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3 May 2011 07:00
NBNK Investments Plc
("NBNK" or "the Company")
Directorate change
Further to the Company's statement of 4 November 2010, NBNK announces that the Board of Directors has appointed Gary Hoffman as a Director and Chief Executive of the Company. Mr. Hoffman has been Chief Executive designate since January 2011.
As set out in the Company's Annual Report and Accounts for the period ended 31 December 2010, Mr. Hoffman has today been granted an option over 11.5 million shares in the Company at an exercise price of 130 pence*.
*see Annex 2
- Ends -
For further information contact:
Cenkos Securities plc (Nominated adviser and broker) Ian Soanes Ivonne Cantu
| +44 20 7397 8900
|
Pelham Bell Pottinger Olly Scott | +44 20 7861 3232
|
Annex 1
In accordance with Rule 17 and Paragraph (g) of Schedule 2 of the AIM Rules for Companies, further information in relation to the appointment is set out below:
Name: Gary Andrew Hoffman (Age 50)
Date of appointment as Director: 1 May 2011
Present directorships and/or partnerships:
Trinity Mirror plc
Former directorships and/or partnerships (within the last five years):
Barclays plc
Northern Rock plc
Northern Rock Asset Management plc
Coventry City Football Club Limited
Coventry City Football Club (Holdings) Limited
Visa Europe LimitedVisa Europe Services Inc.
Choice Matters Limited
Barclays Pension Funds Trustees Limited
Blackrock Institutional Trust Company, National Association
The Nelson Mandela Legacy Trust (UK)
Commonwealth Business Council Limited
Barclays Sponsorship Company Limited
1NG Limited
CAF Nominees Limited
Banque Havilland S.A.
As at 1 May 2011 (being the date of appointment as Director of the Company), Mr. Hoffman does not own any ordinary shares in the Company. Details of Mr. Hoffman's remuneration are set out in full within the Directors' Remuneration Report section of the Company's report and financial statements for the period to 31 December 2011, available on the Company's website.
Annex 2
In accordance with his service contract, on formally taking up his duties as Chief Executive, Gary Hoffman has been granted the following option over the Company's ordinary shares of £0.10 each.
Vesting date | Number of shares vesting | Exercise price |
1 May 2014 | 3,833,333 | 130 pence |
1 May 2016 | 3,833,333 | 130 pence |
1 May 2017 | 3,833,334 | 130 pence |
Total | 11,500,000 |
The option is subject to normal good leaver provisions, is contingent on his continued employment to those dates. The option, which will lapse on the tenth anniversary of grant if unexercised, is also contingent on a substantial fundraising and acquisition having been completed within 18 months of his joining the Company.
About NBNK Investments
NBNK has been established to take advantage of the opportunity which exists in the UK banking and savings market to build (primarily through acquisition) a new and substantial UK bank focused on the retail and corporate SME markets. The Company has been founded by Lord Levene and a group of senior business figures, supported by a number of institutional shareholders. NBNK will focus on the UK market only, initially just in the retail banking and small and medium enterprise (SME) areas but, over time, it intends to expand into wealth management.
As a quoted entity, the Company will aim to offer investors exposure to UK retail banking through a legacy-free, focused investment in UK banking and savings. The Company does not intend to be active in areas such as wholesale, international or investment banking.
www.nbnkinvestmentsplc.co.uk
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