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LONDON - Victorian Plumbing Group PLC (AIM: VIC), the UK’s leading bathroom retailer, announced the granting of Long Term Incentive Plan (LTIP) awards to key executives on Monday. The awards, which consist of options over ordinary shares, were made to CEO Mark Radcliffe and CFO Daniel Barton on February 6, 2025.
Under the LTIP, Radcliffe received options for 715,884 ordinary shares at an exercise price equivalent to the nominal value of an ordinary share. Barton was granted nil cost options over 490,380 shares. These awards were made for nil consideration and are subject to performance targets and continued employment over a three-year period ending September 30, 2027, followed by a two-year holding period.
The performance conditions for the vesting of the FY25 Awards include 62.5% tied to an adjusted diluted earnings per share target and 37.5% contingent upon continued employment with the company. The exact details of the earnings per share target were not disclosed in the announcement.
As of the date of the notification, Victorian Plumbing had 327,474,016 ordinary shares in issue, excluding those that may be issued under the FY25 Awards. The transaction took place outside a trading venue.
This move aligns the interests of the company’s senior management with those of its shareholders by incentivizing the achievement of long-term financial goals and the retention of key personnel. The LTIP awards are a common practice in corporate governance to foster a performance-oriented culture within organizations.
The information in this article is based on a press release statement from Victorian Plumbing Group PLC.
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