Abano Healthcare Group advises that the existing Directors’ Share Plan (the Plan), which was originally put in place in 2012 and renewed in 2015, has been renewed for a further three years.
It is Abano’s intention that non-executive Directors will acquire and own shares which are approximately equal in value to two years of their net Directors’ fees. To facilitate this, the Plan allows for a portion of the annual after tax fees for participating Directors to be applied to the acquisition of shares on the market on a quarterly basis. Shares will be retained for the duration of their tenure with Abano, except in the case of a takeover or with the approval of the Board.
Abano Chair, Trevor Janes, said: “The Abano board believes that the holding of shares promotes a focus on the long term growth and sustainability of the company, and better aligns each participating Director’s interests with those of other security holders”.
As the ability for public company directors to purchase shares on market is constrained by insider trading law, purchases are made on-market by the company’s broker (Craigs Investment Partners) according to a predetermined, fixed timetable. Fifty percent of participating Directors acquire shares in one quarter and the other 50% of Directors acquire shares in the next quarter, to avoid large numbers of shares being acquired all at once.