Awards under The Alumasc Long

RNS Number : 1437S

Alumasc Group PLC

03 September 2010

 



The Alumasc Group plc - Director/PDMR Shareholding

Awards under The Alumasc Group plc Long Term Incentive Plan (2008 Plan) ("LTIP")

The Alumasc Group plc ("the Company") announces that on 22 October 2009 the under mentioned Directors/PDMRs were granted conditional awards under The Alumasc Group plc Long Term Incentive Plan (2008 Plan) that entitled them to acquire ordinary shares of 12.5 pence each in the Company in accordance with the rules of the Plan.

Name	Number of Shares Awarded under the LTIP (2008 plan)	Total Number of Share Awards held under the LTIP (2008 plan)	Percentage of Current Issued Share Capital
Paul Hooper	152,426	374,098	1.035%
Andrew Magson	62,737	157,795	0.437%

The above LTIP awards are granted at a nil exercise price and have the following performance conditions:

Each award is dependent partially on an EPS performance condition and partially on total shareholder return ("TSR") meaning a measure of the growth in value of the ordinary shares of the Company over the performance period, assuming that all dividends are reinvested to purchase additional shares.  The relative weighting to be attributed to EPS and TSR in a particular award is decided upon by the Remuneration Committee.

No part of any award will vest unless the average annual growth of EPS equals or exceeds RPI plus 2.5% measured over a fixed 3 year period following the making of the award.

On the attainment of this 2.5% average annual growth threshold, 25% of the whole award will vest.

The whole of the remaining part of an award dependent on EPS will vest if the average annual growth in EPS equals or exceeds RPI plus 10%.

The vesting of the remainder of any part of an award dependent on TSR will depend on the percentage movement of the Company's share price at least equalling the median performance of the FTSE All Share Index, up to 100% vesting if the percentage movement is equivalent to upper quartile performance.

In between the higher and the lower targets for both EPS and TSR, the awards vest on a straight line basis.

The total Executive Share Options and LTIPs awarded to Directors/PDMRs including the above award are as follows:

Executive Share Option Scheme

Name	Date of Grant	Number of Shares Granted	Earliest Exercise Date	Expiry Date	Percentage of Current Issued Share Capital
Paul Hooper	April 2006	39,878	April 2009	April 2016	0.110%

Long Term Incentive Plan (1997 Plan)

Name	Date of Award	Number of Shares Under Award	Earliest Exercise Date	Percentage of Current Issued Share Capital
Paul Hooper	October 2007	45,652	October 2010	0.126%
Andrew Magson	October 2007	22,609	October 2010	0.063%

Long Term Incentive Plan (2008 Plan)

Name	Date of Award	Number of Shares Under Award	Earliest Exercise Date	Percentage of Current Issued Share Capital
Paul Hooper	December 2008 October 2009	176,020 152,426	December 2011 October 2012	0.487% 0.422%
Andrew Magson	December 2008 October 2009	72,449 62,737	December 2011 October 2012	0.200% 0.174%

 

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