a base price of 92p in co-ownership with the EBT with the full potential entitlements set out below. The balance of the New Shares have been allocated to key senior managers. Under the JSOP rules the minimum vesting period for the shares is just under 5 years unless there is a prior change of control when the vesting period is one year following the change of control.

The 1,257,263 new shares rank pari passu in every aspect with the existing issued ordinary shares in the Company.  Application will be made for these shares to be admitted to AIM.

The Company also wishes to announce that, subject to vesting in accordance with the JSOP rules as aforementioned, the Directors' interests have changed as set out below:-

	JSOP Allocation 6 Sept 2010	Total interest following allocation	% Issued Ordinary Share Capital
Andy Hogarth	306,863	3,375,492	15.01
Marshall Evans	145,400	1,599,480	7.11
Tim Jackson	205,000	255,000	1.13
Shaun Brittain	200,000	200,000	0.89

For further information, please contact:	www.staffline.co.uk
Staffline Group plc	0115 950 0885
Andy Hogarth, Chairman and Chief Executive	07931 175775
Tim Jackson, Finance Director	07720 458626
Altium
Phil Adams / Paul Lines	0845 505 4343
Smithfield
Debbie Potts / Rebecca Whitehead	020 7360 4900

About Staffline

Staffline Group plc is a specialist recruitment organisation specializing in food processing, manufacturing, e-retail and logistics.  Staffline provides and manages industrial workforces and uses training and business improvement techniques to ensure increased levels of efficiency to give their clients a significant commercial advantage.  Clients include Tesco, Sainsbury's, Premier Foods, Cranswick Country Foods, Pirelli and Nestle. Operating from 150 locations in the UK Staffline supply in excess of 17,000 blue collar workers each day, peaking at over 20,000 in December.  Brands include Staffline Express, the High Street branch operation, OnSite based on clients premises, Peter Rowley a national training and consultancy organisation and OSP a specialist volume recruitment call centre.

Print resolution images are available for the media to view and download from www.vismedia.co.uk

 

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