Driver Group plc Grant of Share Options (6168K)
September 23 2016 - 2:00AM
UK Regulatory
TIDMDRV
RNS Number : 6168K
Driver Group plc
23 September 2016
23 September 2016
Driver Group plc
("Driver Group" or the "Company")
Grant and Exercise of Share Options
Driver Group, the global professional services consultancy to
construction and engineering industries, announces that, in
accordance with its commitment to Gordon Wilkinson at the time of
his promotion to the role of Chief Executive, the Directors have
undertaken a comprehensive review of his incentivisation
arrangements.
As a result of this review the Directors have implemented the
recommendations of the Remuneration Committee whereby nil cost
options over Driver Group shares ("Share Options") have today been
issued to Gordon Wilkinson recognising his critical importance to,
and responsibility for delivery of, the Company's planned
strategy.
The Share Options which have been granted to Gordon Wilkinson
have been issued in three tranches, and are subject to the
following conditions:
-- The first tranche of up to 400,000 Share Options is
conditional only upon Gordon's demonstrating his commitment to the
Company by the prior purchase of an equivalent number of Driver
Group shares.
-- The second tranche of up to 900,000 Share Options is
conditional upon the future performance of the Company and will
vest should the Company achieve specified underlying profit targets
in the three financial years ended 30 September 2017, 2018 and
2019, as follows:
Profit before exceptional Share Options
items and tax
-------------------------- ---------------
Year ending 30 September 300,000 shares
2017: GBP2.4m
Year ending 30 September 300,000 shares
2018: GBP3.0m
Year ending 30 September 300,000 shares
2019: GBP3.7m
The achievement of these targets would reflect growth of
approximately 2.0 times, 2.5 times and 3.1 times the underlying
pre-tax profits in financial year ended 30 September 2015 of
GBP1.2m.
-- The third tranche of Share Options is of an amount to be
determined if and only if the above profit targets are exceeded,
calculated on the basis of Share Options over 50,000 Driver Group
shares for each GBP0.5m of profit in excess of the above baseline
targets in each financial year.
Each tranche of options, once vested, is exercisable subject to
lapsing provisions in specified circumstances.
Enquiries:
Driver Group plc
Steve Norris +44 (0) 20 7340 0380
Non-executive Chairman Email: steve@nmcdllp.com
+44 (0) 7971 469975
Hugh Cawley, CFO Email: hugh.cawley@driver-group.com
N+1 Singer (Nominated Adviser
& Broker)
Sandy Fraser
Alex Laughton-Scott +44 (0)20 7496 3000
This information is provided by RNS
The company news service from the London Stock Exchange
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