Grant of LTIP
Tagged in: RNS AnnouncementsThe following share awards were granted today, 24 March 2021:
- 468,448 conditional nil cost share awards of 50p each to a total of nine employees under the STV Group plc Long-Term Incentive Plan ("LTIP") which was approved by shareholders on 26 April 2018.
The awards were granted at a price of 330 pence per ordinary share (the closing share price on Tuesday 23 March 2021) and these nine employees included two executive directors as follows:-
- 468,448 conditional nil cost share awards of 50p each to a total of nine employees under the STV Group plc Long-Term Incentive Plan ("LTIP") which was approved by shareholders on 26 April 2018.
The awards were granted at a price of 330 pence per ordinary share (the closing share price on Tuesday 23 March 2021) and these nine employees included two executive directors as follows:-
Director | Shares awarded |
| Simon Pitts, Chief Executive Officer | 127,036 |
| Lindsay Dixon, Chief Financial Officer | 71,323 |
This award will vest in three years subject to the continued employment of the participants and the satisfaction of the undernoted performance conditions and will be released following a further holding period of two years from the vesting date:
| Performance measure | Calibration of targets | Weighting | Threshold vesting (25% of max) | Maximum vesting |
| EPS | Annualised growth in adjusted EPS from FY20 to FY23 | 50% | 4% | 13% |
| Non-broadcast operating profit | Operating profit for non-broadcast in FY23 | 30% | £9.5m | £16.5m |
| TSR | Ranked position of the Company's shareholder return (TSR) against the FTSE Small Cap Index (3 month average) | 20% | Median | Upper quartile |
Additionally, as previously disclosed, the final element of the buy-out of remuneration forfeited at his previous employer has been awarded to Simon Pitts. Mr Pitts was awarded 30,372 shares and has sold 14,608 shares to cover the tax and NIC liability arising on this award.
Further enquiries:
Jane E A Tames, Company Secretary, STV Group plc jane.tames@stv.tv
Kirstin Stevenson, Head of Communications, STV Group plc kirstin.stevenson@stv.tv
