TNG.L Regulatory News (TNG)

25 Jun 2007 13:06

Tangent Communications PLC25 June 2007 Tangent Communications plc ("Tangent") Tangent Communications plc announces that it today made conditional awards toits executive directors under a Long Term Incentive Scheme ("LTIP") inaccordance with the principles set out in a letter to shareholders of 26February 2007 and in the Remuneration Report within Tangent's Annual Report2007. The LTIP is an annual scheme and the first award is effective from 1March 2007, the beginning of Tangent's financial year. The LTIP operates through Tangent's unapproved option scheme by granting optionswhere possible or, where regulatory restrictions apply to individual directors,by awarding phantom options that give an equivalent cash bonus, which is notdirectly convertible into shares. Graeme Harris was today granted options over 393,422 shares with an exerciseprice of 1 pence per ordinary share. The options will vest over three yearsconditional upon Tangent generating a minimum total shareholder return of 10%per annum based on a share price of 13.01p, being the volume weighted averageshare price for the four weeks prior to 1 March 2007. Nicholas Green and Timothy Green were each awarded 415,279 phantom options. Thephantom options will vest over three years conditional upon a minimum totalshareholder return of 10% per annum as above. On 1 March 2010, each phantomoption that has vested will entitle the holders to a cash bonus equivalent tothe volume weighted average share price for the four weeks prior to that date ofa Tangent ordinary share, less 1 pence per share. For further information contact: Graeme Harris, Finance Director Tangent Communications plc 020 7553 6600 Nominated Adviser Collins Stewart Europe Limited Seema Paterson, Stewart Wallace 020 7523 8350 This information is provided by RNS The company news service from the London Stock Exchange