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LTIP Awards
LTIP Awards.
About this update from Property Franchise Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 8804T\n Property Franchise Group PLC (The)\n 23 July 2020\n \n \n \n \n THE PROPERTY FRANCHISE GROUP PLC\n \n \n \n \n \n (the \"Company\" or the \"Group\")\n \n \n \n \n \n New Long-Term Incentive Plan\n \n \n \n \n \n The Property Franchise Group\n ,\n today announces that it has granted options over ordinary shares in the Company to its Chief Executive Officer and Chief Financial Officer under the TPFG Share Option Plan. These initial awards recognise each of their roles in developing and implementing the Company's strategic plans and are designed to continue to incentivise them appropriately. \n \n \n \n \n \n The awards will be subject to two performance conditions; basic earnings per share adjusted for exceptional income/costs and share based payments (\"adjusted EPS\") and total shareholder return over the 3 years to 31 December 2022. Each performance condition will apply to 50% of the award being made.\n \n \n \n \n \n In respect of both performance conditions, growth of 15% over the three year period will be required for threshold vesting of the awards, with growth of 35% or higher required for all of the awards to vest. \n \n The shares will be awarded on a sliding scale for growth between 15% and 35%.\n \n None of the awards will vest for adjusted EPS growth below 15% over the period. \n \n \n \n \n \n The maximum awards are stated below. \n \n \n \n \n \n Name Position Number of shares\n \n \n subject to awards\n \n \n Gareth Samples Chief Executive 100,000\n \n \n David Raggett Chief Financial Officer 100,000 \n \n \n \n Prior to these awards the Company had outstanding awards granted under this and a prior incentive scheme of 2,179,800 Ordinary Shares of which 64,800 had vested but not been exercised.\n \n \n \n \n \n \n \n \n Further detail is provided below in accordance with Article 19.3 of the EU Market Abuse Regulati...