18th Aug 2014 12:00
18 August 2014
Earthport plc
("Earthport" or the "Company")
Issue of Equity
Director / PDMR Shareholding
The Board of Earthport plc, the global cross-border payment provider (AIM: EPO) announces that 3,614,000 ordinary shares of 10 pence each have been awarded to employees under the 2013 Long Term Incentive Plan ("LTIP") including an award to the following executive director:
Name | No of shares | Type of Award | Reason |
Chris Cowlard | 225,000 | nil cost option | LTIP |
This award is based on performance over the past two years and will vest in three equal tranches; one third on date of grant and one third on 1st January 2015 and 2016 respectively.
In addition, the Company announces that Chris Cowlard today exercised an option to acquire 250,000 ordinary shares of 10 pence each at an exercise price of 25 pence per share, which were transferred from the Employee Share Option Plan ("ESOP") and were sold in the open market. These options were granted under the 2011 ESOP. He still has the holding of 2,475,000 shares subject to awards under the LTIP and Joint Share Ownership Plan ("JSOP").
The Company previously announced awards made on 12 January 2012 under the JSOP to the executive directors Paul Thomas and Chris Cowlard in respect of 3 million and 2 million ordinary shares respectively. The Company has determined that the performance conditions attached to 4,350,000 of these ordinary shares have not been met. The trustees of the Company's Employee Share Ownership Plan Trust ("ESOPT") will therefore exercise its call option under the JSOP to acquire the following number of unvested shares from each executive director at a price of 0.01 pence per share:
2,600,000 ordinary shares | form Paul Thomas |
1,750,000 ordinary shares | from Chris Cowlard |
The ESOPT will use the above mentioned lapsed shares to satisfy the LTIP awards and the above mentioned exercise of 250,000 options by Mr Cowlard. Therefore, the Company's enlarged share capital will remain at 409,572,413 ordinary shares with one voting right per share. No shares are held in Treasury. The total number of voting rights in the Company is therefore 409,572,413.
This figure of 409,572,413 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change of interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
For further information, please contact:
Earthport plc Hank Uberoi
| 020 7220 9700 |
Charles Stanley Securities Mark Taylor / Paul Brotherhood
| 020 7149 6000 |
Panmure Gordon Fred Walsh
| 020 7886 2500 |
Newgate Threadneedle Fiona Conroy / Caroline Forde / Josh Royston / Jasper Randall
| 020 7653 9850 |
About Earthport
Earthport plc, a regulated global financial services organisation, specialises in the provision of a white label cross-border payments service.
Through its innovative payments framework, specifically designed for high volumes of low value cross-border payments, Earthport provides a cost-effective and transparent service for secure international payments. Earthport's clients include banks, money transfer organisations, payment aggregators, e-commerce businesses and foreign exchange businesses. Through Earthport's well established payments infrastructure, clients can clear and settle payments directly to banked beneficiaries in 60 countries.
The company is headquartered in London and is listed on the Alternative Investment Market (AIM) on the London Stock Exchange. It operates globally with additional regional offices in Dubai and New York. Earthport plc isauthorisedand regulated by the Financial Conduct Authority under the Payment Service Regulations 2009 for the provision of payment services. To learn more, please visit www.earthport.com and follow us via RSS or on social channels, Twitter @Earthport, LinkedIn, Youtube and Slideshare.
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