12 Jan 2015 11:00
12 January 2015
Quindell Plc
("Quindell" or the "Company" or the "Group")
Grant of options
Quindell Plc (AIM: QPP.L), announces that as part of remuneration and incentivisation arrangements relating to the appointment of Richard Rose and Jim Sutcliffe, the Company has granted a total of 19,640,115 share options to subscribe for new ordinary shares of 15p each in the Company ("Shares") to Richard Rose and Jim Sutcliffe:
Name | Prospective Position | No. of options granted |
Richard Rose | Non-executive Chairman | 8,728,940 |
Jim Sutcliffe | Strategy Director and Deputy Chairman | 10,911,175 |
These options have the following key terms:
Vesting: 60 per cent. of the granted options shall vest on 15 July 2015. The remaining 40 per cent. shall vest in six equal tranches on each of 15 August 2015, 15 September 2015, 15 October 2015, 15 November 2015, 15 December 2015 and 15 January 2016; and Exercise price: 40 per cent. of each individual's granted options (and subject to vesting) shall have an exercise price of 68.65p (being the average middle market quotation of a Share for the last 5 dealing days); 20 per cent. of the granted options (and subject to vesting) shall have an exercise price of £1.00; 13.333 per cent. of the granted options (and subject to vesting) shall have an exercise price of £1.70; 13.333 per cent. of the granted options (and subject to vesting) shall have an exercise price of £2.40; and the remainder (being 13.334 per cent.) of granted options (and subject to vesting) shall have an exercise price of £3.40.
In addition, a total of 11,625,000 share options to subscribe for Shares have today been granted as follows:
Name | Position | No of options granted | Total no. of options now held |
Robert Fielding | Group CEO | 6,000,000 | 6,625,000 |
Robert Thomson | CEO EMEA | 2,812,500 | 3,437,500 |
Tim Scurry | CEO North America | 2,812,500 | 3,229,166 |
These options shall vest as to one third on each anniversary of the grant and are subject to the Rules of the 2012 Quindell plc Unapproved Option Scheme and have an exercise price of 68.65p (being the average middle market quotation of a Share for the last 5 dealing days).
Once vested, all options are normally exercisable for a period of up to ten years from grant.
Following the grant of all of these options, an aggregate of 56,482,736 options will be in existence representing 12.9 per cent. of the issued share capital of the Company.
-ends-
For further information:
Quindell Plc David Currie, non-executive Interim Chairman Robert Fielding, Group Chief Executive Stephen Joseph, Head of Investor Relations
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Tel: 01489 864200 |
Cenkos Securities plc, Nominated Adviser and broker Stephen Keys / Mark Connelly
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Tel: 020 7397 8900 |
Bell Pottinger Victoria Geoghegan / Elizabeth Snow
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Tel: 020 3772 2562 |