- Release Date: 06/05/15 11:33
- Summary: GENERAL: ARG: Argosy announces Long Term Incentive scheme for executives
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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
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