20 Dec 2013 08:30
Management Long Term Incentive Plan
TLA Worldwide plc (AIM: TLA) ("TLA" or the "Company"), the athlete representation and sports marketing business has today announced that as set out in the Company's Admission Document, issued on 2 December 2011, stated that the Company would establish a management long-term incentive plan ("the Plan"). The Company is pleased to announce that the implementation of the Plan has now been finalised.
Under the terms of the Plan as implemented, new, subordinated, shares will be issued in a subsidiary company; TLA Acquisitions Limited ("the Subsidiary") and these new shares will be subscribed for by the members of the plan. Shareholders should note that, the commercial substance of this structure, as set out below, will remain the same as presented in the Company's Admission Document.
The members of the Plan (namely M. Principe, B. Campbell and D. Mighty) have now been invited to participate in the Plan. At the end of the performance period on 8 December 2016 ("Performance Period") and subject to certain exceptions, the subordinated ordinary shares in the Subsidiary will be exchanged for shares in the Company, subject to the performance criteria set out below and the number of shares will be determined at that point in time.
The number of shares in the Company that may be exchanged for shares in the Subsidiary cannot be determined at this point in time as that number will depend on performance under the plan against the three-month average share price achieving a minimum price of 40 pence and a maximum share price of 60 pence. However, the maximum dilution set out in the Admission Document was 12.5% of the fully diluted shares in issue at admission. After the acquisition of Peter E Greenberg & Associates, the maximum dilution is now 11.2%.
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Contacts
TLA Worldwide | |
Mike Principe (CEO) Bart Campbell (Chairman) | +1 212 645 2141 +44 7932 040 387 |
Pelham Bell Pottinger | |
Dan de Belder/ Anna Gamble | +44 20 7861 3232 |
Numis Securities | |
Nick Westlake (Nomad) David Pountney (Broker) | +44 20 7260 1000 |
About TLA Worldwide
TLA Worldwide plc (AIM:TLA) and its subsidiaries, The Legacy Agency, Inc and TLA (NY) Inc. are a leading athlete representation and sports marketing business with a full service offering to their clients in baseball, broadcasting, coaching, endorsement and golf talent, as well as corporate consulting. The Group's success and growth potential is founded on three key pillars: the competency of the underlying businesses, their complementary practices and the strength and experience of the management team. TLA has an exceptional roster of clients including baseball All-Stars C.C. Sabathia, Carl Crawford, Adam Dunn, Jose Reyes, Ricky Romero, Johan Santana, Rickie Weeks and Vernon Wells, broadcasters Troy Aikman, Dan Hicks, Daryl Johnston, Chris Myers, Kathryn Tappen and Mitch Williams, college and professional coaches Avery Johnson, Mick Cronin, Mike Brey, Ben Howland, Steve Lavin, Randy Edsall, Fred Hoiberg and Mark Gottfried, PGA Tour professionals, Jim Furyk, Matt Every, Robert Garrigus, John Huh, Spencer Levin, Jeff Overton, John Senden and Kyle Reifers, and talent marketing clients such as NFL legend Steve Young and active athletes Reggie Bush, Trey Burke, Lolo Jones, Kerri Walsh Jennings, Ndamukong Suh, Colt McCoy and Ryan Tannehill. TLA operates out of offices in New York, Newport Beach, Houston, San Francisco, Charleston, SC, Maracay, Venezuela, Melbourne and London. For more information, visit www.tlaww-plc.com.