Share Option Plan/Liquidation

28 Jan 2005 13:00

SP Holdings PLC28 January 2005 SP Holdings PLC ('the Company') Liquidation of Financial Services Subsidiaries, Long Term Share Option Plan and Admission to Listing Liquidation of Financial Services Subsidiaries Further to the Company's announcement dated 29 December 2004 detailing itsintention to focus on marketing services, the Company announces that itssubsidiaries, SP Financial Limited, SP Taxation Limited and Robert Ward andAssociates Limited, have today been placed in voluntary liquidation.Additionally, the Company's financial services recruitment subsidiary, ProvisorGlobal Search Limited, has been sold to its management. Consequently, theCompany is now focused on the delivery of marketing services to the retail,sports, leisure and entertainment sectors. Long Term Share Option Plan The board of the Company announces that a Long Term Share Option Plan has beenset up for directors and a number of key employees. In respect of Tony Simpson (Chief Executive Officer), Matthew Patten (Director)and Steve Hayward (Director) (together defined as "the Directors"), the numberof options to be granted in respect of each fiscal year is a figure of up to100% of the salary of that director divided by the agreed share option price(except for fiscal year 2004 where the sum of £180,000 at 17 pence was used foreach of the Directors in a Deed of Grant of 25th January 2005). Such optionswill be granted annually thereafter on 1 November. The grant of the share options for the current fiscal year will be conditionalon the growth in the Company's share price exceeding the percentage growth inthe FT Small Cap Index for the fiscal year. Admission to Listing The Company announces that application has been made for 571,428 ordinary sharesto be admitted to trading on AIM. These shares will be issued to Kevin Stone asperformance targets were reached further to the acquisition of SP BrandsLimited. The Company announces that application has been made for 2,000,000 ordinaryshares to be admitted to trading on AIM. These shares will be issued to RobertWard pursuant to the terms of the Company's agreement for the originalacquisition of SP Financial Services Limited. The Company announces that application has been made for 1,111,111 ordinaryshares to be admitted to trading on AIM. These shares will be issued to ChrisHowarth as performance targets were reached further to the acquisition of RetailSource Limited. The Company also announces that application has been made for 797,144 ordinaryshares to be admitted to trading on AIM. These shares will be issued to MatthewPatten and Tony Simpson in equal shares as performance targets were reachedfurther to the acquisition of the 29.8% of SP Active Limited previously owned bythose directors. Trading is expected to commence in all new shares on or around 2 February 2005. Following the above transactions, the Company has been informed today by RobertWard that he will hold a total of 2,920,000 shares, representing a 5.09%shareholding in the Company in the Company, Following the above transactions, the two directors, Matthew Patten and TonySimpson, will have revised shareholdings as follows: No. shares held Percentage of Company owned Matthew Patten 3,184,973 5.55 %Tony Simpson 3,045,193 5.31 % Ends Enquiries: SP Holdings Telephone: 020 7182 7600David Mends, CFO Gcg Hudson Sandler Telephone: 020 7796 4133Nick LyonWendy Baker This information is provided by RNS The company news service from the London Stock Exchange