OPG Power Ventures plc Long Term Incentive Plan (4694H)

TIDMOPG

RNS Number : 4694H

OPG Power Ventures plc

01 August 2019

1 August 2019

OPG Power Ventures plc

("OPG", the "Group" or the "Company")

Long Term Incentive Plan ("LTIP")

As reported on 29 April 2019, the Remuneration Committee of the Board of Directors has approved the introduction of an LTIP. The Remuneration Committee has further reviewed, amended and now approved revised terms of the LTIP.

The number of performance-related awards was reduced from of 18.5 million ordinary shares to 14 million (the "LTIP Shares") (representing approximately 3.6 per cent of the Company's issued share capital). In addition to three executive directors, additional members of the senior management team will be included within the LTIP.

The LTIP Shares will be awarded as Nominal Cost Shares and will vest in three tranches subject to continued service with OPG until vesting and meeting the following share price performance targets, plant load factor ("PLF") and term loan repayments of the Chennai thermal plant.

- 20% of the LTIP Shares shall vest upon meeting the target share price of 25.16p before the first anniversary for the first tranche, i.e. 24 April 2020, achievement of PLF during the period April 2019 to March 2020 of at least 70% at the Chennai thermal plant and repayment of all scheduled term loans;

- 40% of the LTIP Shares shall vest upon meeting the target share price of 30.07p before the second anniversary for the second tranche, i.e. 24 April 2021, achievement of PLF during the period April 2020 to March 2021 of at least 70% at the Chennai thermal plant and repayment of all scheduled term loans;

- 40% of the LTIP Shares shall vest upon meeting the target share price of 35.00p before the third anniversary for the third tranche, i.e. 24 April 2022, achievement of PLF of at least 70% at the Chennai thermal plant during the period April 2021 to March 2022 and repayment of all scheduled term loans.

The share price performance metric will be deemed achieved if the average share price over a fifteen day period exceeds the applicable target price. In the event that the share price or other performance targets do not meet the applicable target, the number of vesting shares would be reduced pro-rata, for that particular year. However, no LTIP Shares will vest if actual performance is less than 80 per cent of any of the performance targets in any particular year. The terms of the LTIP provide that the Company may elect to pay a cash award of an equivalent value of the vesting LTIP Shares.

None of the LTIP Shares, once vested, can be sold until the third anniversary of the award, unless required to meet personal taxation obligations in relation to the LTIP award.

For further information, please visit www.opgpower.com or contact:

 
                                         [phone] 
   OPG Power Ventures PLC                     11211 
 Arvind Gupta / Dmitri Tsvetkov 
 
 Cenkos Securities (Nominated Adviser    [phone] 
  & Broker)                                    8900 
 Russell Cook / Stephen Keys 
 
                                         [phone] 
 Tavistock (Financial PR)                      3150 
 Simon Hudson / Barney Hayward 
 

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August 01, 2019 02:03 ET (06:03 GMT)