5 December 2016
Restore plc
("Restore" or the "Company")
Executive Incentive Plan (the "EIP")
Vesting of awards and Directors' dealing
Further to the announcement of 23 November 2013, and the subsequent achievement of performance hurdles under the Restore EIP, performance units held by Charles Skinner, Chief Executive, and Adam Councell, Group Finance Director, have been converted into 3,518,145 and 1,172,715 nil cost share options in respect of new ordinary shares of 5 pence each in the Company respectively.
The achievement of the EIP performance conditions follows the Company's share price performance exceeding, at the end of a three-year performance period which started on 26 November 2013, a threshold hurdle of 10 per cent annualised growth in the market capitalisation of the Company, plus dividend payments minus net shareholder investments. Under the terms of the EIP, upon this threshold hurdle having been achieved the participants are entitled to receive, in aggregate, 10 per cent of the value created for shareholders above the performance hurdle. 50 per cent of the share options vested on 5 December 2016, with the remainder due to in equal measure at the end of each of the following two years (26 November 2017 and 26 November 2018 respectively). The Board retains the option to cancel all or part of the nil cost options issued under the scheme and settle those cancelled options as a cash payment.
Further details of the EIP are set out in the Company's 2015 Report & Accounts.
Following the issue of share options, Charles Skinner holds 3,518,145 share options and Adam Councell holds 1,172,715 share options.
Contact:
Restore plc |
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Charles Skinner, Chief Executive |
07966 234 075 |
Adam Councell, Group Finance Director |
07860 402 434 |
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Cenkos Securities plc |
020 7397 8900 |
Nicholas Wells |
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Elizabeth Bowman |
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FTI Consulting |
020 3727 1340 |
Nick Hasell |
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Alex Le May |
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