28th Sep 2005 18:28
Euromoney Institutional InvestorPLC28 September 2005 EUROMONEY INSTITUTIONAL INVESTOR PLC Announcement re Capital Appreciation Plan awards The Euromoney Institutional Investor PLC 2004 Capital Appreciation Plan ("CAP")was approved by shareholders at the Annual General Meeting ("AGM") held onFebruary 1, 2005 and duly adopted. A summary of the main provisions of the CAPwas included in the AGM circular sent to shareholders. At a meeting of the Company's Remuneration Committee on September 27, 2005, theinitial awards under the CAP to each of the Company's thirteen executivedirectors* and to its senior management were ratified. Each of the CAP awards comprises an option to subscribe for ordinary shares of0.25p each in the Company for an exercise price of 0.25p per ordinary share. Inaccordance with the terms of CAP, no consideration was paid for the grant of theawards. The awards become exercisable on satisfaction of the PerformanceCondition and lapse to the extent unexercised on September 30, 2014. The Performance Condition, broadly, requires that the Company achieve pre-taxprofits (before goodwill amortisation or impairment, and before the cost of theCAP) of £50 million by no later than the financial year ending September 30,2008. In the event that this profit target is achieved, the option pool (of amaximum of 7.5 million shares) will be allocated between the holders ofoutstanding awards by reference to their contribution to the achievement of thePerformance Condition, but no individual may have an option over more than 10%of the option pool. Accordingly, and subject as described above, the award toeach director comprises an option to subscribe for up to 750,000 shares. Theactual value of the CAP award to each director will depend on the relativeprofit contribution of his/her businesses to the achievement of the PerformanceCondition. It is expected that (subject to the satisfaction of the PerformanceCondition) the directors will receive in aggregate approximately 25% of theoption pool, or on average an option to subscribe for approximately 145,000shares each. * The thirteen executive directors of the Company, each of whom participates inthe CAP and whose biographical details are included in the Company's latestannual report, are: Mr PM Fallon (chairman) Mr PR Ensor (managing director) Mr CR Jones (finance director) Mr NF Osborn Mr DC Cohen Mr Chris Brown Mr E Bounous Mr SM Brady Mr RT Lamont Ms D Alfano Mr G Mueller Mr MJ Carroll Mr CHC Fordham Any queries in relation to this announcement should be made to: Richard Ensor, Managing Director on + 44 20 7779 8844 Colin Jones, Finance Director on +1 212 224 3930 Chris Benn, Group Controller on +44 20 7779 8784 End This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
ERM.L