Last checked at 20 Apr 2016 07:00
Tandem Group plc
(the "Company")
Grant and exercise of share options
The Company announces that Steve Grant, Jim Shears and Phil Ratcliffe, Directors of the Company, have been granted 75,000, 53,222 and 58,897 options ("Options") respectively over ordinary shares of 25 pence each in the share capital of the Company ("Ordinary Shares") under the 2007 Employee Share Option Scheme.
The Options have an exercise price of 127.50 pence per ordinary share, being the closing mid-market price per Ordinary Share on 19 April 2016. The Options are exercisable between 1 January 2019 and 20 April 2026, after which the Options will lapse. The exercise of the Options is conditional on certain performance criteria.
The grants of options to these Directors are Related Party Transactions as defined in AIM Rule 13. The independent Directors, being Mervyn Keene, Simon Morris and Andrew Bestwick, consider, having consulted with the Company's nominated Adviser, Cairn Financial Advisers LLP, that the terms of the transactions are fair and reasonable insofar as the Company's shareholders are concerned.
A further 63,400 options have been granted to other employees under the 2007 Employee Share Option Scheme.
The Company has also been informed that Steve Grant, Jim Shears and Phil Ratcliffe, Directors of the Company, have exercised share options in the Ordinary Shares as follows:
Director | Option Scheme | Number of options exercised | Option exercise price per share | Expiry date |
Steve Grant | 2007 EMI Share Option Scheme | 45,000
| 78.91p
| 14 June 2017
|
Jim Shears | 2007 EMI Share Option Scheme | 35,000
| 79.00p
| 29 October 2023
|
Jim Shears | 2007 EMI Share Option Scheme | 4,131
| 107.00p
| 14 June 2021
|
Phil Ratcliffe | 2007 EMI Share Option Scheme | 20,297
| 79.00p
| 29 October 2023
|
The exercise of options will be satisfied by Ordinary Shares held by the Company in treasury.
The beneficial owners of the shares exercised by Jim Shears and Phil Ratcliffe will be the SIPPs controlled by Jim Shears and Phil Ratcliffe. The shares exercised by Steve Grant will be held personally.
Following the exercise of these options, the Company has 4,853,873 Ordinary Shares in issue and 1,159,607 Ordinary Shares in treasury.
The Directors are beneficially interested in Ordinary Shares as follows:
Director | Number of shares | Percentage of voting rights |
Mervyn Keene | 221,560 | 4.6% |
Steve Grant | 225,000 | 4.6% |
Jim Shears | 111,222 | 2.3% |
Phil Ratcliffe | 91,732 | 1.9% |
Simon Morris | 15,000 | 0.3% |
Following the above transactions, the Directors have options over Ordinary Shares as follows:
Director | Option Scheme | Number of options | Option exercise price per share | Expiry date |
Mervyn Keene | 2007 Employee Share Option Scheme | 86,400 | 78.91p | 14 June 2017 |
Steve Grant | 2007 Employee Share Option Scheme | 75,000 | 127.50p | 20 April 2026 |
2007 Employee Share Option Scheme | 47,525 | 79.00p | 29 October 2023 | |
2007 Employee Share Option Scheme | 27,475 | 107.00p | 14 June 2021 | |
Jim Shears | 2007 Employee Share Option Scheme | 53,222 | 127.50p | 20 April 2026 |
2007 Employee Share Option Scheme | 58,778 | 107.00p | 14 June 2021 | |
2007 Employee Share Option Scheme | 58,897 | 127.50p | 20 April 2026 | |
Phil Ratcliffe | 2007 Employee Share Option Scheme | 17,103 | 79.00p | 29 October 2023 |
2007 Employee Share Option Scheme | 14,000 | 107.00p | 14 June 2021 |
Enquiries:
Tandem Group plc
Jim Shears
Group Finance Director and Company Secretary
Telephone 0121 748 8075
Nominated Adviser
Cairn Financial Advisers LLP
Tony Rawlinson
James Caithie
Telephone 020 7148 7901