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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Driver Group Plc | LSE:DRV | London | Ordinary Share | GB00B0L9C092 | ORD 0.4P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 24.00 | 23.00 | 25.00 | 24.00 | 24.00 | 24.00 | 2,676 | 07:30:31 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Heavy Construction, Nec | 42.63M | -336k | -0.0064 | -37.50 | 12.61M |
TIDMDRV
RNS Number : 6168K
Driver Group plc
23 September 2016
23 September 2016
Driver Group plc
("Driver Group" or the "Company")
Grant and Exercise of Share Options
Driver Group, the global professional services consultancy to construction and engineering industries, announces that, in accordance with its commitment to Gordon Wilkinson at the time of his promotion to the role of Chief Executive, the Directors have undertaken a comprehensive review of his incentivisation arrangements.
As a result of this review the Directors have implemented the recommendations of the Remuneration Committee whereby nil cost options over Driver Group shares ("Share Options") have today been issued to Gordon Wilkinson recognising his critical importance to, and responsibility for delivery of, the Company's planned strategy.
The Share Options which have been granted to Gordon Wilkinson have been issued in three tranches, and are subject to the following conditions:
-- The first tranche of up to 400,000 Share Options is conditional only upon Gordon's demonstrating his commitment to the Company by the prior purchase of an equivalent number of Driver Group shares.
-- The second tranche of up to 900,000 Share Options is conditional upon the future performance of the Company and will vest should the Company achieve specified underlying profit targets in the three financial years ended 30 September 2017, 2018 and 2019, as follows:
Profit before exceptional Share Options items and tax -------------------------- --------------- Year ending 30 September 300,000 shares 2017: GBP2.4m Year ending 30 September 300,000 shares 2018: GBP3.0m Year ending 30 September 300,000 shares 2019: GBP3.7m
The achievement of these targets would reflect growth of approximately 2.0 times, 2.5 times and 3.1 times the underlying pre-tax profits in financial year ended 30 September 2015 of GBP1.2m.
-- The third tranche of Share Options is of an amount to be determined if and only if the above profit targets are exceeded, calculated on the basis of Share Options over 50,000 Driver Group shares for each GBP0.5m of profit in excess of the above baseline targets in each financial year.
Each tranche of options, once vested, is exercisable subject to lapsing provisions in specified circumstances.
Enquiries: Driver Group plc Steve Norris +44 (0) 20 7340 0380 Non-executive Chairman Email: steve@nmcdllp.com +44 (0) 7971 469975 Hugh Cawley, CFO Email: hugh.cawley@driver-group.com N+1 Singer (Nominated Adviser & Broker) Sandy Fraser Alex Laughton-Scott +44 (0)20 7496 3000
This information is provided by RNS
The company news service from the London Stock Exchange
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(END) Dow Jones Newswires
September 23, 2016 02:00 ET (06:00 GMT)
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