3 Nov 2010 07:00
Immedia Group Plc
("Immedia" or "the Company")
EMI SHARE OPTION SCHEME
The Board of Immedia Group plc (AIM: IME), the UK's leading provider of in-store radio, music and video, is pleased to announce the following details of the grant of new share options.
The following options were granted on 02 November 2010 under the Immedia Group Plc EMI share option scheme:
Name and Position: | EMI share options | Resultant beneficial interest | % of current issued share capital: |
Bruno Brookes Chief Executive Officer | 30,000 | 2,644,700 | 18.17% |
Charles Barker-Benfield Finance Director | 28,500 | 108,580 | 0.75% |
Steven Loftus Chief Operating Officer | 27,000 | 169,500 | 1.16% |
Ross Penney Business Affairs Director | 27,000 | 497,388 | 3.42% |
All other qualifying staff | 89,500 | n/a | n/a |
The option price for all the above awards is 10.0 pence per share, which was a 21.2% premium to the closing mid market price on 01 November 2010. Vesting of the 202,000 options granted is dependent on audited profits before tax exceeding £173,333 for the financial year to 31 December 2011; vested options may then be exercised over a three year period commencing twelve months after the date of first publication of the audited 2011 results.
Up to 86,625 further options can be granted where 2011 audited profits before tax exceed £216,667, or up to 173,250 further options can be granted where audited profits before tax exceed £260,000, making a total of up to 375,250 options in all.
These options have been granted to retain and incentivise all qualifying staff.
In addition, Mr Brookes has surrendered for cancellation 20,000 fully vested options granted to him in December 2003. On 02 November 2010 the Board of Immedia Group Plc granted 19,998 fully vested options at 10.0 pence per share under the Immedia Group Plc EMI share option scheme to key qualifying non-Board staff in recognition of their contribution to the Company. These options may be exercised at any time before expiry on 01 November 2013.
The total of 475,498 options currently in issue (or up to 648,748 where 2011 audited profits before tax exceed £260,000) is capable of being fully satisfied out of the Immedia Group Employee Benefit Trust's holding of shares in the Company without further share issue.
Full details of all options currently in issue and the performance criteria on which vesting depends will be disclosed in the Company's 2010 financial statements.
Contact:
Immedia Group Plc
Bruno Brooks, Chief Executive Officer Tel: + 44 (0) 1635 556200
www.immediaplc.com
Daniel Stewart & Company plc
Paul Shackleton / Chris Theis Tel: + 44 (0) 20 7776 6550
Hudson Sandler
Nick Lyon Tel: + 44 (0) 20 7796 4133