Grants under Long Term Incentive Plan
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18 September 2014 |
Mattioli Woods plc
("Mattioli Woods" or "the Group")
Grants under Long Term Incentive Plan
Mattioli Woods plc (AIM: MTW.L), the specialist wealth management and employee benefits business, announces that on 16 September 2014 the Remuneration Committee of Mattioli Woods granted conditional share awards and conditional cash awards (together "the LTIP Awards") under the Mattioli Woods 2010 Long Term Incentive Plan ("the LTIP"). Conditional share awards grant participating employees a conditional right to become entitled to options with an exercise price of 1 pence ("Nominal Cost Options") over ordinary shares of 1 pence each in the Company ("Ordinary Shares").
Conditional cash awards ("Cash Awards") grant participating employees a conditional right to be paid a cash amount based on the proceeds of the sale of a specified number of Ordinary Shares following the vesting of the award. The Company has granted the following LTIP Awards to the Company's executive directors:
|
Name |
Maximum number of Ordinary shares under the LTIP Awards |
Nature of conditional award |
|
Ian Mattioli |
69,380 |
Cash Award |
|
Bob Woods |
49,121 |
Cash Award |
|
Nathan Imlach |
47,179 |
Nominal Cost Options |
|
Murray Smith |
40,703 |
Nominal Cost Options |
|
Alan Fergusson |
37,003 |
Nominal Cost Options |
|
Mark Smith |
34,690 |
Nominal Cost Options |
The executive directors do not have any unexercised options remaining in respect of historic option plans which are capable of being exercised, but hold 148,149 Cash Awards and 140,802 Nominal Cost Options subject to the achievement of corporate profitability performance targets measured over a three year performance period ending on 31 May 2016.
A further 31 senior managers and executives employed by the Company and its subsidiaries have been granted conditional awards of Nominal Cost Options over a total of 75,854 Ordinary Shares.
The LTIP Awards are subject to the achievement of corporate profitability performance targets measured over a three year performance period ending on 31 May 2017. The amounts shown above represent the maximum possible opportunity.
The price used to calculate the number of Ordinary Shares under the LTIP Awards was £4.32, being the average of the mid-market closing price of a Mattioli Woods Ordinary Share on the five consecutive business days immediately preceding the date of grant.
The LTIP Awards will normally vest following the publication of the Group's audited results for the year ending 31 May 2017, expected to be in August 2017.
- Ends -
For further information please contact:
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Mattioli Woods plc |
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Nathan Imlach, Finance Director |
Tel: +44 (0) 116 240 8700 |
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Canaccord Genuity Limited |
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Martin Green |
Tel: +44 (0) 20 7523 8350 |
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Bruce Garrow |
This information is provided by RNS
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