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25 Oct 2013 16:30
25 October 2013
Begbies Traynor Group plc
Grant of Options
Begbies Traynor Group plc ("the Group"), announces that the Board has today made a grant of share options under the Group's Share Option Scheme 2013 to two existing executive directors, Mark Fry and Nick Taylor. Mark Fry has been granted share options over 1 million ordinary 5 pence shares in the Group ("Ordinary Shares") at an option price of 36.69p and Nick Taylor has been granted options over 500,000 Ordinary Shares at the same option price of 36.69p. In addition to this award, the Group has also granted options under the same scheme to John Humphrey, the Group's Company Secretary, over 200,000 Ordinary Shares at the option price of 36.69p and a number of other awards cumulatively over 1.1 million Ordinary Shares to other selected senior staff at the option price of 36.69p.
Half of the total awards granted to each individual vest immediately but may only be exercised after three years provided that the individual remains with the Group. The other half of the total awards made to each individual only vest if certain performance hurdles are achieved, at which point the balance of the awards may be exercised. This requires both an overall increase in adjusted earnings per share of RPI plus 2.5% over a consecutive three year period and the level of total shareholder return equalling or exceeding the median of the combined FTSE AIM Financial Services and FTSE AIM Industrial Goods & Services indexes over the same period.
The options detailed above, if exercised in full, will represent approximately 3% of the Group's issued share capital.
Enquiries please contact:
Begbies Traynor Group PLC 0161 837 1700
John Humphrey
Legal Counsel and Group Company Secretary
Canaccord Genuity Limited 020 7523 8350
(Nominated Adviser and Joint Broker)
Bruce Garrow / Adam Miller
MHP Communications 020 3128 8100
Reg Hoare / Katie Hunt / Giles Robinson / Ben Griffiths
Information on Begbies Traynor Group can be accessed via the Group's website at www.begbies-traynorgroup.com
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