John Lewis Of Hungerford PLC Posting of Annual Report and Notice of AGM (1162H)
13 November 2018 - 6:00PM
UK Regulatory
TIDMJLH
RNS Number : 1162H
John Lewis Of Hungerford PLC
13 November 2018
John Lewis of Hungerford Plc
Posting of Annual Report and Notice of Annual General
Meeting
John Lewis of Hungerford Plc announces that its Annual Report
and Accounts for the ten months ended 30 June 2018 and the notice
of the Annual General Meeting of shareholders ('AGM') have been
posted to shareholders.
The AGM will be held at Crowne Plaza London Kensington, 100
Cromwell Road, London, SW7 4ER at 2.00 p.m. on Tuesday 11 December
2018. The AGM will be followed by a shareholder presentation. No
new material information will be disclosed and a copy of the
presentation will be made available on the Company's website
www.john-lewis.co.uk.
In addition to the usual items of business, shareholder approval
will be sought for an Unapproved and EMI Share Option Plan ("Option
Plan"). The principal terms of the proposed Option Plan are set out
in Appendix 1 to the AGM Notice and summarised below.
The Company does not currently operate any form of share options
scheme and the Board believes that the proposed Option Plan is
critical to strengthen the Company's ability to attract and retain
key staff by ensuring participants receive competitive incentives
that align their interests with those of the Company's
shareholders.
The Option Plan is being proposed at an important time for the
Company and is accordingly ambitious. In order for the Option Plan
to serve as a meaningful incentive to participants the number of
awards will be capped at 20% of the Company's issued share
capital.
Participants in the Option Plan will be all staff and all
members of the Board, including the non-executive directors.
Equally aggressive performance conditions will therefore apply to
the vesting of options under the proposed Option Plan that will be
tied to stretching profit and share price performance. The Option
Plan will have a price at granting of the higher of market or
nominal value. In addition to aggressive performance conditions,
and following discussions with key shareholders, it has been agreed
that the scheme will include a 'hurdle' criteria which stipulates
that no shares under the share price performance criteria will vest
until the share price reaches 3 pence. This ensures that
shareholders will have experienced significant value gains before
Option Plan participants benefit.
Your Board of Directors believe that the resolution to adopt the
proposed Option Plan and all other resolutions contained in the AGM
Notice are in the best interests of the Company and its
shareholders as a whole and unanimously recommend that shareholders
vote in favour of all of the resolutions in the AGM Notice.
Enquiries:
John Lewis of Hungerford plc
Gary O'Brien - Chairman 01235 774300
Smith & Williamson Corporate Finance Limited
Katy Birkin
Martyn Fraser 0207 131 4000
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END
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