27 May 2015 07:00
27 May 2015
Monitise plc
(the "Company")
Amendments to LTIP awards
Following completion of the strategic review at the end of March 2015, the Company's Remuneration Committee has been mindful of the need for appropriate incentives to safeguard the retention and motivation of key personnel at all levels of the organisation as the Company undertakes the process of transforming and streamlining the business.
Following consultation with major shareholders, the Company will be putting in place new arrangements as set out below. The new incentives better align performance conditions with key financial and operational goals over the coming three years, with awards vesting on a sliding scale between threshold and stretch targets, based on meeting or exceeding current market guidance or related targets.
The new LTIP arrangements have been implemented by delaying the commencement of vesting for existing awards, with the addition of malus and clawback conditions.
Consequently, on 26 May 2015, awards relating to ordinary shares of 1 pence each in the Company ("Ordinary Shares") held by the Company's directors under the Company's Performance Share Plan ("PSP") were amended in relation to their normal vesting date and their performance conditions as shown below:
Name of director | Award Grant Date | No. of options | Original Vesting Date | New Vesting Date | Original Performance Condition | New Performance Conditions
|
Elizabeth Buse |
June 2014 |
5,000,000
|
June 2017 |
3 Dec 2018 |
Share price target of 68p |
Revenue, EBITDA and user targets for FY 2018 |
Brad Petzer
|
Sept 2013 |
4,000,000 |
Sept 2016 to Sept 2018 |
5 Dec 2016 (33.3%) 5 Dec 2017 (33.3%) 5 Dec 2018 (33.3%) |
Share price target of 55p |
Revenue and EBITDA targets for FY 2016 |
Brad Petzer
|
Sept 2014 |
500,000 |
Sept 2017 |
3 Dec 2018 |
Share price target of 75p | Revenue, EBITDA and user targets for FY 2018 |
Lee Cameron |
Dec 2012 |
4,000,000 |
Dec 2015 to Dec 2017 |
5 Dec 2016 (33.3%) 5 Dec 2017 (33.3%) 5 Dec 2018 (33.3%) |
Share price target of 55p |
Revenue and EBITDA targets for FY 2016 |
Lee Cameron |
Sept 2013 |
1,000,000 |
Sept 2016 |
4 Dec 2017 |
Share price target of 70p |
Revenue, EBITDA and user targets for FY 2017 |
Lee Cameron |
Sept 2014 |
1,500,000 |
Sept 2017 |
3 Dec 2018 |
Share price target of 75p |
Revenue, EBITDA and user targets for FY 2018 |
The exercise price attached to the above awards remains unchanged at 1 pence per Ordinary Share.
About Monitise
Monitise (LSE: MONI) is a world leader in Mobile Money - banking, paying and buying with a mobile device. Leading banks, payments companies, retailers and mobile networks use Monitise's technology platforms and services to securely connect people with their money.
33 million consumers have registered for Monitise's patented technology to 'bank anywhere', 'pay anyone' and 'buy anything', accounting for $101bn of payments, purchases and transfers annually. Additionally, Monitise-designed high-engagement apps across multiple industry verticals and email subscribers to the Monitise Content consumer business total more than 49 million. More information is available at www.monitise.com. For views and insights from the Monitise team about the world of Mobile Money, visit www.monitise.com/insights.
Enquiries:
Investor Relations
Richard Johnson, Michelle Singleton Tel: +44(0)20 3657 0331
investorrelations@monitise.com
Media Relations
Gavin Haycock, Anna Howard Tel: +44(0)20 3657 0362
press@monitise.com
Canaccord Genuity
(NOMAD)
Simon Bridges, Cameron Duncan Tel: +44(0)20 7523 8000
Brunswick
Jonathan Glass, Jon Drage Tel: +44(0)20 7404 5959