Hansteen joint chief executives Ian Watson and Morgan Jones will receive a long-term incentive plan award of 11.6m shares – valued at more than £10m based on a share price of 92p – after the industrial specialist delivered a sixth consecutive year of double-digit total returns to shareholders in 2018.
In the firm’s annual results, chairman Melvyn Egglenton said the bosses have agreed to deduct PAYE and national insurance contributions from the award – which was calculated to be more than 21m shares each under the Founder LTIP approved in 2005 – and will also reduce their remuneration going forward.
He added: “Although in the near term each of the joint chief executives intends to sell some shares, following those sales their ownership will be more than treble their previous shareholdings.
“The board believes that those substantial shareholdings provide a powerful motivation for the joint chief executives going forward and align their interests directly with those of the shareholders.”
Egglenton also confirmed the Founder LTIP will be terminated following this award, as previously announced.
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