20 Jun 2014 07:00
20 June 2014
MoPowered Group PLC
Grant of Options
Long Term Incentive Plan
MoPowered Group PLC (the "Company") announces that, on 19 June 2014, the Company granted options (under the terms of the Company's existing 2014 Long Term Incentive Plan) over 120,000 ordinary shares of 0.5 pence each in the Company ("Ordinary Shares"), exercisable at a price of £0.70 per Ordinary Share, to the following Directors:
Name | Role | No. of Ordinary Shares over which option granted | No. of Ordinary Shares comprised in the option which is subject to the Performance Conditions | No. of Shares comprised in the option which is not subject to the Performance Conditions |
Dominic Keen | Executive Director | 60,000 | 45,715 | 14,285 |
Ben Carswell | Executive Director | 60,000 | 45,715 | 14,285 |
The vesting of a proportion of each option is subject to the satisfaction of certain performance conditions which have been set by the Company's Remuneration Committee. These conditions relate to the Company's EBITDA, revenue and/or TSR performance for its financial year ending 31 December 2014 (the "Performance Conditions"). The balance of options over Ordinary Shares are not subject to the Performance Conditions. The number of Ordinary Shares comprised in each proportion is set out in the above table.
Subject to the satisfaction of the Performance Conditions (where applicable) the options will vest in two equal tranches on 30 June 2015 and 31 December 2016, after which the options are ordinarily exercisable.
Each of the options will expire on the tenth anniversary of the date of grant at the latest.
Share Option Plan
The Company also announces that, on 19 June 2014, it granted further options (under the terms of the Company's existing Share Option Plan) over 470,000 Ordinary Shares to the following Directors:
Name | Role | No. of Ordinary Shares over which option granted | Option price per Share | Ordinary vesting date |
Dominic Keen | Executive Director | 100,000 | £0.005 | Date of Grant |
90,000 | £0.525 | 31 December 2014 | ||
45,000 | £0.525 | 31 December 2015 | ||
Ben Carswell | Executive Director | 100,000 | £0.005 | Date of Grant |
90,000 | £0.525 | 31 December 2014 | ||
45,000 | £0.525 | 31 December 2015 |
The table above also details the option prices per Ordinary Share and when those options will vest, after which the options are ordinarily exercisable. These options, which relate to historic and pre-admission commitments made to the relevant individuals by MoPowered Limited (as detailed in the Company's Admission Document), are not subject to performance conditions.
Each of the options will expire on the tenth anniversary of the date of grant at the latest.
Total holdings of options over Ordinary Shares
Following the above notifications, the total number of Ordinary Shares over which Dominic Keen and Ben Carswell hold outstanding options are set out below:
Name | Role | Total no. of Ordinary Shares subject to options now held | Approximate % of Company's issued share capital |
Dominic Keen | Executive Director | 910,940 | 5.72% |
Ben Carswell | Executive Director | 861,940 | 5.42% |
Ends
For further information;
MoPowered: |
020 3242 0515 |
Dominic Keen | |
Ben Carswell | |
N+1 Singer: |
020 7496 3000 |
Gillian Martin Shaun Dobson | |
Buchanan: |
020 7466 5000 |
Charles Ryland | |
Sophie McNulty | |
Clare Akhurst |