10 Feb 2014 07:00
Tangent Communications plc ("Tangent" or the "Company")
Employee Share Incentive Plan ("SIP") launched
Tangent (AIM: TNG), the online print and digital marketing business, announces the implementation of an employee Share Incentive Plan ("SIP"), effective from 1 March 2014.
The SIP is an all-employee trust arrangement approved by UK HM Revenue and Customs under which employees are able to buy ordinary shares in Tangent ("Partnership Shares") using monthly deductions from salary and to receive allocations of free matching Tangent shares on a one-for-one basis ("Matching Shares"). Further shares may be awarded to qualifying employees under the SIP conditional upon performance targets being met (in accordance with Part 5 of Schedule 5 of ITEPA 2003).
Commenting on the SIP, Timothy Green, chief executive said: "I am delighted to announce the launch of our employee share incentive plan. One of the key benefits of being a public company is that we are able to offer share incentives to all of our employees. I look forward to seeing more of our employees become Tangent shareholders. "
The Partnership Shares will be acquired on behalf of employees by Capita IRG Trustees Limited, the plan administrator and trustee (the "Trustee"), the maximum amount that may be invested per employee in Partnership Shares is a lump sum of £1,500 in March 2014, for the 2013/14 tax year, and £150 per month thereafter. The Matching Shares will be released at the end of a three year holding period (subject to the SIP rules).
Directors and Applicable Employees (as defined by the AIM Rules for Companies) will be prohibited from joining the SIP and from changing or cancelling their participation in any Close Period (as defined by the AIM Rules for Companies). At present, the Directors have elected not to participate in the SIP.
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For further information, please contact:
Tangent Communications plcTimothy Green - Chief Executive: 020 7462 6101Seema Paterson - Corporate Development: 020 7462 6101
Canaccord Genuity Limited - Nominated adviser and broker
Bruce Garrow / Emma Gabriel: 020 7523 8350
MHP Communications
Andrew Leach / Christian Pickel: 020 3128 8208