New Long Term Incentive Plan
07 March 2007
Correction of announcement released on 7 March 2007 at 16:33 under RNS No 5395S due to formatting
The Board of Jelf Group plc ('the Company') announces the adoption of the Jelf Group plc Long Term Incentive Plan ('LTIP'), which will provide for the annual award of options to employees to subscribe for new ordinary shares. The exercise of these options is subject to the achievement of specified performance conditions over a three-year period. Any options granted under the LTIP will be subject to the total number of share options in issue being limited to fifteen per cent of the issued share capital of the Company.
The Board also announces that it granted options under the LTIP to three directors of the Company on 7 March 2007. The exercise price is 240p (the market price close of 6 March 2007). Subject to achievement of specific performance conditions, the options are exercisable from the date on which the Board approves the audited Report & Accounts of the Group and the Company for the year ended 30 September 2009.
The LTIP options are exercisable for a period of twelve months following the exercise date.
The table below sets out the options granted to each of the relevant Directors under the LTIP. This number of options is subject to meeting all of the performance conditions in full and will be reduced proportionately if any of the conditions are not achieved.
| No. of share options currently held |
No. of share options granted under the LTIP scheme |
Total No. of share options post LTIP |
|
| Alex Alway | 0 | 250,000 | 250,000 |
| John Harding | 57,813 | 60,000 | 117,813 |
| Philip Barton | 0 | 60,000 | 60,000 |
Separately as part of the annual bonus awards made to senior management, John Harding and Phil Barton were also yesterday allocated the following ordinary shares which are to be held within the Jelf Group Employee Benefit Trust for two years: John Harding 6,425 ordinary shares; Phil Barton 3,059 ordinary shares.
Therefore, the total existing aggregate holdings of each of the relevant Directors and their beneficial interest in the total voting rights is detailed below:
| No. of ordinary shares held |
Total No.of share options |
No. of ordinary shares awarded by EBT not yet vested** |
Total aggregate holding |
Total holding including options as a percentage of issued and to be issued share capital* |
|
| Alex Alway | 1,080,800 | 250,000 | 0 | 1,330,800 | 5.07% |
| John Harding | 223,190 | 117,813 | 11,925 | 352,928 | 1.34% |
| Philip Barton | 286,000 | 60,000 | 11,583 | 357,583 | 1.36% |
* This has been calculated by dividing the total aggregate holding by the whole of the issued and to be issued share capital of the Company which comprises 24,596,074 Ordinary Shares in issue, and 1,650,812 share options.
** Includes shares assigned on 6 March 2007
Further to the above there is a correction to the release dated 26 January 2007 relating to Alex Rowe. Alex Rowe now holds 15,117 ordinary shares representing 0.06% of the issued share capital of the Company.
For further information:
Jelf Group
Alex Alway, Group
Chief Executive
+44 (0) 1454 272799
Daniel Stewart
Alastair Cade
alastair.cade@danielstewart.co.uk
+44 (0) 20 7776 6550
Lindsay Mair
Lindsay.mair@danielstewart.co.uk