Belvoir Group has revealed a share incentive scheme that will give its nine most senior directors share options worth collectively £1.52 million based on its current share price of £2.40p.
The ‘nil cost options’ include a total of 635,183 new ordinary shares in the company being awarded to its executive directors sand senior management team.
These are CEO Dorian Gonsalves (pictured), CFO Louise George, Newton Fallowell former IT chief David Newton, (pictured right) Newton Fallowell MD David Spackman, Brook Financial Services MD Michelle Brook, Northwood MD Phil Gee, Franchise Director Ian Maclean, Financial Services Director Tim Wood and Financial Controller Julie Wilson.
The three to receive the lions share of the stock are Gonsalves (242,347 shares); George (2017, 122) and Newton, pictured, (102,41).
The scheme, which is essentially a ‘golden handcuffs’ arrangement, only delivers if Belvoir Group hits some ambitious growth targets over the next two-and-a-half years.
A share price growth floor of 16.9p per share and a cap of 22.2p per share applies to the EPS Performance Condition; these represent growth over the three years of 15.8% and 52.1% respectively.
“The awards reflect their roles and responsibilities in determining and executing the Group strategic growth plans and are intended to retain and incentivise the executive directors and senior management team accordingly,” a company statement to the City explains.