Corporate service agreement a

RNS Number : 0717F

Fairpoint Group PLC

05 January 2010

 



Fairpoint Group plc 

Corporate service agreement and issue of warrants

Fairpoint Group plc ("Fairpoint" or "the Company") announces that on 4 January 2010 the Company issued warrants in consideration for services to be provided under an agreement with Hanover Investors ("Hanover"). Under the terms of the Services Agreement Hanover will provide advisory services related to Business and Strategic Planning including advice and analysis in relation to acquisitions and strategic investment opportunities.

In consideration for the services provided the Company has granted Hanover 1,000,000 warrants over ordinary shares of 1p each in the capital of the Company. The warrants have a strike price of 61p each taking account of the closing price of the Company's shares as at 31 December 2009 and are exercisable between 5 January 2010 and 30 June 2013. Vesting is subject to the following performance criteria: 50% of the warrants become exercisable if in the three year period to 31 December 2012 Fairpoint's share price over a thirty day period averages 122p or greater and 50% if Fairpoint's share price over a thirty day period averages 183p or greater.  

Enquiries: 

Fairpoint Group plc 
Chris Moat, Chief Executive Officer                 0845 296 0100

Andy Heath, Finance Director                          0845 296 0200

Oriel Securities

Tom Durie                                                         020 7710 7600

Emma Ormond

Financial Dynamics 
Nick Henderson                                                 020 7269 7114

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