5th Jan 2010 16:45
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
Related Shares:
Frp Advisory Group