New Long-Term Incentive Plan and Grant of Awards

RNS Number : 4597I

Plant Health Care PLC

03 July 2013

 



For immediate release

3 July 2013

Plant Health Care PLC

(The "Company")

New Long-Term Incentive Plan and grant of Awards

Plant Health Care announces that it has implemented a new Long-Term Incentive Plan and made awards under it to a number of senior executives, including two directors, Dr. Christopher Richards, Chairman of the Company, and Paul Schmidt, CEO.

At the time of the equity fundraising, which the Company announced on 26 March 2013, the Company disclosed that it was proposing to implement a value creation-based long-term incentive plan in which the Chairman, CEO and key members of the senior executive team would participate. The plan would calculate value generated for shareholders from the point of the placing over a four-year period, with plan participants receiving up to 10 per cent. of value generated over an annual hurdle of 8 per cent., paid in shares valued at that end point. This is the plan which has now been implemented, with the baseline for valuation under the plan being 78p, the placing price.

Of the total value pool created, Dr. Richards has been allocated 12.5 per cent. and Paul Schmidt has been allocated 30 per cent.  On a change of control, awards vest subject to the meeting of the performance condition at that point.

The majority of the participants are US residents.  In order that a portion of their awards have the potential to be delivered tax efficiently, US residents have been awarded a number of Incentive Stock Options, with the bulk of US residents' participation being satisfied by restricted share units. 

Dr. Richards's participation in the plan will be entirely by way of an award of market value options, subject to a performance condition under which such number of market value options will vest as gives a gross profit equal to his 12.5 per cent. share of the total participant value pool.  Details of these option awards are set out in the table below:

Director	Date of award	Exercise price	Number of options
Dr. Christopher Richards	2 July 2013	80.0p	862,000
Paul Schmidt	2 July 2013	US$1.2528	79,821

The maximum number of restricted share units awarded to Paul Schmidt, which may vest subject to the workings of the performance condition, is 1,630,000.

For further information contact: -

Plant Health Care plc Michael Higgins Senior Independent Director Tel: [phone]

Nomura Code Securities Clare Terlouw / Chris Golden Tel: [phone] www.nomuracode.com

Powerscourt Paul Durman / Nick Dibden / Sophie Moate Tel: [phone] [e-mail] [e-mail] [e-mail].

 

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