23rd May 2006 07:03
Parkmead Group (The) PLC23 May 2006 The Parkmead Group PLC Director shareholding and issue of options Following the recent changes to the company structure, combined with thesuccessful fund raising and acquisition of Quayside Corporate Services, theBoard of The Parkmead Group has agreed to introduce share-based incentiveschemes for its key executive directors. To this effect, the Board is todayannouncing the following in respect of Niall Doran, Chief Executive of TheParkmead Group: Firstly, an Employee Benefit Trust (EBT) is being established which willsubscribe for 33,485,616 new ordinary 5p shares at a price of 8 pence per share(the current market price is 7.75p). This is equivalent to 10% of the currentoutstanding issued share capital of The Parkmead Group. The EBT willsubsequently make a loan to Mr Doran to purchase these shares from the EBTitself and he will become beneficial owner of the shares. As a result, thenumber of shares in issue will increase to 368,335,112. Secondly, Mr Doran is being granted options over a further 33,485,616 shares,with an exercise price of 8 pence. Half of these may be exercised if the shareprice of The Parkmead Group trades at or above 18 pence and the other halfsimilarly at a price of 27 pence. The options have a ten-year lifespan and willlapse if not exercised in that period. The number of shares currently under option is 29,537,423 and the issue of theabove options would therefore bring the total to 63,023,039 or 17.1% of theincreased shares in issue, pursuant to the EBT transaction. In defining the above amounts the Board has been mindful of both the ABIguidelines in respect of the recommended amount of options which may beavailable at any time as well as the need to set demanding targets for theoptions to crystallise. In setting the levels of share price threshold at 125%and 237.5% respectively above the exercise price, the Board considers that theinterests of executives and investors are fully aligned. The Board has consultedwith its major institutional shareholders, all of whom have indicated theirsupport for the recommendations above. Ends Enquiries: Madano Partnership (PR to The Parkmead Group) Matthew Moth/Toby Wilkinson 0207 593 4000 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Parkmead