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24 Dec 2013 12:20
24 December 2013
Outsourcery plc
Long Term Incentive Plan ("LTIP") grant to co-Chief Executives
Outsourcery plc (AIM: OUT, "Outsourcery" or the "Company"), the pure-play provider of cloud-based IT and unified communications services, announces an LTIP grant to the co-Chief Executives of the Company.
Today, the Remuneration Committee of Outsourcery made a grant of 4,000,000 options over ordinary shares of 1p each in the Company (the "Award"), under the rules of the Outsourcery Long Term Incentive Plan (the "Plan"), as below:
Executive Director | No. options under the Plan | Current no. of ordinary shares held | Total no. of ordinary shares held assuming full vesting of the Award, at 31 December 2016 | Percentage holding, assuming fully diluted share capital |
Piers Linney | 2,000,000 | 4,890,147 | 6,890,147 | 17.9% |
Simon Newton | 2,000,000 | 4,890,147 | 6,890,147 | 17.9% |
Total | 4,000,000 | 9,780,294 | 13,780,294 | 35.7% |
The Award has a 3 year vesting period from the date of the Award (the "Vesting Period").
Of the 2,000,000 options granted to each of the co-Chief Executives, 216,450 options have an exercise price of 115.5p being the closing middle market price of Outsourcery ordinary shares as at 23 December 2013. The remaining 1,783,550 options having an exercise price of 1p.
The above Award is subject to the following performance conditions:
1. EPS target
One third of the Award will vest if the diluted earnings per share of the Company are at least 9.5p and 10.5p for the years ending 31 December 2015 and 31 December 2016 respectively
2. Absolute Share Price Target
One third of the Award will vest if the Company's share price is maintained above 217p per ordinary share for a minimum of 20 consecutive trading days over the Vesting Period
3. Relative Share Price Target
One third of the Award will vest if Outsourcery's share price has outperformed the AIM All Share Index by at least 5% on 31 December 2016 from the date of grant of the Award
For further information please contact:
Outsourcery plc | +44 (0) 330 313 0077 |
Simon Newton, Co-Chief Executive | |
Piers Linney, Co-Chief Executive | |
Investec Investment Banking | +44 (0) 20 7 597 5970 |
Andrew Pinder / Patrick Robb | |
Dominic Emery / Carlton Nelson |
About Outsourcery:
Outsourcery is a world-leading Cloud Service Provider (CSP) based in the UK. The Group is channel focused and aims to remove the need for businesses of all sizes to own and manage IT, unified communications and video applications and infrastructure. End-customers range from start-ups to FTSE-100 companies.
Outsourcery has one of the broadest offerings of cloud-based services based on Microsoft technology in the world, covering hosted software applications, virtualised servers and next generation unified communications (based on Lync Server) and collaboration solutions as well professional services to customise and integrate solutions for end-customers. Outsourcery was a founder member of the UK Cloud Industry Forum and is ISO 27001 (Information Security), ISO 9001 (Quality Management) and ISO 14001 (Environmental Management) accredited as well as being able to deliver CESG IL2 accredited solutions for the public sector.
Outsourcery was named both Microsoft's worldwide 'Hosting Solutions Partner of the Year' and its worldwide 'Dynamics Hosting Partner of the Year' in 2010. The Company was also one of three finalists for the Microsoft worldwide 'Server Platform Partner of the Year' award in 2013 demonstrating the quality of the Company's O-Cloud platform.
Outsourcery is a Microsoft Certified Gold Partner with a total of six competencies of which three are gold and three silver. Outsourcery employs 120 staff based in three UK offices and operates two UK data centres and was the UK's first certified carbon neutral CSP.
http://www.outsourcery.co.uk
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