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Swallowfield PLC (BAR)

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Monday 19 March, 2012

Swallowfield PLC

Director/PDMR Shareholding

RNS Number : 5468Z
Swallowfield PLC
19 March 2012
 



Swallowfield plc

Long Term Incentive Plan

Swallowfield plc ("the Company") announced on 8 March 2010, the introduction of a new long term incentive plan, the Swallowfield plc 2009 Long Term Incentive Plan ("LTIP") to incentivise its senior management team to maximise shareholder value.

The Company announces that it has made further awards pursuant to the LTIP of 69,094; 32,016; and 32,016 shares to Ian Mackinnon, Mark Warren and Jane Fletcher (directors of the Company) respectively.  The Remuneration Committee has determined that the vesting of these awards should be linked to, and be conditional upon, the compound growth in the Company's post tax earnings per share over a three year cycle measured by reference to the last full year audited results, which for the purpose of this award be those for the year ended 30 June 2011.  The minimum hurdle, below which no awards will vest, equates to 15% annual growth (excluding inflation) at which level 25% of the awards will vest.  The maximum award equates to 25% annual growth (excluding inflation) with the percentage of awards vesting being pro-rated between these levels.  Upon vesting, half of each award will be made in shares, which the recipient will be required to hold for 12 months, and the balance in cash.

Following the grant of the awards, the aforementioned directors have the following interests in the Company's share capital:


Number of issued Ordinary Shares

Percentage of issued share capital

Number of awards issued under the LTIP

Ian Mackinnon

135,500

1.2%

204,640

Mark Warren

22,100

0.2%

92,160

Jane Fletcher

25,000

0.2%

94,894

Enquiries:

Swallowfield plc

01823 652241

Ian Mackinnon - Chief Executive Officer

Mark Warren - Group Finance Director


Singer Capital Markets Limited

020 3205 7500

Broking - Rupert Dearden


Nominated Adviser - Shaun Dobson / Jenny Wyllie


 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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