Last checked at 5 Nov 2013 17:57
IPPlus plc
(the "Company" or the "Group")
Grant of Performance Related Options
IPPLUS PLC announces that on 4 November 2013 the Company granted performance related options over a total of 600,000 ordinary shares of 1p each in the capital of the Company ("Ordinary Shares") (the "2013-2016 Awards") in accordance with the recommendations of the Company's Remuneration Committee.
The 2013-2016 Awards relate to a performance period beginning on 1 July 2013 and ending on 30 June 2016 and, assuming certain performance targets are met, will ordinarily vest on 13 September 2016 (or such later date as the Company publishes its annual results for the year ending 30 June 2016).
The vesting proportion of options granted under the 2013-2016 Awards is subject to the Group's consolidated profit before tax for the financial year ending 30 June 2016 reaching or exceeding certain specified thresholds. These performance arrangements have been designed to align management and employee interests with those of the Company's shareholders.
As part of the 2013-2016 Awards, options were granted to the following Executive Directors:
Director | Position | Number of options over Ordinary Shares granted | Exercise Price |
William Catchpole |
CEO |
100,000 |
1p |
R. Stuart Gordon |
CFO |
100,000 |
1p |
Geoffrey Forsyth |
CTO |
100,000 |
1p |
The performance conditions of the 2013-2016 Awards have been specified by the Remuneration Committee and are subject to claw back provisions in certain circumstances.
Following the 2013-2016 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 | Exercise price | Expiry date of options |
William Catchpole |
2,560,870 |
8.12% |
101,508 100,000 100,000 |
1p 1p 1p |
28 June 2022 26 November 2022 4 November 2023 |
R. Stuart Gordon |
951,433 |
3.02% |
101,508 100,000 100,000 |
1p 1p 1p |
28 June 2022 26 November 2022 4 November 2023 |
Geoffrey Forsyth |
991,456 |
3.14% |
101,508 100,000 100,000 |
1p 1p 1p |
28 June 2022 26 November 2022 4 November 2023 |
The Company's issued share capital as at 5 November 2013 consists of 31,721,178 Ordinary Shares. The Company holds 167,229 Ordinary Shares in Treasury. Therefore, the total number of voting rights in the Company is 31,553,949.
The Company also has a total of 2,484,425 options over Ordinary Shares outstanding 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 |