27 Jan 2016 07:00
27 January 2016
AFH FINANCIAL GROUP PLC
("AFH" or the "Company")
Grant of Options
The Board of AFH, a leading financial planning led investment management firm, announces the granting of an aggregate of 315,000 options to subscribe for new ordinary shares of 10 pence each in the Company, divided into 35,000 options which have been granted to the Non-Executive Directors of the Company today and 280,000 options which are expected to be granted to the Executive Directors of the Company before the end of February.
35,000 options have been granted to the Company's Non-Executive Directors on 26 January 2016 and are granted as unapproved share options. These options have an exercise price of 171.5 pence per share, which is equivalent to the closing mid-market price on 26 January 2016, and vest on the third anniversary of the grant date. These options are not subject to performance conditions.
The Board also intends to grant 280,000 options to the Company's Executive Directors under a growth share scheme which the Company is putting in place. These options will be granted once the Company receives HMRC approval of the growth share plan. This is expected to be received by the end of February 2016. The exercise price of these options will be the closing price on the day before the HMRC approval and the grant is made and a further announcement will be made in due course.
The options issued and to be issued to the directors are detailed below:
Name | Number of Options granted / to be granted | Type of grant | Total number of Options held following grant | Per cent. of current issued share capital |
John Wheatley (Non-Executive Chairman)
| 15,000 | Unapproved share options | 58,585 | 0.24% |
Sue Lewis (Non-Executive Director)
| 10,000 | Unapproved share options | 35,000 | 0.15% |
Mark Chambers (Non-Executive Director)
| 10,000 | Unapproved share options | 10,000 | 0.04% |
Alan Hudson (Chief Executive Officer)
| 100,000 | Growth Share Scheme | 250,000 | 1.04% |
Paul Wright (Chief Financial Officer)
| 60,000 | Growth Share Scheme | 310,000 | 1.29% |
Austin Broad (Executive Director) | 60,000 | Growth Share Scheme | 146,420 | 0.61% |
Alexis James (Executive Director)
| 60,000 | Growth Share Scheme | 161,420 | 0.67% |
Total | 315,000 | - | 971,425 | 4.04% |
The growth share scheme options will vest on the third anniversary of the Grant Date and are subject to performance conditions.
Following the grant of the options the total number of options outstanding to subscribe for new ordinary shares in the Company, will be 2,159,007 representing 8.98% of the Company's current issued share capital of which 971,425, representing 4.04% of the Company's current issued share capital, are held by existing directors of AFH.
Enquiries:
AFH Financial Group PLC 01527 577 775
Alan Hudson, Chief Executive Officer
Paul Wright, Chief Financial Officer
www.afhfinancialgroup.com
Allenby Capital Limited 020 3328 5656
Nick Naylor/Nick Athanas (Nominated Adviser and Broker)
Chris Crawford (Corporate Broking)
Yellow Jersey PR Limited 07768 537 739
Dominic Barretto
Aidan Stanley