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13 Feb 2014 07:00
FULCRUM UTILITY SERVICES LIMITED
Share Option Awards
Fulcrum Utility Services Limited (the "Company") is pleased to announce the following details of the grant of new share options.
The following approved options were granted on 12 February 2014 under the Fulcrum Utility Services Limited Enterprise Management Incentive ("EMI") share option plan:
Name and position | EMI share options | Total number of EMI options held |
Martin Donnachie Chief Executive Officer | 3,571,414 | 3,571,414 |
All other qualifying staff | 7,550,000 | 7,550,000 |
The following unapproved share options were also granted:
Name and position | Unapproved share options | Total number of unapproved options held |
Martin Donnachie Chief Executive Officer | 428,586 | 428,586 |
All other qualifying staff | 0 | 0 |
The exercise price for the 12 February 2014 awards is 7.0p, which is equal to the closing price as at the 11 February 2014. The share options will vest in the event that the Fulcrum Utility Services Limited share price averages 12.0p over any period of 20 consecutive working days within a 24 month period beginning on 12 February 2014 and ending on 11 February 2016. Once vested, the share options can be exercised at anytime up to and including 11 February 2017. If the Fulcrum Utility Services Limited share price does not average 12.0p over any period of 20 consecutive working days within a 24 month period beginning on 12 February 2014 and ending on 11 February 2016, the share options will lapse.
It was also agreed that on the 10th February 2014 the EMI options issued in 2012 to the qualifying staff referred to above would lapse with immediate effect.
The total number of share options granted (EMI and unapproved) of 11,550,000 shares represents 7.49% of the total ordinary share capital currently in issue of 154,306,667.
Martin Donnachie has no interest in ordinary shares or options over ordinary shares in Fulcrum other than as disclosed above.
For further information:
Fulcrum Utility Services Limited
Craig Baugh, Marketing Manager +44 (0)114 280 4150
Cenkos Securities plc (Nominated adviser and broker)
Stephen Keys / Max Hartley +44 (0)20 7397 8900
Instinctif (PR advisers)
Toby Bates +44 (0)20 7457 2856
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 pipelines used to transport gas to homes and commercial properties from the main UK gas
network.
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