RNS Number : 1625W
Inland Homes PLC
20 December 2013
 



 

brownfield regeneration specialists and housebuilders

 

INLAND HOMES PLC

('Inland Homes', 'Inland' or the 'Company')

Awards made under 2013 LTIP

With the approval of its shareholders given at the general meeting of the Company held on 20 December 2013, the Company has adopted a new long term incentive plan known as "The Inland Homes plc 2013 Growth Plan" ("2013 LTIP"). The 2013 LTIP replaces the long term incentive plan adopted by the Company in 2007.

The Company announces that, on 20 December ("Grant Date"), 1000 non-voting exchangeable growth shares of 0.001 pence each in Inland Homes 2013 Limited ("Growth Shares") were issued to the three executive directors of the Company pursuant to the 2013 LTIP. Over the term of the LTIP, assuming that the performance conditions are met and that awards vest in full, the Growth Shares are exchangeable into a maximum of 11,350,504 ordinary shares of 10 pence each in the Company ("Shares") in the respective numbers set out below:

Executive Director

Current number of ordinary shares held

Existing options held

Total number of Option Shares, assuming vesting in full, at the end of the term in 2018

Total number of ordinary shares assuming vesting in full, at the end of the term in 2018

Percentage holding, assuming fully diluted share capital

Stephen Wicks

Chief Executive Officer

16,287,332

 -  

5,334,737

 21,622,068

9.93%

Nishith Malde

Finance Director

 11,270,029

1,500,000

 4,313,191

17,083,220

7.84%

Paul Brett

Land Director

 3,504,214

1,100,000

1,702,576

 6,306,789

2.90%

Total

 31,061,575

2,600,000

 11,350,504

 45,012,077


 

Entitlements to Shares will ordinarily vest by reference to the share price performance in each of the six financial years commencing from 1 July 2013 to 30 June 2019 (inclusive) with vesting of the first three tranches being deferred until the third anniversary of the Grant Date. Thereafter awards will vest annually. Vesting is subject to the achievement of specified performance targets and awards are subject to good/bad leaver and change of control provisions. No consideration is payable in respect of the grant of the awards. The share price performance will be calculated from a base of 46.5p, being the mid price at the close of business on 20 December 2013. 

Inland Homes plc

www.inlandplc.com

Tel: 01494 762450

Stephen Wicks

Chief Executive


Nishith Malde

Finance Director


Paul Brett

Land Director








finnCap

Nomad & Broker

Tel: 020 7220 0500

Matthew Robinson/Simon Hicks

Corporate Finance


Simon Starr

Corporate Broking








Blythe Weigh Communications


Tel: 020 7138 3204

Paul Weigh


Tel: 07989 129658

Tim Blythe


Tel: 07816 924626







 

Editor's Note:

Inland Homes plc's strategy is to identify brownfield land in the South of England where it considers it to hold excellent potential for residential and mixed use development, including commercial space. The Group then seeks to enhance its land value by obtaining planning permission before selling consented land onto developers. It also develops some of its plots for sale.

 

 

 

 


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