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Victoria links management rewards to share price

Victoria is to reward its senior management if its share price increases by a fifth in a year.

If the group sees its stock market capitalisation rise by 20%, a maximum of 14.34% of the increase above the 20% increase will add to the value of the new incentive shares. After five years the incentive shares will be swapped for shares in the group.

Participants will be entitled to sell a third of those Victoria shares immediately following exchange, or a higher amount to meet any taxes that arise together with any outstanding subscription price due on the incentive shares. Half of the remaining Victoria shares must be held for at least six months, and the remaining 50% for at least a year.

Some 100,000 incentive shares will be created, with 72,000 being issued now. Of those Geoff Wilding, Victoria executive chairman will have 26.82% of the shares, Philippe Hamers, chief executive 16.09% and Michael Scott, finance director 12.88%.

‘Victoria does not pay generous base salaries, and management throughout the group are incentivised heavily on bonuses as a critical part of their remuneration. However, this plan unusually requires shareholders to receive a 20% per annum return before management are rewarded. Shareholders can therefore take considerable comfort that clearly we, as a management team, have a high degree of confidence in delivering significant returns. Furthermore, the plan runs for five years before it pays out, which shows just how committed management are to the long-term success of Victoria,’ said Wilding.