RNS Number : 4539X
  Polymer Logistics N.V.
  25 June 2008
   

    25 June 2008

    Polymer Logistics N.V. 

    ("Polymer Logistics" or "the Group")

    Grant of Options to Directors

    New Bonus Terms for CEO and CFO


    Polymer Logistics, a leading provider of sustainable 'one touch' logistics solutions to retailers and suppliers in the UK, Continental
Europe and the US, announces that the Board of Directors (the "Board") have agreed to grant options over a total of 1,610,000 new ordinary
shares of EUR0.01 each to certain directors of the Company under the Company's Share Option Scheme (the "Options").

    The details are as follows: 

 Directors        New Options Granted  Total number of        Percentage of Issued
                                       Options    Now Held*          Share Capital

 Gideon Feiner    700,000              1,216,180             1.56%

 Dana Gerner      405,000              1,417,125             1.82%

 Jim Anderson     405,000              675,000               0.87%

 Zvi Yemini       100,000              773,680               0.99%


    *One third of the options granted to the management team on the Company's admission to AIM in December 2006, as detailed in the
Admission Document dated 7 December 2006 (the "Admission Document"), have been forfeited due to failure to achieve certain performance
targets.

    The exercise price of the Options is 41.21p per share, which represents a premium of 5% over the opening mid-market price per share as
at the date of grant, 24 June 2008.  

    Each grant of Options will vest in three equal annual tranches, one in each of the three years after the date of grant. The Options will
be subject to performance conditions, measured over a performance period of one, two or three years corresponding to their vesting period.
The performance measure for the 2008 financial year is nominal compound annual growth of fully diluted earnings per share ("CAGR"). CAGR
will be calculated by taking the fully diluted earnings per share in 2007 and the fully diluted earnings per share in 2008, 2009, and 2010
respectively for the three tranches, and calculating the CAGR between the two. For nominal CAGR of between 5% and 12.5%, between 25% and
100% of the Options will vest, on a straight-line basis. For nominal CAGR of less than 5%, no Options will vest. Options will lapse at the
end of their performance period, to the extent that the performance condition has not been met. If the performance condition is met, Option
holders may choose when to exercise their Option, any time between vesting and the end of the ten-year option term. 

    In addition, the Company also announces new bonus terms for the Chief Executive Officer and Chief Financial Officer. 

    As set out in the Company's Admission Document, the CEO and CFO participate in a bonus scheme pursuant to which they can receive a
maximum bonus equal to their annual base salary. The bonus includes a discretionary element (25%) with the balance dependent on performance
criteria which is currently linked to total shareholder return and Group EBITDA.

    The annual bonus performance measures for the CEO and CFO are to be changed by dropping the total shareholder return ("TSR") element. In
the 2007 financial year, 50% of the bonus payout depended on TSR performance, 25% on EBITDA performance and 25% was discretionary. For the
2008 financial year, the 25% discretionary portion will be maintained, and EBITA performance will govern the remaining 75%.

    Enquiries:

 Polymer Logistics N.V.                  +31 (0)164 271 660
 Gideon Feiner, Chief Executive Officer
 Dana Gerner, Chief Financial Officer

 Collins Stewart Europe Limited          +44 (0)20 7523 8000
 Mark Connelly / Oliver Quarmby

 Financial Dynamics                      +44 (0)20 7831 3113
 Harriet Keen / Matt Dixon

    - Ends -

This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
RDSBRGDLBGDGGIS
Polymer Log. (LSE:POLL)
Historical Stock Chart
From May 2024 to Jun 2024 Click Here for more Polymer Log. Charts.
Polymer Log. (LSE:POLL)
Historical Stock Chart
From Jun 2023 to Jun 2024 Click Here for more Polymer Log. Charts.