LONDON - Angling Direct plc (AIM: ANG), a leading omni-channel specialist fishing tackle and equipment retailer, has granted Value Creation Awards under its new Long Term Incentive Plan (LTIP), as part of a strategy to incentivize and retain its executive team.
The awards, announced Monday, come in the wake of substantial revenue growth for the company, with a compound annual growth rate of 11.4% since the appointment of Steve Crowe as an Executive Director in January 2020. The company’s revenues have increased from £53.2m in FY20 to an expected £91.3m in FY25, according to a trading update released earlier today. Sam Copeman, who joined as an Executive Director in July 2023, has also been integral to this growth, contributing to an 11.9% revenue increase to FY25E.
The Remuneration Committee has decided to evolve the company’s remuneration arrangements to align with Angling Direct’s medium-term objectives, set out in May 2024. The Awards consist of one-off nominal cost options over ordinary shares, with 1,500,000 shares awarded to CEO Steve Crowe and 1,000,000 shares to CFO Sam Copeman.
The performance criteria for the Awards are based on Total Shareholder Return (TSR) and adjusted Earnings Per Share (EPS), with specific targets set for periods ranging from 2024 to 2029. The awards will vest based on the achievement of these targets and are contingent on the executives’ continued employment through the vesting dates.
The new LTIP includes provisions for malus and clawback, along with standard good and bad leaver provisions, reflecting current best practice expectations. The Awards, which represent 3.3% of the company’s current issued share capital with voting rights, are designed to reinforce the existing senior executive share incentive plan, with further details to be disclosed in the company’s annual report & accounts.
Angling Direct’s Chair, Andy Torrance, expressed confidence in the new LTIP, stating that the Awards set robust targets that align with shareholder interests and acknowledge the significant growth achieved under the leadership of Crowe and Copeman.
The issuance of these Awards is based on a press release statement from Angling Direct plc.
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