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23 May 2008 12:00
23 May 2008
Regus Group plc (the "Company")
Regus Group plc announces that the Remuneration Committee has granted the following awards to its Executive Directors and senior executives discharging management responsibility on 23 May 2008 under the Regus Group plc 2008 Value Creation Plan (the “VCP”) approved by shareholders at the Company’s AGM on 20th May 2008:-
|
Name |
VCP Entitlement Maximum Number of Units |
|
Mark Dixon |
3,500,000 |
|
Rudy Lobo |
3,000,000 |
|
Stephen Gleadle |
3,000,000 |
|
Paulo Dias |
2,500,000 |
|
Guillermo Rotman |
2,500,000 |
|
Filippo Sarti |
2,500,000 |
The awards, in the form of VCP Entitlements over units, give participants the right to earn a maximum number of shares on future set dates. Each unit awarded under a VCP Entitlement equates to one ordinary share in the company but has no intrinsic value. Rather, shares can be earned by the VCP Entitlement converting into a VCP Option or Options subject to the achievement of stretching share price targets. Any VCP Options granted under the VCP will be granted with an exercise price of £1.07, the closing share price on 20th May 2008.
The four measurement dates on which VCP Entitlements may convert resulting in the grant of VCP Options are:
31st March 2010
31st March 2011
31st March 2012
31st March 2013
The number of VCP Entitlement units which may convert into a VCP Option or Options is dependent on the achievement of share price targets on the four measurement dates as described in detail in Appendix 4 of the Notice of Annual General Meeting. The minimum threshold share price target to be achieved before VCP Entitlements can convert is £2.60.
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