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8 Mar 2016 07:00
8 March 2016
FULCRUM UTILITY SERVICES LIMITED
Management Incentive Schemes
Fulcrum Utility Services Limited ("Fulcrum" or the "Company"), the UK's market leading independent energy and multi-utility infrastructure and services provider, announces the formation of new management incentive schemes and the associated issuance of share options.
Background
As communicated in the Company's interim results, announced on 1 December 2015, the Company has a solid and profitable foundation for further growth. The Company's share price has increased significantly over the past year and as a result, all options granted under the Company's existing management incentivisation schemes, are now exercisable. The Board believes that the ongoing appropriate incentivisation of the management team through share ownership is an important factor for the future success of the Company.
Accordingly, Fulcrum has implemented two new incentive arrangements to align with the Company's long term growth ambitions. These schemes are detailed below:
Growth Share Scheme ("GSS") Arrangement
This scheme applies to a limited number of key managers, who were awarded growth share scheme shares in Fulcrum Group Holdings Limited (C shares) on 7 March 2016.
Name | Position | Total number of C shares awarded |
|
Martin Donnachie | Chief Executive Officer | 1,473,000 |
|
Martin Harrison | Chief Financial Officer | 957,000 |
|
All other qualifying staff | 1,483,000 |
| |
Total | 3,913,000 |
The C shares have a nominal value of £0.00001 pence per share and carry a put option which allows the participants to sell their C shares to Fulcrum Utility Services Limited on achieving the share price performance hurdle of an average of 40 pence per share for a period of 20 consecutive working days within a 36 month performance period.
Fulcrum Utility Services Limited Enterprise Management Incentive ("EMI") Share Option Plan
On 7 March 2016, 3,243,149 approved options were granted to qualifying staff under the Company's new EMI Share Option Plan. The exercise price for those options granted is 28.125 pence, which is equal to the Company's mid-market closing price as at the 4 March 2016, being the latest practicable date prior to the grant of these options. The share options will vest in the event that the Company's share price averages at least 40 pence over any period of 20 consecutive working days within a 36 month period beginning on 7 March 2016. Once vested, the share options can be exercised at any time up to and including 6 March 2019. If the Fulcrum Utility Services Limited share price does not average at least 40 pence over any period of 20 consecutive working days within the 36 month period, the share options will lapse.
The Company's Chairman, Phil Holder, commented: "Fulcrum's performance has improved significantly over the past year and the recent introduction of the employee share scheme, together with the new incentivisation schemes announced today, recognises the team's positive contribution to date and their future involvement in and influence on our sustainable business success".
Enquiries:
Fulcrum Utility Services Limited Craig Baugh, Head of Marketing and Communications
Cenkos Securities plc (Nominated adviser and broker) Max Hartley (Nomad) / Oliver Baxendale (Sales)
Camarco (Financial PR advisers) Ginny Pulbrook Georgia Mann Tom Huddart
| +44 (0)114 280 4150
+44 (0)20 7397 8900
+44(0)203 757 4992
|
Notes to Editor
Fulcrum is an energy solutions company based in Sheffield, UK. The Company's primary business is the provision of unregulated utility connection services to the residential, commercial and industrial markets throughout the UK. These range from the design, installation or alteration of connections for single site properties to large complex multi-site projects. Through its subsidiary, Fulcrum Pipelines Limited, Fulcrum is also licensed as an Independent Gas Transporter, operating gas connection pipelines that connect properties to the main UK gas network.
http://www.fulcrum.co.uk/
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