Business
Implementation of new Long-Term Incentive Plan
Implementation of new Long-Term Incentive Plan.
About this update from Yu Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0188B\n Yu Group PLC\n 05 October 2020\n \n \n \n \n \n \n \n Yü Group PLC\n(the \"Company\" or the \"Group\")\n \n \n Implementation of new Long-Term Incentive Plan\n \n \n Yü Group PLC (AIM; YU.), the independent supplier of gas, electricity and water to the UK corporate sector announces that, upon the recommendation of the Group's \n remuneration committee, the Board has approved the implementation of a new Long-Term Incentive Plan ('LTIP'). The scheme is designed to incentivise the Company's executive directors and certain other members of the senior management team (the \"Participants\").\n \n \n The LTIP, which has been approved by the Board after receiving expert advice from BDO LLP's specialist scheme consultants (Global Employer Services team), will operate alongside the Group's existing share option plan.\n \n \n The LTIP has been established to encourage long-term value creation for the Group's shareholders and to align the interests of the Participants with shareholders. Awards under the LTIP take the form of contingent rights to acquire the Company's ordinary shares at the Company's nominal share price of 0.5 pence each.\n \n \n The initial awards under the LTIP are split into two tranches. The first tranche may become available for exercise on or after 30 April 2023. The second tranche may become available for exercise on or after 30 April 2024. Awards are subject to strict conditions relating to the performance of the Participants, the Company's deemed financial condition and pre-established future share prices being achieved.\n \n \n The Board believes that the implementation of the LTIP will also assist the Group in attracting and retaining high-calibre individuals for the future.\n \n \n \n \n \n Further details of the Long-Term Incentive Plan\n \n \n \n \n \n Under the terms of the LTIP, awards are subject to strict vesting criteria. These are linked to the Participants', the Company's, and the share prices' performances over pre-established dates. The LTIP has in-built safeguards against temporarily aberrant share-price behaviour. \n \n \n The potential level of vesting of tranche 1 will be determined by the average share price over the 20 consecutive trading days following the announcement of the 2022 Group results in or around March 2023. During this pe...