Two directors at Scottish housebuilding group Springfield will be awarded more than £284,000 worth of share options if the company hits financial targets over the next three years.
Under the Elgin-based group’s newly established performance share plan, chief executive Innes Smith has been awarded options over 127,828 shares and chief financial officer Michelle Motion has been awarded 68,176 share options.
The options shares will vest in three years’ time if performance conditions around profits and net debt are achieved.
Springfield said the share scheme has been established to incentivise directors and senior management to “deliver long term value for shareholders and align their interest with shareholders whilst minimising dilution to shareholders”. Further details of the scheme will be included in the company's next annual report.
Last month Springfield said increases in completions and revenues from both its private and affordable housing divisions have put it on course to hit its targets for the opening half of the year.
The company, which joined the Alternative Investment Market (AIM) in 2017, told investors that it expects to post an improvement in its profit margin when it unveils its interim results on 25th February. Springfield expanded its presence in the Highlands during the six months to 30th November by buying an Inverness housing development, with plans for 34 homes at Beauly being submitted to Highland Council.
