Business
Long Term Incentive Plan
Long Term Incentive Plan.
About this update from Gooch & Housego Plc
[{"type":"text","content":"\n Gooch & Housego PLC\n07 December 2007\n\n\nFor Immediate Release 7 December 2007\n\n \n Gooch & Housego PLC\n \n (The 'Company')\n \n \n Awards under Long Term Incentive Plan\n\n\nOn 3 August 2007 the Board of Gooch & Housego PLC adopted the Gooch & Housego\n2007 Long Term Incentive Plan (the 'Plan'). On 6 December 2007 the Company made\nawards of nil-cost share options under the Plan. Awards were made to three\ndirectors of the Company, based on a share price of £4.15 per ordinary share\n(being the closing share price on the preceding dealing day):\n\n\nGareth Jones (Chief Executive Officer): 43,373 nil cost-share options\nIan Bayer (Finance Director): 28,433 nil-cost share options\nTerry Scribbins (Chief Operating Officer): 27,710 nil-cost share options\n\n\nUnder the rules of the Plan, the awards are subject to a three-year holding\nperiod and their release is subject to two performance conditions. The first\nperformance condition is a Total Shareholder Return ('TSR') underpin whereby\nawards are not released unless the Company's return exceeds the return of the\nFTSE AIM index over the three-year period. Once the TSR underpin has been\nsatisfied, the extent to which the awards are released is dependent upon\nstretching Return on Capital Employed ('ROCE') targets - an average ROCE for the\nCompany over the three-year period of 20% triggers a threshold release of 25% of\nthe award, rising linearly to 100% release for an average ROCE of 35%. No\nshareholder rights are conferred on the participants until the awards have been\nreleased and exercised.\n\n\n\nContacts: Ian Bayer, Finance Director, 01460 52271\n Scott Richardson-Brown, Oriel Securities Limited, 020 7710 7600\n\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n \n ","length":2329,"tagName":"div"}]