ABA
21/08/2015 10:56
GENERAL
NOT PRICE SENSITIVE
REL: 1056 HRS Abano Healthcare Group Limited
GENERAL: ABA: Abano Advises of LTI Scheme for Incoming CEO
Abano Healthcare Group Limited (NZX: ABA) has adopted a new Long Term
Incentive Scheme for incoming CEO, Richard Keys, on substantially the same
terms as the previous Long Term Incentive Schemes that were put in place in
2008 and 2011.
Richard is currently Chief Operating Officer/Chief Financial Officer of Abano
and has been confirmed as incoming CEO following the retirement of current
CEO, Alan Clarke, at the Abano annual meeting to be held later this year.
The Board believes that long term performance based share schemes are
desirable to ensure there is an alignment of managements' interests and
efforts with the interests of shareholders. Long term incentive schemes also
ensure that long term growth and shareholder value are not compromised in
favour of short term actions, with management rewarded if the Company
performs well over the term of such a scheme.
Under the new Scheme announced today, the Company has issued 45,860 new
shares to Richard Keys at $7.67 per share (being the same price as shares
issued today under Abano's Dividend Reinvestment Plan, but without any
discount) and provided financial assistance, in the form of an interest-free
loan to Richard Keys, for the purpose of subscribing for those shares. The
loan is repayable when the shares vest.
ENDS
End CA:00268848 For:ABA Type:GENERAL Time:2015-08-21 10:56:37
