Last checked at 28 Nov 2012 07:00
28 November 2012
IPPlus plc
(the "Company" or the "Group")
Grant of Performance Related Options
IPPLUS PLC announces that on 27 November 2012 the Company granted performance related options over a total of 700,000 Ordinary Shares of 1p each in the capital of the Company ("Ordinary Shares") (the "2012-2015 Awards") in accordance with the recommendations of the Company's Remuneration committee.
The 2012-2015 Awards relate to a performance period beginning on 1 July 2012 and ending on 30 June 2015 and, assuming certain performance targets are met, will ordinarily vest on 13 September 2015 (or such later date as the Company publishes its annual results for the year ending 30 June 2015).
The exercise of options granted under the 2012-2015 Awards are subject to the Group's consolidated profit before tax for the financial year ending 30 June 2015 reaching certain specified figures. The Exercise Price for the options granted under the 2012-2015 Awards is 1p per Ordinary Share.
These arrangements have been designed to align management and employee interests with those of the Company's shareholders.
As part of the 2012-2015 Awards, options were granted to the following Executive Directors:
Director | Position | Number of options over Ordinary Shares granted
| Exercise Price | Market Price at Date of Grant |
William Catchpole | CEO | 100,000 | 1p | 16.375p
|
R. Stuart Gordon | CFO | 100,000 | 1p | 16.375p
|
Geoffrey Forsyth | CTO | 100,000 | 1p | 16.375p
|
The 2012-2015 Awards are subject to the achievement of performance conditions as specified by the Remuneration Committee and are subject to claw back provisions in certain circumstances.
Following the 2012-2015 Awards, the above Directors are interested in the following Ordinary Shares and options over Ordinary Shares in the Company:
Director | Number of Ordinary Shares held | Percentage of voting rights in the Company
| Total options over Ordinary Shares held | Option exercise price | Expiry date of options |
William Catchpole | 2,506,124 | 7.89% | 101,508 100,000 | 1p 1p | 28 June 2022 26 November 2022 |
R. Stuart Gordon | 897,039 | 2.82% | 101,508 100,000 | 1p 1p | 28 June 2022 26 November 2022 |
Geoffrey Forsyth | 942,657 | 2.97% | 101,508 100,000 | 1p 1p | 28 June 2022 26 November 2022 |
The Company has 31,771,178 Ordinary Shares in issue and a total of 1,334,424 options over Ordinary Shares including the amounts held by the Directors above.
For further details, please contact:
IPPlus plc William Catchpole - Chief Executive Officer R Stuart Gordon - Chief Financial Officer
| +44 844 544 6800 |
N+1 Singer (NOMAD & Broker) Aubrey Powell / Alex Wright | +44 20 7496 3000 |