Origin Enterprises executives in line for huge payouts
THE head of Origin Enterprises and his top lieutenants will be given shares worth millions of euro in three years time if the company matches growth expectations over that time frame.
Origin Enterprises said on Friday it provisionally awarded 250,000 shares to company chief executive Tom O'Mahony, and 100,000 shares each to chief financial officer Imelda Hurley and top executive Declan Giblin.
The share awards have been doled out under the terms of the company's 2012 long-term incentive plan.
All the shares will vest if the company is able to grow its underlying adjusted diluted earnings per share by 12.5pc a year between now and July 31, 2017.
On Wednesday, Origin revealed annual results that showed underlying adjusted diluted earnings per share grew by 16.7pc in the last year.
At Origin's current share price of €7.86, the 450,000 shares on offer would be worth more than €3.5m.
The agri services business, which is majority owned by Swiss-Irish firm Aryzta, has been thriving in recent months.
Its 2014 results were comfortably ahead of expectations, with pre-tax profits rising 3.3pc to €87.3m.
Speaking after the results were published, Mr O'Mahony said the company's performance had been "excellent".
"The performance for 2014 underlines the strength of the group's positioning in agri-services, with growth achieved against the dilutive impact of the disposal of our marine proteins and oils joint venture interest," he said.
Shares in Origin have surged in the 12 months, climbing 19.9pc. That makes it one of the top performing stocks on the ISEQ index.