REG - Vianet Group PLC - Long Term Incentive Plan and Grant of Options <Origin Href="QuoteRef">VNET.L</Origin>

VianetAnnouncement

22/12/2015 11:02

RNS Number : 8633J
Vianet Group PLC
22 December 2015
Vianet Group plc
("Vianet" or the "Company" or the "Group")
Long term incentive plan and Grant of Options
Long term incentive plan
On 8 December 2015 the Company announced the sale of its Fuel Division and that board changes had been made in preparation for the efficient operation of the Group following the sale. Today, Vianet announces details of a new long term incentive plan ("LTIP") for senior management of the Company in order to incentivise and retain them, and drive shareholder value creation. The LTIP is designed to reward participants for exceptional performance in the achievement of share price growth over the five year period from 1 April 2015 to 30 June 2020.
Under the LTIP rules, subject to achieving performance conditions, participants will be awarded a gross cash payment (the "Award") equal to their percentage entitlement of the Award pool in three tranches on 30 June 2018, 30 June 2019 and 30 June 2020 respectively.
Vesting of the Awards will be dependent on the Company achieving share price growth targets and no awards will be made under the Scheme unless the Company's share price meets a minimum of 120 pence per share with the Award pool rising to 10 per cent. of the growth in the Company's market capitalisation at a share price of 147.9 pence per share or above. 
After deduction of income tax and employee's NIC's from the Award, the net cash amount shall be applied by the Company, on behalf of the participant, to acquire shares of the Company.
The remuneration committee will have discretion on how the share acquisition is satisfied by one or a combination of the following: 
a) Subscription for Ordinary Shares of 0.10 in the capital of the Company ("Shares") at the closing middle market quotation on the Dealing Day immediately preceding;
b) Purchase of Shares on the market at the prevailing market price; or
c) Purchase of Shares from any employee benefit trust established by any Group Company from time to time at the prevailing market price.
The Company confirms that the first Awards under the LTIP were made on 21 December 2015 to the following Directors:
Director Name
Percentage Entitlement of the Award Pool
Stewart Darling
38 %
Mark Foster
29%
Further announcements will be made when Shares are acquired following the vesting of an Award pursuant to the Scheme.
Grant of options
The Company further announces that on 21 December 2015 it issued 124,000 EMI share options over ordinary shares in the Company (the "Options") to Mark H Foster, CFO, under the Company EMI Share Option Plan. The Options will vest on 21 December 2018 and have an exercise price of 103.0p
Following the issuance of the Options, Mark H Foster holds a total of 277,600 options over ordinary shares in the Company.
Enquiries:
James Dickson, Chief Executive/Mark Foster, Finance Director T: +44 (0)1642 358 800
Stephen Keys/Camilla Hume, Cenkos Securities plcT: +44 (0)20 7397 8900

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