LTI Plan Vesting
Arvida Group Limited advises that the final tranche of its foundation long-term incentive (‘LTI’) plan issued to its CEO and CFO, Bill McDonald and Jeremy Nicoll, on the listing of Arvida in 2014 has vested. This tranche covered the six-year period from 1 April 2015 to 31 March 2021. The methodology compares Total Shareholder Return (‘TSR’) performance to a listed retirement village and care peer group and an NZ50 group. Details of the LTI plan are contained within the annual report.
For this tranche, as there were only three listed participants in the peer group at vesting date, the LTI plan rules require all of the performance share rights to be measured as part of the NZ50 group. Arvida’s TSR was ranked 16th out of the 39 companies in the NZ50 group. The result was that 61% of this tranche vested into ordinary shares.
As such, 385,712 ordinary shares were issued today.
A separate calculation as to the vesting of the annual LTI plan that covers a rolling three-year period will be made after the release of the FY21 annual result.
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