21st Jun 2005 11:22
Quadnetics Group PLC21 June 2005 QUADNETICS GROUP PLC (the "Company") 21 JUNE 2005 ALLOTMENT OF SHARES TO EMPLOYEE BENEFIT TRUST AND DIRECTORS' INTEREST IN SHARES Quadnetics Group plc, a leader in the design, integration and control ofadvanced CCTV and networked video surveillance systems, announces that it hasallotted 620,000 new Ordinary Shares of 20p to the Quadnetics Group EmployeeShare Scheme Limited Partnership ("the EBT"). Under the provisions of the EBT, these shares ("the EBT Shares") are held forthe benefit of nominated employees or executive directors on terms, similar to ashare option scheme, whereby the value of appreciation in the Company's shareprice over a minimum three-year period accrues to the relevant employee ordirector, provided the Company meets certain performance thresholds linked tothe FTSE AIM All Share Total Return Index. The EBT Shares were allotted at £2.41 each, being the closing mid-market priceof the Company's Ordinary Shares on the last practicable day prior to allotment.The substantial majority of the funding for subscription for the EBT Shares wasprovided as an interest-free loan by the Company, and it is intended that thisloan will ultimately be repaid following sale of the EBT Shares in the marketonce the three-year qualification requirements and performance criteria havebeen met. Dividends on the EBT Shares have been waived. Full details of the EBTwill be set out in the Company's Annual Report for the year ended 31 May 2005 tobe issued in October. As a result of the allotment of shares referred to above, Russell Singleton,Chief Executive, has acquired an interest in 300,000 Ordinary Shares, bringingthe total number of shares in which he is interested to 627,300, representing5.1% of the issued share capital. Nigel Poultney, Finance Director, hassimilarly acquired an interest in 160,000 Ordinary Shares (1.3% of the issuedshare capital), which is the total number of shares in which he currently has aninterest. Application will be made for the EBT Shares to be admitted to AIM and it isexpected that admission will occur on 27 June 2005. Enquiries: David Coghlan (Deputy Chairman) Tel: +44 01527 850 080 [email protected] Neil Baldwin, Brewin Dolphin Securities Tel: +44 0113 241 [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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