New option schemes, Director/PDMR Shareholding

RNS Number : 8345Z

Fairpoint Group PLC

16 December 2014

 

Fairpoint Group plc

New share option schemes, grant of options and Director/PDMR shareholding

Fairpoint Group plc ("Fairpoint" or the "Group"), one of the UK`s leading providers of consumer professional services including debt solutions and legal services, announces that the Board has approved two new share schemes, one unapproved and one company share option plan (CSOP) (collectively "the Simpson Millar Plans"), under which options over ordinary shares of 1p in the Group ("Ordinary Shares") may be granted to senior management and employees of Simpson Millar LLP. 248,764 options have been granted, with an exercise price of 123.5p, to certain senior management of Simpson Millar LLP. The Simpson Millar Plans have been introduced as a means to retain and incentivise key management following the successful acquisition of Simpson Millar LLP in June 2014.

In addition, the Board has implemented a new Fairpoint CSOP to directors and employees of the Group. Options over 48,582 Ordinary Shares in total have been awarded under the Fairpoint CSOP to Chris Moat, Chief Executive Officer and John Gittins, Group Finance Director. The options have been awarded as follows:

Director	Number of options	Exercise price (p)	Vesting date	Expiry date
Chris Moat	24,291	123.5	15 December 2017	15 December 2024
John Gittins	24,291	123.5	15 December 2017	15 December 2024

The exercise price was set based on the closing mid-market price of the Ordinary Shares as derived from AIM for Friday, 12 December 2014. The options vest subject to performance conditions and continued employment within the Group. The performance conditions applicable to the options require that the Fairpoint share price must equal or exceed 200p for a continuous period of 30 calendar days at any time during the period to 15 December 2017.

Following these transactions, Mr Moat retains 201,531 shares in the Group, representing 0.46% of Fairpoint's issued share capital and total voting rights. In addition, Mr Moat holds 516,756 share options. Mr Gittins retains 16,667 shares in the Group, representing 0.04% of Fairpoint's issued share capital and total voting rights. In addition, Mr Gittins holds 385,234 share options.

Enquiries please contact:

Fairpoint Group Plc                                                                                                                                              

Chris Moat, Chief Executive Officer                                                                                               0845 296 0100

John Gittins, Group Finance Director

Shore Capital (Nomad and Broker)                                                                                              

Pascal Keane                                                                                                                                        020 7408 4090

Edward Mansfield

MHP Communications                                                                                                       

Reg Hoare                                                                                                                                              020 3128 8100

Katie Hunt

 

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