18th Mar 2016 07:00
For immediate release | 18 March 2016 |
CareTech Holdings PLC
("CareTech" or the "Company")
Grant of Sharesave Options
CareTech Holdings PLC (AIM: CTH), a pioneering provider of specialist social care services in the UK, announces that on 17 March 2016 it granted options in aggregate, over 474,581 ordinary shares of 0.5 pence in the Company ("Options") pursuant to the CareTech Holdings Plc Sharesave Scheme ("Sharesave Scheme").
The three year contract start date of the Options is 1 May 2016. These Options are exercisable at a price of 194 pence per share between 1 May 2019 and 31 October 2019 and are not subject to any performance conditions. The exercise price has been determined in accordance with the valuation methodology agreed with HM Revenue & Customs and the rules in relation to Sharesave schemes.
Within the Options described above, the following Options were granted to Directors:
Name and position | Options under the Sharesave scheme | Ordinary Shares Held |
Farouq Sheikh* Chairman | 9,278 | 485,000 |
Haroon Sheikh* Chief Executive Officer | 9,278 | 485,000 |
Michael Hill Group Finance Director. | 9,278 | 47,619 |
*In addition to the shares held in their own names, Farouq Sheikh and Haroon Sheikh are jointly the beneficiaries of a total of 13,493,610 ordinary shares in Westminster Holdings Limited, Cosaraf Trust and Cosaraf Pension Fund.
Farouq Sheikh, CareTech's Executive Chairman, commented: "We are delighted to announce the creation of the new Caretech Sharesave Scheme, which represents a risk-free, Government-supported method for all our staff to have the opportunity to participate in the Company's equity. We are very pleased that more than 200 members of staff have chosen to join this savings scheme, which is also part of our staff retention strategy.
"It is particularly pleasing that staff have joined the scheme across all of our divisions including our newly acquired businesses. It is our intention to launch a further Sharesave scheme within the next 12 months."
For further information, please contact:
CareTech Holdings PLC Farouq Sheikh, Executive Chairman Michael Hill, Group Finance Director | 01707 601 800 |
Buchanan (PR Adviser) Mark Court Sophie Cowles Stephanie Watson | 020 7466 5000 |
Panmure Gordon (Nomad and Joint Broker) Fred Walsh Peter Steel Charles Leigh-Pemberton | 020 7886 2500 |
WH Ireland (Joint Broker) Adrian Hadden James Bavister | 020 7220 1666 |
About CareTech
CareTech Holdings plc is a pioneering provider of specialist social care services, supporting adults and children with a wide range of complex needs in more than 250 specialist services around the UK.
Committed to the highest standards of care and care governance, CareTech provides its innovative care pathways through five divisions covering adult learning disabilities, mental health, young people residential services, foster care and learning services.
CareTech, which was founded in 1993, began trading on the AIM market of the London Stock Exchange in October 2005 under the ticker symbol CTH. Its freehold portfolio comprises more than 190 properties.
For further information please visit: www.caretech-uk.com.
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CTH.L