News and Views

RNS Number : 1698N
W.H. Ireland Group PLC
24 July 2014
 

WH Ireland Group plc

 

(“WH Ireland” or the “Company”)

 

Director’s dealing

 

WH Ireland announces that on 23 July 2014, Dan Cowland, Finance Director of the Company, and the WH Ireland Group plc Employee Share Ownership Trust (“ESOT“) entered into a joint share ownership agreement (“JSOA“) in relation to 100,000 ordinary shares of 5p each in the Company (“JSOA Shares“). 

 

Under the terms of the JSOA, Dan Cowland has an option to acquire the ESOT’s interest in the JSOA Shares at a maximum price of £1.145 per Share (the “Exercise Price“) at any time after 22 July 2017.  The Exercise Price is subject to a formula based on a total return to WH Ireland shareholders over a 3 year period.  It is dependent on the mid-market price of an ordinary share of 5p in the Company (an “Ordinary Share“) on 22 July 2017 together with the aggregate dividends paid on an Ordinary Share over the preceding 3 year period (the “3 Year Value“).  The main terms of the formula are that, in the event that the 3 Year Value is:

 

·     less than or equal to £1.50, the Exercise Price will be £1.145

·     £3.00 or more, the Exercise Price will be nil; and

·     between £1.50 and £3.00 the Exercise Price will decrease on a sliding scale from £1.145 to nil.

 

After entering into the JSOA, Dan Cowland will hold the following interests in the share capital of the Company:

 

Number of Shares

Percentage of voting rights

Nature of holding

100,000

n/a

Held jointly with the ESOT

 

For further information please contact:

WH Ireland Group plc                                                                      www.wh-ireland.co.uk

Rupert Lowe, Chairman                                                                   +44(0) 20 7220 1666

 

Richard Killingbeck, CEO                  

                       

Panmure Gordon (UK) Limited                                                      

Hugh Morgan/ Adam James (Corporate Finance)                             +44 (0)20 7886 2500

 

 

MHP Communications

Reg Hoare / Jade Neal / Jamie Ricketts                                   

 

+44(0) 20 3128 8100                                                                                                                      whireland@mhpc.com

 

 

 

 

 

 

 

 

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

END

 
 

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