Gooch & Housego PLC
14 August 2007
For immediate release 14 August 2007
Gooch & Housego PLC
(The 'Company')
Awards under Long Term Incentive Plan
On 3 August 2007 the Board of Gooch & Housego PLC adopted the Gooch & Housego
2007 Long Term Incentive Plan (the 'Plan'). On 13 August 2007 the Company made
initial awards of nil-cost share options under the Plan, such awards being in
the form of HMRC Enterprise Management Incentive options to the extent that they
fall within the HMRC individual maximum limits. Awards were made to three
directors of the Company, based on a share price of £4.325 per ordinary share
(being the closing share price on the preceding dealing day):
Gareth Jones (Chief Executive Officer): 17,341 nil cost-share options
Ian Bayer (Finance Director): 17,341 nil-cost share options
Terry Scribbins (Chief Operating Officer): 23,121 nil-cost share options
Under the rules of the Plan, the awards are subject to a three-year holding
period and their release is subject to two performance conditions. The first
performance condition is a Total Shareholder Return ('TSR') underpin whereby
awards are not released unless the Company's return exceeds the return of the
FTSE AIM index over the three-year period. Once the TSR underpin has been
satisfied, the extent to which the awards are released is dependent upon
stretching Return on Capital Employed ('ROCE') targets - an average ROCE for the
Company over the three-year period of 20% triggers a threshold release of 25% of
the award, rising linearly to 100% release for an average ROCE of 35%. No
shareholder rights are conferred on the participants until the awards have been
released and exercised.
Contacts: Ian Bayer, Finance Director, 01460 52271
Scott Richardson Brown, Oriel Securities Limited, 020 7710 7600
This information is provided by RNS
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