ARG
06/05/2015 11:33
GENERAL
NOT PRICE SENSITIVE
REL: 1133 HRS Argosy Property Limited
GENERAL: ARG: Argosy announces Long Term Incentive scheme for executives
The Board of Argosy Property Limited (NZX:ARG) has approved the
implementation of a long term incentive scheme for its senior executives.
Under the scheme, performance share rights (PSRs) are issued to participants
which give them the right to receive ordinary shares in the Company after a
three year period, subject to certain vesting and other conditions being met.
No consideration is payable by participants for the grant of PSRs. It is
envisaged that an annual grant of PSRs will be made, with each grant having a
three year vesting period.
The vesting of the PSRs is subject to the Company achieving a positive total
shareholder return (measured against the Company's share price on the date of
issue of the PSRs, and including dividends) over a three year measurement
period. The number which actually vest will be dependent on the relative
ranking of the Company's total shareholder returns against a comparator group
of listed entities determined by the Board from the NZX Property Index. The
incentive scheme therefore aligns closely with the Company's strategic
objectives, which aim to provide an above average relative return to
shareholders.
Initially, the Chief Executive Officer and Chief Financial Officer have been
invited, and have elected, to participate in the scheme, with an effective
commencement date of 1 April 2015. Offers to participate may be extended to
other senior executives over time, at the discretion of the Board.
Please see allotment information and relevant interest disclosures attached
with this announcement.
End CA:00263976 For:ARG Type:GENERAL Time:2015-05-06 11:33:45
