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10 Jul 2008 11:11
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Altitude Group plc
("Altitude",Β "the Company"Β or "the Group")
Grant of Long Term Incentive Plan Awards,Β
Grant ofΒ EnterpriseΒ Management Incentive Options
Grant of Unapproved Options
The Board of Altitude Group plc, (AIM:Β ALT.L), a leading promotionalΒ merchandise provider, announces that pursuant to the Long Term Incentive PlanΒ Participation 2008 GrantΒ ("LTIP")Β it hasΒ made an LTIP award and a conditionalΒ grantΒ of EMI share optionsΒ toΒ the following Director and employeesΒ of the Company:
Β
|
Β
|
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 valueΒ over the ensuing 3 yearsΒ aboveΒ aΒ base target, which has been set at a value equivalent to 30 pence per share.
Β
Furthermore, and in accordance with theΒ Company'sΒ Enterprise Management IncentiveΒ Scheme ("EMIΒ Options")Β andΒ the Company'sΒ Unapproved Options schemeΒ ("Unapproved Options"),Β the Company hasΒ grantedΒ options over 234,000 Shares, which are exercisable at nominal value (0.4p)Β conditional upon reaching share price targets ofΒ 40pΒ and 60p, as follows:-
Β
|
Β
|
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
|
-
Β
Β
|
37,500
|
-
|
37,500
|
|
Employees
|
79,500
|
-
|
79,500
|
-
|
The exercise of the EMIΒ OptionsΒ and UnapprovedΒ OptionsΒ depends on theΒ Company's share price reachingΒ the aboveΒ target levels for at least 30 consecutive days, during the period betweenΒ May 2008 to May 2010.Β
FollowingΒ theΒ grant of LTIPΒ awards,Β EMIΒ OptionsΒ and UnapprovedΒ Options, the Directors' interests,Β (either directly or indirectly inΒ Ordinary Shares, LTIPs and EMI Options)Β areΒ 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%Β |
Nil |
|
Martin Varley |
10,237,559 |
26.8% |
Nil |
|
Tim Sykes |
Nil |
Nil |
75,000 |
The total number of Ordinary SharesΒ currentlyΒ in issue remains unchanged at 38,203,480. ThisΒ figureΒ shouldΒ be used by shareholders as the denominator for the calculations by which theyΒ canΒ 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,Β AltitudeΒ 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.
AltitudeΒ is a creatively led company and is able to recognise, understand and supply merchandising strategies for any business or event.
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