Company name CPL Resources PLC
Headline Grant of LTIP Awards


RNS Number : 2721B
CPL Resources PLC
28 February 2014
 

Cpl Resources plc ("Cpl" or the "Company")

 

Grant of Awards under the LTIP

 

 

Cpl announces that on 27th February 2014 under the Cpl Resources plc 2013 Long Term Incentive Plan adopted on 21 October 2013 (the "LTIP"), the Remuneration Committee of Cpl granted conditional share awards (the "LTIP Awards"). The LTIP Awards grant eligible employees a conditional right to subscribe for ordinary shares of nominal value €0.10 each in the Company ("Ordinary Shares") upon payment of the nominal value.

 

The Company has granted the following LTIP Awards to the following executive director of the Company:

 

Name

Maximum Number of Ordinary Shares under the LTIP Awards

Garret Roche

50,000

 

Up to a further 18 eligible employees of the Company have been granted LTIP Awards over a maximum total of 665,000 Ordinary Shares.

 

Vesting of the LTIP Awards is subject to a performance condition measuring the Company's earnings per share ("EPS") growth over the period of three years commencing 1 January 2014. If, over the three year period from 1 January 2014 to 31 December 2016, the average annualised EPS is less than €0.44, no LTIP Awards will vest. 50% of the LTIP Awards will vest for average annualised EPS of €0.44, rising on a straight-line basis to full vesting for average annualised EPS of €0.51 or higher.  The LTIP Awards will ordinarily vest three years from the date of grant and the right to subscribe for vested LTIP Award shares may be exercised within six months of the vesting date.

 

The amounts shown above represent the maximum possible number of Ordinary Shares that may be granted to the eligible employees under the LTIP Awards. The price used to calculate the maximum number of Ordinary Shares under the LTIP Awards was €7.25, being the closing price of Cpl shares on the ESM market of the Irish Stock Exchange on 26th February 2014, the last dealing day prior to the grant of the LTIP Awards.

 

 

ENDS

 

For Further Information:

 

Cpl Resources plc


Anne Heraty (CEO)

+353 1 614 6000

Mark Buckley (CFO)




Davy (NOMAD, ESM Adviser)


Ivan Murphy

+353 1 679 6363

Daragh O'Reilly


 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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