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2 Dec 2011 07:00
2 December 2011
ALLOCATE SOFTWARE PLC
("Allocate" or "the Company")
New Long Term Incentive Plan
The Board of Allocate Software (AIM:ALL) announces that it has established a new long term incentive and retention plan for its CEO, Ian Bowles, following consultation with the Company's major shareholders.
Under this plan, Ian Bowles was yesterday awarded 1,000,000 nil-price options over ordinary shares in the Company which will vest between October 2014 and October 2016 subject to (a) the Company's earnings per share increasing at or above a 15% annual compound growth rate and (b) a demanding absolute total shareholder return target against which options will vest on a sliding scale. 20% of the options will vest at a 15% annual compound total shareholder return (TSR) and the options will vest in full at or above a 25% annual compound TSR. Subject to the meeting of the performance criteria and to continuing employment, 600,000 options will vest in October 2014 and a further 200,000 in each of October 2015 and October 2016. No consideration was paid for the grant of the options.
The Company will continue to operate within its 15% rolling dilution limit. The new plan will entail the use of a trust so that existing issued shares can be purchased in the market to satisfy any awards.
The Board believes that the implementation of this plan is in the Company's best interests.
Enquiries:
Allocate Software plc Chris Gale - Chief Financial Officer
| Tel: +44 (0) 20 7355 5555 |
Numis Securities Nominated adviser - Michael Meade / Richard Thomas Corporate Broking - James Black
| Tel: +44 (0) 20 7260 1000 |
Gable Communications Justine James
| Tel: +44 (0) 20 7193 7463 +44 (0) 7525 324 431
|
About Allocate Software plc
Allocate Software plc is the leading workforce and corporate governance software solutions provider for world-wide organisations with large, multi-skilled workforces. With a blue chip client base spanning the public and private sector, its key vertical markets include Healthcare and Defence.
The experience and in-depth knowledge, gained in the UK and internationally has enabled Allocate to invest in developing innovative solutions that are relevant to the constantly evolving market needs of its customers. At the core of the business is Allocate's workforce optimisation software, which streamlines the whole workforce management of multi disciplinary groups, across diverse locations.
Headquartered in London, Allocate provides services and support to its increasing international customer base through regional offices in the UK, Sweden, USA, Australia and Malaysia.
Allocate is quoted on the London Stock Exchange (AIM: ALL).
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