Share Option Schemes

RNS Number : 4324X

Imaginatik PLC

15 February 2012

 



15 February 2012

Imaginatik plc

("Imaginatik" or the "Company")

Share Option Schemes

Imaginatik plc (AIM: IMTK), a leading provider of enterprise innovation services including a range of technology products and consultancy, announces that the remuneration committee of the Board has approved changes to the terms of the existing share options issued by the Company.

There are currently 27,461,845 options outstanding under the Company's various share option schemes, of which 24,012,500 are held by directors and eligible employees. 12,006,250 of these options have now been cancelled and the exercise price of a further 12,006,250 options, which currently ranges from 2.0p to 2.55p, has been rebased to 1p per share. The mid-market price of the Company's ordinary shares as at close of business on 14 February 2012 was 0.42p.

In addition, the Company has awarded 64,425,000 new share options to directors and employees with an exercise price of 1p per share ("New Options"):

a.   Matt Cooper, Shawn Taylor, Luis Solis and Nicholas Goss, each being an executive director of the Company, have been granted 17,500,000, 11,125,000, 7,500,000 and 5,000,000 options respectively. The grant of a higher number of options to Mr Cooper and Mr Taylor is in recognition of salary sacrifices on their part during the half-year to 30 September 2011.  The share options for Mr Cooper and Mr Taylor will be a combination of options issued under The Imaginatik plc Enterprise Management Incentive Scheme ("EMI scheme") as well as unapproved options. The share options for Mr Goss will all be issued under the EMI scheme. The share options for Mr Solis shall be issued under the Imaginatik 2006 Stock Option Plan.

b.   David Gammon, Simon Charles and Brian Hays, non-executive directors of the Company, have each been granted 2,000,000 share options. The share options for Mr Gammon and Mr Charles shall be issued as unapproved options, and those for Mr Hays shall be issued under the Imaginatik 2006 Stock Option Plan.

c.   Key employees of the Company have been granted 17,300,000 share options under the EMI scheme as well as the Imaginatik 2006 Stock Option Plan.

The re-based options and the New Options will vest as to 50% two years after grant and 50% three years after grant, subject to certain events as particularised in the scheme rules.

The remuneration committee considers that the grant of the New Options and the combined re-basing and cancellation of existing options provides the senior management team and employees of the Company with an appropriate and effective incentive for the future.

In addition to the above grants, Northland Capital Partners Limited has been granted 3,206,451 options over new ordinary shares exercisable at any time at 0.5p per share expiring on 13 February 2017 (in connection with the recent placing and open offer).

Imaginatik now has 78,087,046 share options in issue, representing approximately 15.22% of the current issued share capital and 13.21% of the fully diluted share capital.

Executive Directors	Options
Matt Cooper	19,062,500
Shawn Taylor	14,225,000
Luis Solis	9,500,000
Nicholas Goss	5,000,000
Non-Executive Directors
David Gammon	2,000,000
Simon Charles	2,000,000
Brian Hays	2,000,000
Employees	17,643,750
Ex-employees	3,449,345
Northland Capital Partners	3,206,451

Matt Cooper, Shawn Taylor and Luis Solis, Executive Directors of the Company and Mr Andrew Wainwright, a former Executive Director of the Company, are participating in the re-basing of the existing share options to the extent of an aggregate of 8,537,500 options. The re-basing of the share options is deemed to be a related party transaction under the AIM Rules for Companies. Nicholas Goss, Brian Hays and David Gammon, the independent directors of the Company for the purposes of the transaction, having consulted with the Company's Nominated Adviser, Northland Capital Partners Limited, consider that the terms of the re-basing of the existing share options are fair and reasonable so far as the shareholders of the Company are concerned.

Matt Cooper, Executive Chairman of Imaginatik, commented, "Following a comprehensive review of the Company's share option schemes, we are pleased to have put in place a revised share option structure that we believe properly incentivises our employees to build  the Company in the long term."

For further information please contact:  

Imaginatik plc	Tel: [phone]
Matt Cooper, Executive Chairman / Shawn Taylor, CFO
Northland Capital Partners Limited	Tel: [phone]
Gavin Burnell / Edward Hutton
Newgate Threadneedle	Tel: [phone]
Caroline Evans-Jones / Hilary Millar

About Imaginatik

Imaginatik provides Innovation and Idea management solutions comprised of consultancy, software and program management to deliver innovation outcomes to companies such as The Chubb Group of Insurance Companies, Boeing, Pfizer, Goodyear, Paccar, Kellogg and Cargill. Few companies possess the internal capability to consistently generate fresh ideas, identify those worth pursuing and reliably transform them into real, value-enhancing assets. This is Imaginatik's area of expertise.

Imaginatik is a public company whose shares are traded on the AIM market of the London Stock Exchange (LSE:IMTK.L) and a World Economic Forum Technology Pioneer with offices in Boston, MA, and London. In 2009, Imaginatik was named as one of the 500 fastest growing technology companies in the EMEA region by Deloitte. For more information, visit www.imaginatik.com.

 

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