25 Mar 2014 07:00
25 March 2014
Coms plc
("Coms" or the "Company")
Staff Share Incentive Scheme
On the 20th March 2013 the Company announced the 2013 Management and Employee incentive scheme (the "Scheme") based on Company and individual targets. Under the scheme up to 24 million options over new ordinary shares ("Options") could potentially be awarded.
The Company is pleased to announce that the targets set in relation to the awards made in 2013 have been substantially overachieved (by over 300% and over 1,000% run rate) and a total of 22.25 million Options have been awarded under the Scheme and these will vest over the next 24 months. The Company intends to make a block listing application in relation to these Options and will update shareholders every 6 months on any quantities that have been exercised.
As previously announced, the Executive Directors, David Breith (CEO) and Sue Alexander (FD), were both awarded 4 million Options within the 22.25 million Options issued pursuant to the Scheme.
The Company has and will continue to use the same employee incentive scheme, established in 2006, and will continue to incentivise and focus staff over the next 3 years, always keeping within an allocation to employees of approximately 10 per cent. of the prevailing issued share capital. It is intended that new joiners, alongside existing staff, will be awarded options upon their appointment, with the same vesting criteria focused on growth, profitability, departmental and individual performance continuing to be used. Subject to meeting these criteria the Options awarded are capable of vesting at the end of each of the financial years to 31 January 2015, 2016 and 2017 respectively.
The incentive scheme covers the Group (as enlarged by the recent acquisitions of Redstone and CloudXL) with potentially approximately 400 staff participants over the coming years. In addition, a number of Options have been reserved for attracting and incentivising the appropriate calibre of new staff to join the business.
Any future share option awards made to members of the Board will be subject to the same stringent criteria as any employee and will be announced to the market at the time of grant in the usual manner. David Breith has opted out of the scheme going forwards so that more shares may be made available to existing and new staff members.
Dave Breith, CEO, commented "The staff incentive scheme is a terrific way for the company to incentivise and reward its loyal employees. Based upon the performance over the last 12 months, I hope the Company's shareholders will agree that the staff have earned every single share. Targets for growth and profitability remain the focus of the Company's incentive scheme, and cash generation targets are intended to be added over the coming years. The scheme is designed to enhance long term employee stability and length of service within the Group, which in turn should demonstrate to our shareholders that we intend to build a secure a long term, business."
ENDS
For further information, please contact:
Coms plc +44 (0) 207 148 3000
David Breith (CEO)
Iain Ross (Chairman)
Charles Stanley Securities +44 (0)207 149 6000
(Nominated Adviser and Broker)
Karri Vuori / Philip Davies
Newgate Threadneedle +44 (0) 207 653 9858
(PR)
Robyn McConnachie / Alex White
Notes to Editors
Established in 2005, Coms is an end-to-end provider of telecommunications and IT services to business and industry. From hosted VoIP telephony to smart buildings to broadband to business infrastructure, Coms offers an unrivalled service built on innovation, passion and dedication. Unlike most VoIP providers, Coms does not rely on third party providers and we own and operate a UK based Carrier Class telephony platform. For more information, please visit www.coms.com