Grant of Options

RNS Number : 0250F

Eleco PLC

16 February 2015

 



Press Announcement for Immediate Release                 16 February 2015

Eleco plc

("Eleco" or the "Company")

Grant of Options

The Board of ELECO announces that after the close of business on 13 February 2015, Nick Caw, Chief Executive, of ELECO was granted options over 900,000 ordinary shares of 10p each in the Company at an exercise price of 20.75p per share, in accordance with the terms of the Eleco 2014 Share Option Plan. The Options will become exercisable after 3 years, subject to certain performance criteria being achieved, whereby the Company's audited earnings per share for the year ended 31 December 2017 must be at least 22.5 per cent. higher than the Company's audited earnings per share for the year ended 31 December 2014. In the event that Nick leaves within the 3 year period he may (depending upon the timing and circumstances of his departure) be entitled to retain some of his options but only if certain yearly earnings per share targets have at that time been met.  The options shall be exercisable until 13 February 2025, 10 years after the date of grant.  

For further information please contact:
Eleco plc	http://www.eleco.com
John Ketteley, Executive Chairman	Tel: [phone]
Peckwater PR
Tarquin Edwards	Tel: [phone]
Cenkos Securities plc
Nicholas Wells / Callum Davidson	Tel: [phone]

 

END

 

 

RDSLQLFFELFEBBV