12 Dec 2012 09:50
For Immediate Release Wednesday, 12 December 2012
STATPRO GROUP PLC
("StatPro", "the Company" or "the Group")
Directors' interests
Grant of options
StatPro Group plc, the AIM listed provider of portfolio analysis and asset pricing services for the global asset management industry, today announces that the Remuneration Committee of the Board has reviewed the option arrangements for the senior executive team at StatPro. This has resulted in the granting of net new options over 425,000 ordinary shares. Options over a total of 2,400,000 ordinary shares have been granted and a total of 1,975,000 options over shares have lapsed as a result of performance criteria relating to earnings per share not being achieved. The new options granted have performance criteria that the Remuneration Committee of the Board believes rewards and motivates the senior executive team whilst aligning the interests of the senior team with the interests of shareholders.
The options granted are exercisable at 108p per ordinary share being a premium of 10% over the closing mid-market share price of 98.5p per ordinary share on 11 December 2012. Exercise of the options is conditional upon the satisfaction of performance conditions. The options will not be exercisable unless the share price equals or exceeds 140p per share for a period of at least twenty consecutive trading days and other performance criteria are met (related to specified targets of growth in earnings per share, revenue from StatPro Revolution, or share price performance). The share options are exercisable at any time between three years and ten years from the date of grant (or, for part of the awards, seven years), subject to the satisfaction of the performance conditions.
Previously granted options over 1,975,000 ordinary shares made to executive directors and senior management have lapsed as a result of performance criteria relating to earnings per share not being met.
The grants of options include grants to StatPro's executive directors as shown in the following table:
Existing options | Options granted | Options lapsed | Total options | |
JMBT Wheatley, Chief Executive | 1,170,000 | 1,000,000 | (1,045,000) | 1,125,000 |
AM Fabian, Finance Director | 140,000 | 250,000 | (35,000) | 355,000 |
There will be no further option award to executive directors in March 2013 when there would normally be an annual award under the Long Term Incentive Scheme. Justin Wheatley, Chief Executive and Andrew Fabian, Finance Director did not receive an award under the Long Term Incentive Scheme in March 2012.
In addition to the above interest in share options, Justin Wheatley is a beneficial holder in 7,353,672 ordinary shares representing approximately 10.90% of the Company's issued ordinary share capital. In addition, Mr. Wheatley has an indirect interest in 69,000 shares in a family trust as a potential beneficiary of the trust.
Andrew Fabian is a beneficial holder in 264,647 ordinary shares representing approximately 0.39% of the Company's issued ordinary share capital.
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For further information, please contact:
StatPro Group plc |
| www.statpro.com |
Mark Adorian, Non-Executive Director |
| 020 8410 9876 |
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Cenkos Securities |
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Stephen Keys |
| 020 7397 8926 |
Adrian Hargrave |
| 020 7397 8922 |
Julian Morse (Sales) |
| 020 7397 1931 |
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Newgate Threadneedle |
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Caroline Evans-Jones/ Hilary Millar |
| 020 7653 9850 |
About StatPro
StatPro is a global provider of portfolio analytics for the investment community. Our cloud based services provide vital analysis of portfolio performance, attribution and risk for hundreds of asset managers, fund administrators, RIAs, CEOs, heads of risk, sales directors, marketing managers and authorised corporate directors. They are now using our cloud services and software products to perform sophisticated analysis, reporting and distribution on a regular basis.
With 18 years of experience and expertise, we believe analytics should be sophisticated yet simple and useful as well as secure. StatPro data coverage includes global equities, global bonds, global mutual funds, most families of benchmarks, FX rates, sector classifications and much else besides.
StatPro has grown its recurring revenue from less than £1 million in 1999 to £30 million at end June 2012 and currently enjoys a renewal rate of approximately 94%. StatPro floated on the London Stock Exchange in May 2000 and transferred its listing in June 2003 to AIM. The Group has operations in Europe, North America, South Africa, Asia and Australia and approximately 350 clients in 28 countries around the world. Approximately 80% of recurring revenues are generated outside the UK.