Last checked at 10 Jul 2008 11:11
Altitude Group plc
("Altitude", "the Company" or "the Group")
Grant of Long Term Incentive Plan Awards,
Grant of Enterprise Management Incentive Options
Grant of Unapproved Options
The Board of Altitude Group plc, (AIM: ALT.L), a leading promotional merchandise provider, announces that pursuant to the Long Term Incentive Plan Participation 2008 Grant ("LTIP") it has made an LTIP award and a conditional grant of EMI share options to the following Director and employees of the Company:
| | Percentage of Pool granted under LTIP |
| Tim Sykes, Financial Director | 12.5 % |
| Employees | 87.5 % |
The awards under the LTIP allow participants to share in a total 'Pool', amounting to 5% of the increase in shareholder value over the ensuing 3 years above a base target, which has been set at a value equivalent to 30 pence per share.
Furthermore, and in accordance with the Company's Enterprise Management Incentive Scheme ("EMI Options") and the Company's Unapproved Options scheme ("Unapproved Options"), the Company has granted options over 234,000 Shares, which are exercisable at nominal value (0.4p) conditional upon reaching share price targets of 40p and 60p, as follows:-
| | EMI Options granted if share price exceeds 40p | Unapproved Options granted if share price exceeds 40p | EMI Options granted if share price exceeds 60p | Unapproved Options granted if share price exceeds 60p |
| Tim Sykes, Financial Director | - | 37,500 | - | 37,500 |
| Employees | 79,500 | - | 79,500 | - |
The exercise of the EMI Options and Unapproved Options depends on the Company's share price reaching the above target levels for at least 30 consecutive days, during the period between May 2008 to May 2010.
Following the grant of LTIP awards, EMI Options and Unapproved Options, the Directors' interests, (either directly or indirectly in Ordinary Shares, LTIPs and EMI Options) are as follows:
| Name | Total Ordinary Shares | Total Ordinary Shares - % of issued share capital | Number of shares over which options are held |
| Colin Cooke | 217,000 | 0.6% | Nil |
| Keith Willis | 9,940,275 | 26.0% | Nil |
| Barry Fielder | 463,500 | 1.2% | 209,000 |
| Craig Slater | 91,000 | 0.2% | Nil |
| Martin Varley | 10,237,559 | 26.8% | Nil |
| Tim Sykes | Nil | Nil | 75,000 |
The total number of Ordinary Shares currently in issue remains unchanged at 38,203,480. This figure should be used by shareholders as the denominator for the calculations by which they can determine if they are required to notify their interest in, or a change to their interest in, Altitude Group plc under the FSA's Disclosure and Transparency Rules.
For further information:
Altitude Group plc
Craig Slater, Chief Executive Officer Tel: 0870 224 6677
Daniel Stewart & Company plc
Lindsay Mair/Tessa Smith Tel: 020 7776 6550
Notes to Editor:
As one of the leading independent suppliers and distributors of promotional products, Altitude combines in excess of thirty years' experience with creative vision and expertise to deliver merchandise campaigns to a wide range of businesses which encompasses the brand and individual promotion requirements to its market.
Altitude is a creatively led company and is able to recognise, understand and supply merchandising strategies for any business or event.