13th Mar 2012 15:46
InterQuest Group plc
("InterQuest" or "the Group")
Director /PDMR Shareholding
Long Term Incentive Plan
Further to the announcement made on 6 January 2012 in relation to the establishment of a Long Term Incentive Plan ("LTIP") for senior executives of the Group, InterQuest is pleased to announce that Gary Goldsmith, Chief Operating Officer, is also eligible to receive shares under the terms of the LTIP. It is intended that under the LTIP a participant enters into a financial instrument, the value of which is linked to the growth in the Company's share price over a set period of time. Provided that the share price overcomes set hurdles, awards will be made to participants in cash or equity.
As with the other participants of the LTIP (being Mark Braund CEO, Michael Joyce Finance Director and Alan Found Executive Director), any awards will be made in five tranches, each tranche applying to a specific percentage of shares under the award. Awards shall be conditional upon meeting the prescribed mid-market price (as set out below) derived from the Official List of the London Stock Exchange for 40 consecutive trading days. Any shares awarded may not be sold before 1 January 2015 except to fund any tax liability arising from the award of these shares.
Subject to the criteria outlined above, Gary Goldsmith may receive the following shares:
Tranche | Share Price (£) | Gary Goldsmith | |
1 | 0.80 | 120,000 | |
2 | 1.00 | 240,000 | |
3 | 1.50 | 280,000 | |
4 | 2.00 | 280,000 | |
5 | 2.50 | 280,000 | |
Total awards grantable |
| 1,200,000 | |
If all the shares in the LTIP were awarded then 3,100,000 new ordinary shares of 1 pence each in the share capital of InterQuest would be issued and they would represent 8.7% of the enlarged share capital if they were issued today.
For further information please contact:
InterQuest Group plc Threadneedle Communications finnCap
020 7025 0100 020 7653 9850 020 7600 1658
Gary Ashworth, Executive Caroline Evans-Jones Marc Young
Chairman
Michael Joyce, Finance Fiona Conroy Charlotte Stranner
Director
About InterQuest
The InterQuest Group is a specialist IT recruitment Group providing contract and permanent recruitment services within niche disciplines in the UK and Europe. The Group's specialist divisions cover a broad range of skill sets and industries including Public Sector, SAP, Oracle, CRM Testing, Banking, Insurance, Retailing, Pharmaceuticals, Media, Analytics, Infrastructure and Communications.
Related Shares:
InterQuest Group