Grant of Options

RNS Number : 5705G

Jaywing PLC

04 March 2015

 



Date:                     Wednesday 4^th March 2015

On behalf of:     Jaywing plc ("the Company" or "the Group")

Jaywing plc

("Jaywing" or "the Company")

Grant of Options under Jaywing plc share incentive plan

The Company announces that options over ordinary shares of 5p each in the Company ("Ordinary Shares") have today been granted to certain executive directors in accordance with the recommendations of the Company's Remuneration Committee.

Director	Position	Number of options granted	Exercise price	Total number of options held following grant
Martin Boddy	CEO	526,000	5p	526,000
Andy Gardner	COO	526,000	5p	526,000
Michael Sprot	Finance Director	299,000	5p	299,000

60% of these options have vesting criteria that are based on the financial performance of the Company over the period commencing from 1 April 2015 until 31 March 2017.  EBITDA growth during this period must exceed 3% for any options to vest and all options subject to these criteria will vest if the Company achieves an EBITDA compound annual growth rate of at least 20% over two years.

The remaining 40% of the options have vesting criteria based on share price targets (adjusted for share based payment costs) of 45p in 2017 or 55p in 2018. If all of the performance targets are met, all shares will vest by 31 January 2019.

All options granted today are exercisable until 31 July 2019.

Following the grant of options as detailed above, the total number of options outstanding, either vested or unvested, is 6,771,000. This figure (6,771,000) represents approximately 9 per cent of the Company's existing issued share capital being 76,359,385 ordinary shares.

Enquiries:

Jaywing plc
Michael Sprot (Company Secretary)                        Tel: [phone]

Cenkos Securities plc

Nicholas Wells (Nomad)                                              Tel: [phone]

 

END

 

 

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