Issue of Options and Split Interest Scheme

Utilitywise plc

("Utilitywise" or the "Company")

Issue of Options and Split Interest Scheme

Issue of Options

Utilitywise, a leading independent utility cost management consultancy, announces that options over 844,436 ordinary shares of 0.1p each in the Company ("Ordinary Shares") have been issued to a number of employees and Michael Dent, Executive Director, under the Utilitywise Plc Company Share Option Plan ("CSOP") and options over 866,470 Ordinary Shares have been issued to a number of employees under the Company's Long Term Incentive Plan ("LTIP"). The options granted under the CSOP will vest on or after the third anniversary of the date of grant, and the options granted under the LTIP will vest after the second anniversary of the date of grant. All options are exercisable at £1.35 per Ordinary Share and lapse on the tenth anniversary of the date of grant. Michael Dent has been awarded options over 22,222 Ordinary Shares under the CSOP.

Split Interest Scheme

Utilitywise also announces the establishment of a Split Interest Scheme ("SIS" or "Scheme") for the benefit of Directors and senior management.

The SIS is designed to provide an efficient long term incentive to participants in the Scheme which effectively aligns their interests with those of all shareholders by providing a clear focus on maximising the long term value of the Company.

Each participant will enter into a co-ownership agreement with the trustee of the Utilitywise Employee Share Ownership Trust (the "Trust"). Under the terms of each co-ownership agreement the participant has a right to receive the sale proceeds on disposal above a hurdle value. The earliest realisation date is three years from the date of grant. 

Pursuant to the SIS, Michael Dent has entered into a co-ownership agreement with the trustee of Trust under which he has been granted co-ownership of 500,000 Ordinary Shares, representing his entire beneficial holding in the Company. Under the terms of the agreement, Michael Dent has the right to receive the sale proceeds on disposal above £1.485 per Ordinary Share, representing a hurdle rate of 10 per cent. above the price of an Ordinary Share at the date of grant.

For further information: