Last checked at 31 Oct 2013 17:30
31 October 2013
Begbies Traynor Group plc
A Ordinary Share Awards
Begbies Traynor Group plc ("the Group"), announces that the Board has today made awards totalling 5 million A Ordinary Shares of 3 pence each ("A Ordinary Shares") under its 2009 Partner Share Plan, at a subscription price of 3 pence each. Within these awards, one of the Group's executive directors and its Head of Insolvency and Restructuring, Mark Fry, has subscribed for 2,388,546 A Ordinary Shares. A Ordinary Shares are non-voting and non-dividend bearing shares which only have a value in the event that the quoted share price of 48 pence is exceeded in 3 years time. In this eventuality each A Ordinary Shares will deliver value equal to the amount by which the share price hurdle is exceeded.
Should any value be recognised for these shares at the end of the performance period, the value delivered will be returned to the A Ordinary Shareholders by either, at the Board's discretion, redemption of the A Ordinary Shares for cash or conversion of the A Ordinary Shares into such number of quoted Ordinary Shares of 5 pence each ("Ordinary Shares") as represents the value of the A Ordinary Shares. Should the Board choose to convert the A Ordinary Shares into Ordinary Shares the number of Ordinary Shares issued will not exceed the Group's stated authority limits renewed by shareholders at the Annual General Meeting which was held on 1 October 2013.
For further information, please contact:
Begbies Traynor Group PLC 0161 837 1700
John Humphrey