Powerflute Oyj Grant of Options (1369U)
05 Abril 2016 - 1:00AM
UK Regulatory
TIDMPOWR
RNS Number : 1369U
Powerflute Oyj
05 April 2016
5 April 2016
Powerflute
GRANT OF OPTIONS
Powerflute Oyj ("Powerflute" or the "Company") today announces
that on 4 April 2016, the Board of Directors approved the following
grant of options over the Company's ordinary shares to certain of
its Directors under the terms of the Powerflute Share Option Scheme
2012 ("PSOS 2012"):
-- 800,000 shares to Marco Casiraghi, consisting of 400,000
2012E Options and 400,000 2012F Options.
-- 600,000 shares to David Walton, consisting of 300,000 2012E
Options and 300,000 2012F Options.
The total number of options now granted under the PSOS 2012 and
other share option schemes of the Company is 13,769,300, equivalent
to 4.9% of the existing issued share capital of the Company
(excluding shares held in treasury).
The 2012E and 2012F options are subject to different performance
targets and measurement periods, but in all other respects are
identical. Successful vesting of the awards is dependent upon the
achievement of demanding performance targets, with 50% of each
award linked to the average annual increase in basic earnings per
share ("EPS") and 50% linked to the average annual total
shareholder return ("TSR") over the relevant measurement
periods.
The average annual increase in EPS is to be measured by
reference to the basic EPS achieved by the Company in the financial
years immediately preceding the date of grant and the measurement
date. The average annual TSR achieved over the measurement period
is to be determined by reference to the average share price of the
Company during the three-month period immediately preceding the
date of grant and the measurement date, adjusted to take account of
dividends paid or any other similar distributions to shareholders
made during the measurement period.
The subscription price, key performance targets and measurement
periods of the 2012E and 2012F share options are as follows:
2012E 2012F
------------------------------ --------- ---------
Date of grant 4 Apr 4 Apr
2016 2016
------------------------------ --------- ---------
Average annual increase in
EPS to achieve full vesting 17.5% 17.5%
------------------------------- --------- ---------
Average annual TSR required
to achieve full vesting 20.0% 20.0%
------------------------------- --------- ---------
Measurement date 4 Apr 4 Apr
2018 2019
------------------------------ --------- ---------
Last possible exercise date 4 Apr 4 Apr
2022 2022
------------------------------ --------- ---------
Subscription price per share EUR 0.01 EUR 0.01
------------------------------- --------- ---------
Where the average annual increase in EPS is below 10.0%, none of
this portion of the award will vest and where the average annual
TSR is below 10.0%, none of this portion of the award will vest,
with proportional vesting applying between the minimum and maximum
thresholds.
Shares acquired as result of exercise of the 2012E and 2012F
Options are subject to a minimum holding period and may not be sold
during the two year period commencing on the measurement date.
The Company's share price at the close of business on 4 April
2016 was 80.75 pence.
Including these awards, the shareholdings of the directors to
whom options have been granted pursuant to this announcement and
the total number of share options now awarded to them are as
follows:
Name Shareholding Options
----------------- ---------------- ----------------
Number % Number %
----------------- ---------- ---- ---------- ----
Marco Casiraghi 7,938,629 2.8 6,810,400 2.4
----------------- ---------- ---- ---------- ----
David Walton 1,250,000 0.4 3,387,900 1.2
----------------- ---------- ---- ---------- ----
- Ends-
For further information, please contact:
Powerflute
Dermot Smurfit (Chairman) c/o Oliver Winters,
Marco Casiraghi (CEO) FTI Consulting
David Walton (CFO) +44 20 3727 1535
Numis Securities
Mark Lander (Corporate Broking)
Andrew Holloway / Jamie
Lillywhite (Nominated Advisor) +44 20 7260 1000
FTI Consulting
Oliver Winters
Tom Hufton +44 20 3727 1535
About Powerflute
Powerflute is a paper and packaging group quoted on the AIM
market of the London Stock Exchange (Ticker: POWR) which seeks to
acquire businesses with strong fundamentals whose performance can
be improved through a combination of management focus and targeted
investment.
The Group currently has two main activities; Packaging Papers
which trades under the name Powerflute and operates a paper mill in
Kuopio, Finland producing a specialised form of Nordic
semi-chemical fluting used in the manufacture of high-performance
corrugated board; and Coreboard and Cores, which trades under the
name Corenso and is a leading international manufacturer of high
performance coreboard and cores, with coreboard mills in the United
States and Europe and a network of core producing facilities in
Europe, North America and China.
Nordic semi-chemical fluting is made from locally sourced birch
and boxes manufactured using it demonstrate superior strength and
moisture resistance and are used for transportation of fruit and
vegetables, high-value industrial goods such as electrical
appliances and automotive components. The Kuopio mill is one of
only three suppliers of Nordic semi-chemical fluting in Europe.
Cores and coreboard are manufactured from recycled paper and are
used for applications in paper, packaging, textiles, steel,
aluminium and many other industries. Coreboard and cores produced
by Corenso demonstrate superior strength and rigidity and are
suitable for use in the most demanding applications.
For further information, please visit www.powerflute.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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