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probably paying for your employment too. now end of discussion
for his employment. end of discussion yawn yawn
Enterprise Management Incentives (EMIs)
If you work for a company with assets of £30 million or less, it may be able to offer Enterprise Management Incentives (EMIs).
Your company can grant you share options up to the value of £250,000 in a 3-year period.
You won’t have to pay Income Tax or National Insurance if you buy the shares for at least the market value they had when you were granted the option.
If you were given a discount on the market value, you’ll have to pay Income Tax or National Insurance on the difference between what you pay and what the shares were worth.
You may have to pay Capital Gains Tax if you sell the shares.
fuzzpellet - LK didn't pay for those shares, you did ;)
more Jabberwocky, LLL. :D
At the intended issue price of 5.1p, these arrangements would result in the issue of 8,529,411 new shares in aggregate for all Directors, representing 1.3% of the Company's issued share capital.
In taking this action, the Executive Directors and Executive Management members wish to continue to align themselves with the Company's shareholders and also reduce the Company's cash burn, thereby enabling these funds to be invested in other value-adding business opportunities.
Non-Executive Director
Due to an increasing workload over the past year, the Company has awarded an additional 3,000,000 share options to Michael Douglas who has been a Non-Executive Director of the Company since August 2014 as follows.
· 600,000 shares strike at 5.0p, vesting at 8.0p (for a consecutive period of at least five days)
· 600,000 shares strike at 6.0p vesting at 12.0p (for a consecutive period of at least five days)
· 600,000 shares strike at 8.0p vesting at 16.0p (for a consecutive period of at least five days)
· 600,000 shares strike at 10.0p vesting at 20.0p (for a consecutive period of at least five days)
· 600,000 shares strike at 12p vesting at 24.0p (for a consecutive period of at least five days)
These options are valid until June 2023 and represent 0.46% of the Company's issued share capital.
Executive Salaries:
First Year Remuneration:
As referred to in the recently released Annual Report, the Executive Directors, being Leo Koot and Gordon Stein, and the Executive Management members, being Stewart Ahmed and Tony Hawkins, agreed to receive 50% of their fees for the first year of their employment in Company's shares (the "Remuneration Shares"). This was to align Director and management interests with shareholders and conserve cash resources. It was agreed that the Remuneration Shares would be issued following the first anniversary of their appointment and the number of shares to be issued would be calculated at a price of 2.2 pence per share being the price at the time of the last share placing in March 2017 and broadly equivalent to the price immediately prior to Mr Koot's appointment. The number of Remuneration Shares to be issued to Tony Hawkins' would be calculated at a price of 5.0 pence per share, which was the price immediately prior to his appointment in January 2018.
The Company and the relevant employees have agreed that the Remuneration Shares will take the form of share options, which provided the Company with more flexibility but does not change the number of shares to be issued in any way or provide any additional value to the Executive Directors or Executive Management members.
At the end of Mr Koot's first year of employment on 9 May 2018, he has an option over 6,818,182 shares. These share options may be exercised by Mr Koot, at zero cost to Mr Koot, for a period of up to 7 years and are subject to normal director restrictions on dealing in shares.
Gordon Stein and Stewart Ahmed completed their first year of employment on 15 and 16 June 2018 respectively and each has share options over 4,318,182 shares. These share options are subject to the same terms as Mr Koot for a period of up to 7 years.
Tony Hawkins will receive nil cost share options at the end of his first year of employment on 31 December 2018 in the same manner as Messrs Koot, Stein and Ahmed.
Second Year Remuneration:
At the end of Mr Koot's first year of employment, the Company agreed with him that he would continue to receive 50% of his fees in share options but the number of options to be issued would be calculated at a share price of 5.1 pence per share. It is Mr Koot's intention to continue with these remuneration conditions for the foreseeable future, in particular throughout 2018. In addition, the other Executive Director and Executive Management members, referred to above, have agreed to adopt the equivalent remuneration conditions as Leo Koot in their second year of employment, although all Executive Directors and Executive Management members have the right under their service agreements, in their second year of employment and beyond, to take a higher proportion of their fees in cash by giving the Company one month's prior notice. Any such decision is personal to the Executive.
Meant to say 18 months at 3.5p = 6.7m which, on top of the 5.1p shares still equals less than 10m total.
LLL if you took half your salary in shares you wouldnt consider that buying shares. Come on
Still can't figure out remuneration details. I believe LK's salary is £300Kpa, so £150K in shares, £150K conventional money.
Directors buying into their remuneration scheme at 5.1p varying to 3.5p
Say £150K divided by 5.1p = 3m shares, the next £150K divided by 3.5p = 4.5m, generously calculated.
Fail to see how the 12.5m shares are arrived at.
Someone no doubt can and I'd be grateful if they could advise. TIA
willec - "with Leo Koot buying last week 15.9m units at 2.7p I am not too concerned as he would not be buying if the results were not going to be good. Double figure sp soon."
He converted share options at nil cost to him. I would hardly call that 'buying'.
"Executive Salary Scheme
As previously announced, the Company's directors and executive managers ("Executive Management") currently receive 50% of their fees in Company shares (the "Executive Salary Scheme" and "Remuneration Shares"). The Executive Salary Scheme has assisted the Company in both managing its cash and also ensuring Executive Management interests are aligned with the Company's shareholders.
The Remuneration Shares take the form of nil cost options, which provided the Company with more flexibility but does not change the number of shares to be issued in any way or provide any additional value to the Executive Management.
As at 31 December 2019, the fees to be settled by the issue of Remuneration Shares equated to 36,515,008 shares (equal to approximately 4.3% of the Company's current issued share capital).
Remuneration Shares are calculated monthly using a fixed share price therefore the timing of issuance of Remuneration Shares is not relevant to the number of Remuneration Shares issued. The fixed share price has ranged between 3.5p and 5.1p.
The Company has received an election from certain Executive Management members (including Mr Koot) to convert their options into ordinary shares of the Company, as is their contractual right pursuant to the Executive Salary Scheme. As such, the Company will issue 15,169,886 new ordinary shares to those Executive Management members (the "Executive Management Shares"), representing 1.8% of the 848,260,742 ordinary shares in issue prior to the issuance of the Executive Management Shares. The Company expects to record the issue price of the shares in its books at the closing share price on the day before issuance.
with Leo Koot buying last week 15.9m units at 2.7p I am not too concerned as he would not be buying if the results were not going to be good. Double figure sp soon.
I see all the rampers are still ramping. It should actually be illegal to lead people off a cliff.. This stock crashed before the market! There are plenty of stocks that one should buy to make money in a market crash , this isn’t one of them.