Seymour Pierce moving quickly - undervalued !

Found this for you bocadillo:

Awards under LTIP02/08/2001

Seymour Pierce Group PLC2 August 2001
For Immediate Release to Company Announcements Office
Seymour Pierce Group PLC ("the Company")
Following a meeting of the Remuneration Committee of the Company and as permitted under the Rules of the Long Term Incentive Plan ("LTIP"), which was adopted by the shareholders at the annual general meeting held on 26 March 2001, ordinary shares in the Company ("the Shares") have been awarded on the following basis:-The Shares will vest with the relevant individuals ("the Recipients") if either The Company's fully diluted earnings per share ("EPS") have increased by 7.5 per cent per annum over the five year period, commencing 1 October 2001 and based on the EPS for the financial year ending 30th September 2001 The EPS calculation is to be based on pre-tax earnings arising from the Company'sordinary activities adjusted for depreciation and amortisation, as audited or reviewed by the Company's auditors or the Company's share price, being the average closing price for the five days commencing with the announcement of the Company's interim results on 21 June 2001, has increased by a proportion greater than that of the FTSE 350 Index over the same five year period. Provided that either of the above tests is met in the relevant period, the vesting of the Shares will occur on the following basis:-
50 per cent of the Shares after 3 years
25 per cent of the Shares after year 4
25 per cent of the Shares after year 5
If neither test is met in any of the above periods, but either test is met inaggregate over that and subsequent period(s), then the unvested Shares from the previous period(s) would vest at that time. Should EPS have increased by 43.6 per cent after years 3 or 4,then 100 percent of the Shares would vest with the Recipients at that time. Should the annualised increase in the share price, at the end of year 3 or 4, be greater than the sum of the annualised increase in the FTSE 350 Index and 5 per cent, then 100 per cent of the Shares would vest at that time. The following directors of the Company are among the Recipients:
K R Harris 6,500,000 shares
J S Mackay 6,500,000 shares
R Feigen 5,500,000 shares

Rather generous awards to themselves, with what look unambitious performance requirements. Given the share price performance, they shouldn't get a bean! Pigs at the trough! Oink! Oink!

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