Flowgroup plc Management Options (0183J)
15 December 2015 - 6:00PM
UK Regulatory
TIDMFLOW
RNS Number : 0183J
Flowgroup plc
15 December 2015
15 December 2015
Flowgroup plc
(the "Company")
Management Options
Flowgroup plc (AIM: FLOW), which provides a range of innovative
energy technologies, energy supply and energy services, announces
that it has today granted new options and has today updated the
vesting criteria of existing share options to the Executive
Directors in order to retain and incentivise the Board to meet
clear operational milestones.
Updated Vesting Criteria
The Remuneration Committee has considered how best to retain and
incentivise the Company's senior management team as the Company
focuses on the full commercial production of its game changing
electricity generating boilers and growth in its energy supply
business. In order to provide an appropriate level of
incentivisation to drive shareholder value, the Remuneration
Committee has decided to change the vesting criteria from metrics
linked to share price performance (ranging from 50p to 150p) to
criteria linked directly to the delivery of key operational
milestones:
-- Exceeding 100,000 Flow Energy customer accounts
-- Returning cash collateral over existing Flow Energy customers
to the Company as the transition to a collateral-free arrangement
is made with Shell as the trading partner
-- Completing new installations of the first 100 Flow mCHP
production boilers in customers' homes
The number of options held by Directors which are affected by
the adjustments to the vesting criteria described above are as
follows:
Director Number of Exercise Price Issued Share
Options Capital of
the Company
-------------------- ---------- --------------- -------------
Clare Spottiswoode 4,001,787 28p 1.26%
-------------------- ---------- --------------- -------------
Tony Stiff 4,001,787 28p 1.26%
-------------------- ---------- --------------- -------------
Tony Stiff 1,325,056 17p 0.42%
-------------------- ---------- --------------- -------------
Henry Cialone 412,500 28p 0.13%
-------------------- ---------- --------------- -------------
Proposed Grant of New Options
In addition, the Company is proposing to grant 4,199,730 options
to Tony Stiff, 3,000,000 options to Nigel Canham and 1,850,000
options to Andrew Beasley all of which are exercisable at
15.86p/share (which represents the 15 day average closing mid-price
prior to grant). Mr Canham's existing 1,000,000 options exercisable
at 43.75p have been cancelled.
The new options will vest over a three year period from 1
January 2016 to 31 December 2018, with one third being available
for exercise at the end of each year (the first such exercise would
therefore be possible from 1 January 2017 onwards) subject to
performance targets being met. The Remuneration Committee will
determine the targets by the end of March in each year of the
vesting period.
Following the grant of the proposed new options as described
above Tony Stiff will hold 9,526,573 options, representing 3.00% of
the Company's issued share capital; Nigel Canham will hold
3,000,000 options, representing 0.95% of the Company's issued share
capital; and Andrew Beasley will hold 1,850,000 options
representing 0.58% of the Company's issued share capital.
Once the new options have been granted, the total number of
options over ordinary shares granted to Directors pursuant to the
Company's option scheme will be 18,790,160, representing 5.92% of
the Company's issued share capital.
Flowgroup plc www.flowgroup.uk.com
Tony Stiff, Group Chief Executive Tel: +44 (0)20 3137
Officer 4525
Nigel Canham, Chief Financial
Officer
Cenkos Securities plc (NOMAD Tel: +44 (0)20 7397
and Broker) 8900
Stephen Keys / Christopher
Golden (Corporate Finance)
Julian Morse (Sales)
Walbrook PR Ltd (Media Tel: +44 (0)20 7933 8780
Relations) or
flowgroup@walbrookpr.com
Paul McManus Mob: +44 (0)7980 541
893
Nick Rome Mob: +44 (0)7748 325
236
This information is provided by RNS
The company news service from the London Stock Exchange
END
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