6th Aug 2008 07:00
6 August 2008
Tangent Communications plc ("Tangent")
Issue of Equity
Tangent has today made application for a total of 4,166,667 ordinary shares of 1p each ("New Shares") to be admitted to trading on AIM as part of the deferred consideration for its acquisition of the marketing technology company C360 UK Limited ("C360"), which it acquired on 11 July 2006.
Admission of the New Shares to trading on AIM is expected to become effective at 8.00 am on 12 August 2008. On admission of the New Shares, the total number of issued shares in Tangent will be 170,133,502.
Holdings in Tangent
In addition, Tangent has received notification that, subsequent to allotment of the New Shares, the beneficial interests of Nicholas Gillett and Greg Jackson in the issued share capital of Tangent will be as follows:
|
Shareholder |
Shares Held |
Percentage of Voting Rights |
|
Nicholas Gillett |
10,315,938 |
6.06% |
|
Greg Jackson |
10,315,938 |
6.06% |
Long Term Incentive Plan (LTIP)
Tangent Communications plc announces that it today made conditional awards to its executive directors under a Long Term Incentive Plan ("LTIP") in accordance with the principles set out in the Remuneration Report contained within Tangent's last two Annual Reports.
The LTIP operates through Tangent's unapproved option scheme by granting options where possible or, where regulatory restrictions apply to individual directors, by awarding phantom options that give an equivalent cash bonus, which is not directly convertible into shares.
Today Graeme Harris was granted options over 498,180 ordinary shares and Greg Jackson was granted options over 272,975 ordinary shares. The options have an exercise price of 1 pence per ordinary share. The options will vest equally over three years from 1 March 2008, conditional upon Tangent generating a minimum total shareholder return of 10% per annum based on a share price of 11.99p, being the volume weighted average share price for the four weeks prior to 1 March 2008.
Nicholas Green and Timothy Green were each awarded 522,066 phantom options. The phantom options will vest equally over three years from the 1 March 2008 conditional upon a minimum total shareholder return of 10% per annum as above. On 1 March 2011, each phantom option that has vested will entitle the holders to a cash bonus equivalent to the volume weighted average share price for the four weeks prior to that date of a Tangent ordinary share, less 1 pence per share.
For further information, please contact:
|
Tangent Communications plc |
|
|
Graeme Harris (Finance Director) |
020 7553 6600 |
|
Collins Stewart |
|
|
Seema Paterson/Stewart Wallace /Lorraine Delannoy |
020 7523 8350 |
About the Company:
Tangent Communications creates web marketing systems for companies including Borders Books, Gala Coral Group, SAP and The Labour Party. The Company employs 170 people across three locations, London, Newcastle and Cheltenham and is admitted to trading on AIM (AIM : TNG).
www.tangentuk.com
Related Shares:
TNG.L