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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Mesoblast Ltd | TG:LWB | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.03 | 4.96% | 0.635 | 0.615 | 0.65 | 0.635 | 0.615 | 0.635 | 5,000 | 22:50:00 |
RNS Number:4368J Low & Bonar PLC 31 March 2003 Letter to RNS LOW & BONAR PLC Notification of Directors' Interests Low & Bonar PLC (the Company) wishes to notify the following changes in directors' interests arising out of the operation of its Long Term Incentive Plan (LTIP), which was approved by the shareholders of the Company at an extraordinary general meeting on 14 February 2003. Under the rules of the LTIP the Company may grant awards under which participants will become beneficially entitled to ordinary shares in the capital of the Company (Shares) at nil cost if the Company satisfies stringent performance targets set out in the rules of the LTIP, as described in the circular to shareholders dated 29 January 2003. Awards were granted under the LTIP on 28 March 2003 to executive directors (and to other senior executives in the UK who are not directors of the Company) only where they have entered into a "performance contract", resulting in Mr Forman's notice period being reduced from 12 months to 3 months in the case of failure to meet 2003 and 2004 performance targets and Mr Kempster's notice period being reduced from 12 months to 6 months in the case of failure to meet 2003 and 2004 performance targets. On 28 March 2003, awards were formally granted under the LTIP to the following executive directors (the number of Shares referred to is the maximum available on satisfaction of the performance target in full): NAME OF DIRECTOR Shares under conditional award Paul Forman 838,926 Jon Kempster 259,135 The earliest date on which the executive directors will normally become beneficially entitled to the Shares is 28 March 2006, which is the third anniversary of the date on which the awards were granted, and the Shares will then be released in three annual tranches. No Shares will vest unless: 1. the average mid-market Share price over the four month period ending immediately prior to 28 March 2006 is at least 107.28p, i.e. double the average Share price over the four month period ending on the date of grant (and the fall number of Shares under the Award will only be released if that average price is at least 120.69p); 2. the Company's EPS (before exceptional items) has increased by at least 6% over RPI for the three year period commencing 1 December 2002; and 3. the percentage increase in the Share price over the three years to 28 March 2006 equals or exceeds the percentage increase in the FTSE Small Cap Total Return Index over the same period. The rules of the LTIP provide for the participants to become beneficially entitled to the Shares earlier in specific circumstances such as a change of control of the Company. As explained in the circular to shareholders dated 29 January 2003, in connection with the grant to him of this award Paul Forman has released without payment his rights under a long term incentive arrangement agreed with him at the time of his appointment in September 2002, which would have entitled him to up to 593,667 Shares if the performance conditions applicable to that arrangement had been satisfied. Amanda Whalley For and on behalf of Low & Bonar PLC This information is provided by RNS The company news service from the London Stock Exchange END RDSBUGDXISXGGXB
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