Appointment of adviser and issue of options

RNS Number : 3236S

Altitude Group PLC

25 June 2018

 

ALTITUDE GROUP PLC

 (the "Group" or "Altitude")

Appointment of adviser and issue of options

Altitude Group plc (AIM: ALT), the operator of a leading marketplace for personalised products, is delighted to announce the appointment of Torch Partners ("Torch") as long-term financial adviser to the Group together with the grant to Torch of certain options as remuneration ("Incentive Options").

Appointment of Torch Partners

Through the appointment of Torch, the Company looks forward to benefiting from Torch's deep technology sector knowledge and track record of having worked with entrepreneurial and growth companies including JUST EAT plc and ZPG plc on strategic execution, M&A and the delivery of long-term value for shareholders.

Torch will work closely with Group CEO Nichole Stella and her executive management team, providing advice, analysis and input to maximise customer engagement and drive long-term value from the supply chain.

Issue of Incentive Options

Remuneration for Torch shall involve the grant of two million Incentive Options the terms of which are as follows:

1.    Incentive Options over 1,000,000 shares with a strike price of 90 pence per share, straight line vesting over three years

2.    Incentive Options over 1,000,000 shares with a strike price of 90 pence per share and split into three vesting hurdles:

-      333,333 options when the Altitude share price reaches 300 pence per share

-      333,333 options when the Altitude share price reaches 400 pence per share

-      333,334 options when the Altitude share price reaches 500 pence per share

Peter Hallett, Non-Executive Chairman of Altitude said, "As we continue to see strong evidence of success of the Channl Pro solution and new opportunities for growth continue to present themselves, we believe that engaging with a long-term financial adviser with such relevant knowledge of innovative and sector disruptive businesses will help Nichole and her team consider further growth initiatives that have proven highly successful in other relevant verticals.

We see the engagement of Torch as part of ensuring we have the very best people and advisers on hand to maximize the growth opportunities and to drive long-term shareholder value"

Rupert Robson, CEO of Torch commented, "We are delighted to have been appointed as long-term financial adviser to Altitude.

Altitude's vertical marketplace approach is addressing a compelling opportunity to bring together technology, engaged customers and suppliers within a sector that could benefit materially from digitisation."

For further information please contact:       

Altitude Group plc Nichole Stella, Chief Executive Officer Graeme Couturier, Chief Financial Officer Peter Hallett, Non-Executive Chairman	[phone] 07973 683234 07887 987469
finnCap Ltd	020 7220 0500
Jonny Franklin-Adams (Corporate Finance)
Scott Mathieson (Corporate Finance)
Richard Chambers (ECM)

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

 

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