Business
LTIP Awards and other Issuances
LTIP Awards and other Issuances.
About this update from Duke Capital Limited
[{"type":"text","content":"\n \nRNS Number : 7711F Duke Royalty Limited 31 October 2018 \n\n31 October 2018\nDuke Royalty Limited\n(\"Duke Royalty\", \"Duke\" or the \"Company\")\nLong Term Incentive Plan (\"LTIP\") awards,\nGrant of Options, Ordinary Shares and Warrant issuance,\nAdmission of New Ordinary Shares and Total Voting Rights\nDuke Royalty Limited (AIM: DUKE) announces that the Company's Remuneration Committee has approved the following Performance Share Awards (\"PSA's\") under the Company's Long-Term Incentive Plan (\"LTIP\"). The LTIP framework was detailed within the Company's admission document which was published on 20 March 2017 and was put into place post Admission. \nThe PSA's for the financial year to 31 March 2018 are as follows:\n\n\n\n\nNeil Johnson\n\n\n850,000 ordinary shares\n\n\n\n\nCharlie Cannon-Brookes\n\n\n600,000 ordinary shares\n\n\n\n\nJim Webster\n\n\n215,000 ordinary shares\n\n\n\n\n \nThe PSA's vest after a period of three years and are subject to various performance conditions outlined in the Company's admission document (and available on the Company's website) and set by the Remuneration Committee, all in accordance with the LTIP rules. The LTIP Awards will be subject to a performance condition based 50 per cent. on total shareholder return (\"TSR\") and 50 per cent. on total cash available for distribution per share (\"TCAD per Share\"). TSR can be defined as the returns generated by shareholders based on the combined value of the dividends paid out by the Company and the share price performance over the period in question.\nIn addition to the PSA's, the Remuneration Committee also approved the issuance of 305,000 new ordinary shares of no par value (the \"New Ordinary Shares\") in the Company and the grant of 200,000 options over Ordinary Shares (the \"Options\") under the Company's option plan. The Options expire five years from the date of issuance and have an exercise price of GBP 0.50. The New Ordinary Shares and Options were issued to certain Non-Executive Directors, members of the Investment Committee and to new members of the Duke team, Steven Russo and Ajay Shivdasani (the \"New Joiners\"). The New Ordinary Shares were issued to Non-Executive Directors and Investment Committee members in recognition of the significant contribution made during the previous...