Last checked at 30 Mar 2012 15:00
30 March 2012
Vislink plc ("the Company")
Notification of Director Shareholding
Vislink plc (the "Company') announces the following change to the interests of directors in the Company's ordinary shares ("Shares").
On 29 March 2012, pursuant to Listing Rule 9.4.2(2), a one-off contingent share award was made to the Company's Executive Chairman, John Hawkins, over 2,000,000 Shares. The award was made to facilitate Mr Hawkins' retention as Chief Executive and Chairman of the Company and it is intended it should vest following the end of the 2014 financial year on 28 March 2015 subject to the satisfaction of the earnings per share performance conditions which apply to the award and, generally, provided that he is still employed by the Company on that date.
During the financial year to 31 December 2011, the Company announced a revised strategy that was aimed at aimed growing the business to revenues of £80 million generating a 10 per cent operating profit margin within three years. A strong and certain leadership of the company, appropriately incentivised, is required and critical for the successful execution of this strategy. The award has been made to secure the continuity of leadership necessary to achieve this.
The award will be satisfied by the issue of new shares by the Company.
In accordance with Listing Rule 9.4.3, further details of the awards will be disclosed in the Company's Annual Report for the year ended 31 December 2012.
The notification of the awards is made in accordance Rule 3.1.4 of the Disclosure and Transparency Rules.
James Trumper
Company Secretary
Contacts:
James Trumper, Group Finance Director | +44 (0) 14 88 68 55 00 |
Andrew Hayes / Charlie Jack Hudson Sandler | +44 (0) 20 77 96 41 33 |
Shaun Dobson Singer Capital Markets | +44 (0) 20 32 05 75 00 |