Business
Grant of Share Options
Grant of Share Options.
About this update from Franchise Brands Plc
[{"type":"text","content":"\n \nRNS Number : 2568Z Franchise Brands PLC 13 December 2017 \n\n \n13 December 2017\n \nFranchise Brands plc\n(\"Franchise Brands\" or the \"Company\")\n \nGrant of Share Options\n \nFranchise Brands (AIM: FRAN) announces that its remuneration committee yesterday awarded a total of 1,766,672 options over ordinary shares of 0.5 pence each in the Company (\"Ordinary Shares\") to a director and certain employees of the Company (the \"Options\"). These Options were granted under the Company's long term incentive plan share option scheme (the \"Scheme\"). \nThe Options are exercisable at the closing mid-market price of Ordinary Shares on 12 December 2017, being 49.5 pence per Ordinary Share (the \"Exercise Price\"). The Options expire on 12 December 2027 if not exercised.\nThe Options are exercisable in the following circumstances:\n1) As to 20 per cent. after reported fully diluted adjusted earnings per share achieves compound annual growth of 8 per cent. over each of the next three financial years;\n2) As to 100 per cent. after reported fully diluted adjusted earnings per share achieves compound annual growth of 15 per cent. over each of the next three financial years; and\n3) On a sliding scale basis on earnings per share growth between the targets in 1) and 2) above.\nOf the 1,766,672 Options issued, 759,090 have been issued to a director and certain members of senior management of the Company as set out below, and the other 1,007,582 Options have been issued to certain employees of the Company:\n\n\n\n\nDirector\n\n\nPosition\n\n\nNumber of Options granted\n\n\nTotal options held following the grant\n\n\n\n\nChris Dent\n\n\nChief Financial Officer\n\n\n303,030\n\n\n303,030\n\n\n\n\nPeter Molloy\n\n\nManaging Director of Metro Rod\n\n\n153,030\n\n\n303,030\n\n\n\n\nColin Rees\n\n\nChief Information Officer\n\n\n303,030*\n\n\n303,030\n\n\n\n\n \n* The options granted to Colin Rees replace the options granted to him upon his appointment, as announced on 3 April 2017, in order to align his options with those of other employees \nThe Company is highly cash generative and it therefore intends to repurchase shares to offset the dilutive impact of share awards, focusing on overall shareholder return. The Company intends to propose a r...