Last checked at 13 May 2010 07:00
Ebiquity Plc
("Ebiquity" or "the Company")
Directors' Dealings
As was set out in the circular that was sent to shareholders recently in relation to the acquisitions of Xtreme Information Services Limited and Thomson Media Control GmbH & Co KG, the Company has now implemented an amended and enhanced incentive arrangement for key executives, in particular Michael Greenlees and Nick Manning.
As a result, a total of 4.2 million ordinary shares have today been issued to the Company's employee benefit trust ("EBT"). 2.4 million of these ordinary shares are for the benefit of Michael Greenlees and 1.8 million are for the benefit of Nick Manning. Of these, 600,000 and 450,000 respectively will vest immediately and may be acquired at 35 pence per share but even if the rights to acquire them are exercised, they must be retained until after the announcement of the Company's results for the financial year ended 30 April 2011.
Vesting of the balance (which will also have an acquisition cost of 35 pence per share) will be subject to the satisfaction of new performance criteria designed to achieve growth of the business while at the same time maintaining and enhancing the underlying earnings per share over a period of three years ending on 30 April 2013. The two measures will be earnings per share and revenue targets with the minimum EPS target having to be satisfied before any of the shares comprised in either part of the award can vest. All vested shares must be retained for a minimum of 12 months after vesting before they can be sold.
The Remuneration Committee in conjunction with the Audit Committee will be responsible for
determining whether and to what extent these targets have been satisfied.
As a result of these arrangements, the Directors will have the following interest in the ordinary shares of the Company:
Michael Greenless
Current Holding: 230,000
Holding following full vesting of the ordinary shares in the EBT to which Michael Greenlees has an interest: 2,630,000
Nick Manning
Current Holding: 230,000
Holding following full vesting of the ordinary shares in the EBT to which Nick Manning has an interest: 2,030,000
The Company has today applied for the 4.2m shares to be admitted to AIM and admission is expected on Tuesday 18 May 2010.