Grant of Options

RNS Number : 2908S

IPPlus PLC

05 November 2013

 

IPPlus plc

(the "Company" or the "Group")

Grant of Performance Related Options

IPPLUS PLC announces that on 4 November 2013 the Company granted performance related options over a total of 600,000 ordinary shares of 1p each in the capital of the Company ("Ordinary Shares") (the "2013-2016 Awards") in accordance with the recommendations of the Company's Remuneration Committee.

The 2013-2016 Awards relate to a performance period beginning on 1 July 2013 and ending on 30 June 2016 and, assuming certain performance targets are met, will ordinarily vest on 13 September 2016 (or such later date as the Company publishes its annual results for the year ending 30 June 2016).

The vesting proportion of options granted under the 2013-2016 Awards is subject to the Group's consolidated profit before tax for the financial year ending 30 June 2016 reaching or exceeding certain specified thresholds. These performance arrangements have been designed to align management and employee interests with those of the Company's shareholders.

As part of the 2013-2016 Awards, options were granted to the following Executive Directors:

Director	Position	Number of options over Ordinary Shares granted	Exercise Price
William Catchpole	CEO	100,000	1p
R. Stuart Gordon	CFO	100,000	1p
Geoffrey Forsyth	CTO	100,000	1p

The performance conditions of the 2013-2016 Awards have been specified by the Remuneration Committee and are subject to claw back provisions in certain circumstances.

Following the 2013-2016 Awards, the above Directors are interested in the following Ordinary Shares and options over Ordinary Shares in the Company:

Director	Number of Ordinary Shares held	Percentage of voting rights in the Company	Total options over Ordinary Shares held	Exercise price	Expiry date of options
William Catchpole	2,560,870	8.12%	101,508 100,000 100,000	1p 1p 1p	28 June 2022 26 November 2022 4 November 2023
R. Stuart Gordon	951,433	3.02%	101,508 100,000 100,000	1p 1p 1p	28 June 2022 26 November 2022 4 November 2023
Geoffrey Forsyth	991,456	3.14%	101,508 100,000 100,000	1p 1p 1p	28 June 2022 26 November 2022 4 November 2023

The Company's issued share capital as at 5 November 2013 consists of 31,721,178 Ordinary Shares. The Company holds 167,229 Ordinary Shares in Treasury. Therefore, the total number of voting rights in the Company is 31,553,949.

The Company also has a total of 2,484,425 options over Ordinary Shares outstanding including the amounts held by the Directors above.

For further details, please contact:

IPPlus plc William Catchpole - Chief Executive Officer R Stuart Gordon - Chief Financial Officer	[phone]
N+1 Singer (NOMAD & Broker) Aubrey Powell / Alex Wright	[phone]

 

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