The board of directors of Alfesca
has today approved the establishment of a performance related equity incentive
plan for executive directors and senior management of the Group.
the Alfesca Incentive Plan, the Company proposes to establish a performance
related share scheme (Performance Shares) that will consist of shares in the
total nominal amount of ISK 300,000,000, representing approximately 4.75% of
the fully diluted share capital of the Company.
accordance with the terms of the plan, the Performance Shares will be awarded to
certain executive directors and senior management of the Group subject to fulfilment
of performance conditions based on achievement of certain share price and EBITDA
targets over a three (3) year period from 1 July 2006 to 30 June 2009.
Subject to the approval of the
shareholders, it is intended that the Alfesca Incentive Plan be established
with effect from today’s date and the first allocation of the Performance
Shares for the financial year ending 30 June 2007 to be made based on the
closing share price of today. Following
the shareholders approval, further details relating to the incentive plan will
The terms of the proposed Alfesca Incentive
Plan will be put forward for approval by
the shareholders of the Company at an extraordinary general meeting to be held
on Tuesday 22 May 2007. Details of the
shareholders meeting will be published in due course.
For further information:
Xavier Govare, CEO T: + 354 477 7000 E: firstname.lastname@example.org
Hovanessian, BDD T: + 354 477
7000 E: email@example.com