Business
LTIP Awards
LTIP Awards.
About this update from Gooch & Housego Plc
[{"type":"text","content":"\n Gooch & Housego PLC\n14 August 2007\n\n\n \nFor immediate release 14 August 2007\n\n\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 13 August 2007 the Company made\ninitial awards of nil-cost share options under the Plan, such awards being in\nthe form of HMRC Enterprise Management Incentive options to the extent that they\nfall within the HMRC individual maximum limits. Awards were made to three\ndirectors of the Company, based on a share price of £4.325 per ordinary share\n(being the closing share price on the preceding dealing day):\n\n\nGareth Jones (Chief Executive Officer): 17,341 nil cost-share options\n\nIan Bayer (Finance Director): 17,341 nil-cost share options\n\nTerry Scribbins (Chief Operating Officer): 23,121 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"}]