Re Long Term Incentive Plan

11 May 2007 10:38

Dowlis Corporate Solutions plc11 May 2007 Date: 11th May 2007On behalf of: Dowlis Corporate Solutions plc ("Dowlis" or "the Company") Immediate Release Dowlis Corporate Solutions plcApproval of Long Term Incentive Plan ("LTIP") Dowlis Corporate Solutions plc, the marketing, information and logisticssolutions business, is pleased to announce the approval of a Long Term IncentivePlan for its Finance Director and other senior directors. The LTIP was approvedby the Board of Directors today on the recommendation of the Company'sremuneration committee who have, over the last six months, undertaken acomprehensive review of alternative incentive arrangements for the Company'sexisting senior executive team and to attract and retain high calibre employeesin the future. As set out in the 2006 Annual Report, this is to take the form of a long termincentive plan under which awards will be made annually for growth inshareholder value in excess of a base target over the ensuing three years. TheCompany believes that the LTIP rules are consistent with the ABI Guidelines forExecutive Remuneration. Under the Company's articles, the LTIP does not requireshareholder approval. Key points: • The first award under the long term incentive plan will allowparticipants to share in a total "pool" amounting to 5% of the increase inshareholder value above the base target. Main Board Director Barrett Bedrossianwill have 15% of this pool, the remainder will be for other senior managers. • In the first two years of the plan, until such time as there arethree long term incentive plan awards in place, it will be augmented by thegrant of nil-cost options (EMI options to the extent possible) to the sameparticipants, the exercise of which is dependant upon the share price reachingagreed target levels • The grant of options, to augment the long term incentive above, areexercisable dependant upon the share price reaching 60p and 75p for 30consecutive dealing days each, with 50% of the conditional grant being made uponreaching each of these targets. In total, options over up to 930,000 shares maybe issued if both targets are met. Following the above transaction, Barrett Bedrossian will be awarded options overa maximum of 140,000 Ordinary Shares, the acquisition of which is conditional onthe satisfaction of performance conditions. A copy of the LTIP Rules is available to shareholders upon request from theCompany's registered office. Enquiries: Dowlis Corporate Solutions plc www.dowlis.comMartin Varley (Chief Executive)/Barrett Bedrossian 0870 224 6677(Finance Director) Redleaf CommunicationsEmma Kane/Sanna Lehtinen 020 7822 0200 Daniel Stewart & Company plcLindsay Mair / Tom Jenkins 020 7776 6550 Zeus CapitalAlex Clarkson 0161 831 1512 This information is provided by RNS The company news service from the London Stock Exchange