Press Announcement for Immediate Release 16 February 2015
Eleco plc
(“Eleco” or the “Company”)
Grant of Options
The Board of ELECO announces that after the close of business on 13 February 2015, Nick Caw, Chief Executive, of ELECO was granted options over 900,000 ordinary shares of 10p each in the Company at an exercise price of 20.75p per share, in accordance with the terms of the Eleco 2014 Share Option Plan. The Options will become exercisable after 3 years, subject to certain performance criteria being achieved, whereby the Company’s audited earnings per share for the year ended 31 December 2017 must be at least 22.5 per cent. higher than the Company’s audited earnings per share for the year ended 31 December 2014. In the event that Nick leaves within the 3 year period he may (depending upon the timing and circumstances of his departure) be entitled to retain some of his options but only if certain yearly earnings per share targets have at that time been met. The options shall be exercisable until 13 February 2025, 10 years after the date of grant.
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For further information please contact: |
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Eleco plc |
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John Ketteley, Executive Chairman |
Tel: 0207 422 8000 |
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Peckwater PR |
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Tarquin Edwards |
Tel: 07879 458 364 / 0207 808 7340 |
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Cenkos Securities plc |
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Nicholas Wells / Callum Davidson |
Tel: 0207 397 8900 |
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