Issue of share options to Dir
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: 0113 201 2120 |
|
Simon Rigby, Chief Executive Officer |
|
|
Oliver Lightowlers, Group Finance Director |
|
|
|
|
|
Financial Dynamics |
Tel: 020 7831 3113 |
|
Billy Clegg |
|
|
Caroline Stewart |
|
|
|
|
|
KBC Peel Hunt (Broker) |
Tel: 020 7418 8900 |
|
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.
This information is provided by RNS
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