Introduction
During the year to 31 December 2024, the Chief Executive Officer participated in the Company’s Long-term Incentive Plan (“LTIP”) (which was approved by shareholders at the AGM held on 19 May 2017) and its Deferred Bonus Plan (“DBP”).
The LTIP enables selected senior individuals to be granted conditional awards or nil-cost options over ordinary shares, the vesting of which is normally dependent on both continued employment with the Group and the extent to which pre-determined performance conditions are met over a specified period of three years. The Chief Executive Officer did not have any LTIP awards vesting in respect of the financial year ending 31 December 2024.
The DBP is the mechanism by which the required proportion of an Executive Director’s annual bonus can be deferred into shares; it involves the individual being granted a conditional award or nil-cost option over ordinary shares with a face value equal to the amount of bonus being deferred. The vesting of any such awards (which will normally take place on or around the third anniversary of grant) is normally dependent on continued employment with the Group. Such vesting is not, however, conditional on the satisfaction of any additional performance conditions.
LTIP awards granted during 2024 (audited)
Overview of award granted
| Form of award | Basis of award granted | Share price at date of grant1 | No. of shares over which award originally granted | Face value | (£000) of shares over which award originally granted2 | % of shares over which award originally granted that vest at threshold | |
| Randy Neely | Nil-cost option | 2 x base salary of £500,000 | £1.75 | 571,428 | £1,000 | 0% | Vesting determined by performance over 3 years up to 31 December 2026 |
1 This figure represents the closing mid-market price of a share in the Company for the dealing day immediately preceding the date of grant (the actual closing price on 2 April 2024 was £1.71).
2 The value shown in this column has been calculated by multiplying the “number of shares over which the award was originally granted” by the “share price at date of grant”.