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2 Sep 2010 07:00
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Date: |
02 September 2010 |
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On behalf of: |
Travelzest plc ('Travelzest' or 'the Company') |
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Embargoed until: |
0700hrs |
Travelzest plc
Bonus Arrangements
The Board of Travelzest plc (AIM: TVZ), the travel group specialising in a broad base of travel products and specialist travel programmes to consumers in the United Kingdom and North America, announces that it has today entered into an agreement (the 'Agreement') with the Chairman and the Executive Directors of the Company (together the 'Relevant Directors') whereby an aggregate of £2.6 million will become payable to the Relevant Directors in the event of the sale of the entire issued share capital or all or substantially all of the business of the Company (the 'Sale Bonus').
The Sale Bonus is payable in full should a cash or cash equivalent value of at least 18.5 pence per share be achieved on such sale and is also subject to certain conditions including good and bad leaver provisions.
The grant of options over Travelzest ordinary shares to the Relevant Directors on 5 August 2009 and 30 June 2010 (the 'Management Options'), together with the Sale Bonus, is intended to appropriately incentivise the Relevant Directors to ultimately achieve best value for Travelzest shareholders should any exit be forthcoming.
- Ends -
Enquiries:
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Travelzest plc |
0844 335 6623 |
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Jack Fraser |
lorag@travelzestplc.com |
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Redleaf Communications |
020 7566 6700 |
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Rebecca Sanders-Hewett/ Anna Dunkin/ Lucy Salaman |
travelzest@redleafpr.com |
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Investec Investment Banking (Nominated Advisor) |
020 7597 5970 |
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Martin Smith/ Duncan Williamson |
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Merchant John East Securities Limited (Broker) |
020 7628 2200 |
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Graeme Cull/ Simon Clements |
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