Business
Notice of General Meeting
Notice of General Meeting.
About this update from Fw Thorpe Plc
[{"type":"text","content":"\n \nRNS Number : 7516J Thorpe(F.W.) PLC 16 June 2014 \n \n\n16th June 2014\n \nF W Thorpe Plc\n(\"F W Thorpe\" or the \"Company\")\nNotice of General Meeting\n \nThe Board of F W Thorpe is pleased to announce that a circular (the \"Circular\") has been published today convening a general meeting of the Company (\"GM\") to be held at 9.00 a.m. on 18th July 2014 at the offices of the Company at Merse Road, North Moons Moat, Redditch B98 9HH.\n \nThe purpose of the GM is to seek shareholder approval for the proposed Executive Share Ownership Plan.\n \nBackground\n \nThe current Board of Directors have overseen the positive growth in trading performance and a significant increase in the Company's share price over a number of years. The Directors believe that it is appropriate to recommend that an Executive Share Ownership Plan (ESOP) is created to motivate and retain those employees responsible for the continued success of the Group.\n \nThe basic principles of the scheme are to reward growth in the share price and the performance conditions attached to these Options are based on the improved performance of the business, measured by EPS growth. Further information on the performance conditions is set out in the Circular. Options are expected to be granted after the plan is agreed by the Shareholders, with the exercise price payable being the market price of the Shares as at the date of grant.\n \nRather than issue new Shares, the Company will utilise Shares that are already held in treasury to satisfy Options. A summary of the key details of the ESOP are contained within the Appendix to the Circular and it is anticipated that the first grants under the scheme will be made following shareholder approval.\n \nThe scheme will be offered to the Company's executive directors and certain directors of its subsidiary companies. Options over a total of up to 1.8 million Shares will be granted, representing approximately 1.6 per cent of Shares with voting rights as at the 11th June 2014 (being the last practicable day prior to the publication of the Circular).\n \nThe Directors believe that the introduction of this scheme is an effective way to align the interests of the Group's key employees with those of Shareholders.\n \nAction to be taken\n \nThe n...