Director/PDMR Shareholding

RNS Number : 5008A

Terrace Hill Group PLC

30 March 2012

 



Terrace Hill Group PLC ("Terrace Hill" or "the Company")

Notification of Awards under the Terrace Hill Group PLC Performance Share Plan

Terrace Hill Group PLC (AIM: THG) announces the following grant of nominal cost options over ordinary shares in the Company of 2 pence each ("Shares") with an exercise price per Share of 2 pence ("Awards") to certain directors of the Company under the Company's Performance Share Plan ("PSP") on 28 March 2012.

                                                                    Total Awards               Total Awards

                                                                      granted on                outstanding on

                                                                   28 March 2012             28 March 2012

Name

Robert Adair, Executive Chairman                       585,484                    2,952,880

Philip Leech, Chief Executive                              585,484                    2,952,880

Jon Austen, Group Finance Director                    496,065                    3,095,954

Further details of the Awards are set out below.

Notes

1.         A further 2,203,990 Awards were granted to employees of the Company on 28 March 2012;

2.         The Awards will ordinarily vest following the third anniversary of the grant date, but only to the extent that the following performance criteria are satisfied over the Company's next three financial years commencing with the current financial year:

a.   EPRA Triple Net Asset Value must increase more than 2.5% per annum more than RPI for 25% vesting and must increase by more than 12.5% per annum more than RPI for 100% vesting

b.   Total Shareholder Return must be equal to the movement in the FTSE 350 Real Estate Super Sector for 25% vesting and must exceed the FTSE 350 Real Estate index by 15% for 100% vesting

There is equal weighting attached to each of these performance conditions. To the extent that the Awards vest, they will be exercisable from vesting until 27 March 2022, assuming the participant remains in Terrace Hill employment;

3.         No consideration is payable on the grant of the Awards;

4.         The Company has 211,971,299 Ordinary Shares of 2p each in issue;

5.         There are no shares held in treasury so the total voting rights in the Company are therefore 211,971,299;

6.         The Company now has a total of 21,100,225 Awards outstanding, under the Terrace Hill Group PLC Performance Share Plan, representing 9.95% of the issued Ordinary Share Capital; and

7.         The notification of these Awards is intended to satisfy the Company's obligations under the AIM rules.

For further information please contact:

Philip Leech/Jon Austen                                                 Tel: [phone]

Terrace Hill Group PLC

Mark Young/Gareth Price                                               Tel: [phone]

Oriel Securities Limited

(Nominated Adviser and Broker)

 

END

 

 

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