DIALES PLC — Regulatory Filings 2014

Dec 9, 2014

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RNS Number : 1808Z

Driver Group plc

09 December 2014

AIM: DRV

9 December 2014

Driver Group plc

("Driver Group" or the "Company")

Grant of Share Options

Driver Group, the global construction consultancy to the construction and engineering industries, announces that the directors have undertaken a comprehensive review of executive incentivisation arrangements.

As a result of this review the directors have implemented the following recommendations of the Remuneration Committee:

·      new options over a maximum of 1,250,000 shares ("Share Options") have been granted to Dave Webster; and

·      new options over a maximum of 300,000 shares ("Share Options") have been granted to Damien McDonald.

The Directors consider that implementing the recommendations of the Remuneration Committee is a vital part of the Company's planned growth strategy. As Chief Executive, Dave Webster is charged with the responsibility of delivering the Group's growth strategy.

The Share Options which have been granted to Dave Webster and Damien McDonald are conditional on the future performance of the company. The options will vest on the following basis should the Company achieve specified underlying earnings per share in any financial year up to and including the year ended 30 September 2017:

Underlying earnings per share target	Shares capable of being vested
20 pence	Dave Webster: 415,000 shares Damien McDonald: 100,000 shares
25 pence	Dave Webster: 830,000 shares* Damien McDonald: 200,000 shares*
30 pence	Dave Webster: 1,250,000 shares* Damien McDonald: 300,000 shares*

*These awards include the shares capable of being vested at the lower underlying earnings per share targets.

The achievement of these targets would reflect growth of approximately 1.8 times, 2.2 times and 2.7 times the underlying earnings per share in financial year ended 30 September 2014 of 11.2p. The share options are nil priced.

The Remuneration Committee believes that, following the award of the Share Options, the overall remuneration of Dave Webster will be commensurate with the role of Group Chief Executive responsible for implementing the Groups growth strategy.

The Company has an Employee Benefit Trust ("EBT") which currently holds 596,677 Shares which are capable of being issued on exercise of share options. No such exercise has taken place to date and all the Shares held by the EBT are therefore available to satisfy the exercise of Share Options.

Enquiries:

Driver Group plc

David Webster, Chief Executive                                 Tel:+44 (0) 1706 223999

Damien McDonald, Group Finance Director

Alan McClue, Non-executive Chairman                       Tel: +44 (0) 7791 546798

Charles Stanley Securities

Nominated Advisor & Broker

Marc Milmo / Carl Holmes                                       Tel: +44 (0) 207 149 6000

This information is provided by RNS

The company news service from the London Stock Exchange

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