26th Nov 2012 07:00
26 November 2012
Earthport plc
("Earthport" or "Company")
Issue of Share Options
The Board of Earthport plc (AIM:EPO), the cross-border payments service provider, announces that the following options over new ordinary shares of 10p each in Earthport under the Company Option Plan have been granted to Hank Uberoi, Executive Director and Acting CEO, as follows:
No of options | Exercise Price | Vesting |
7,000,000 (compensation for 2012) | 25p | 1/3 - immediately 2/3 - on the achievement of certain performance conditions |
7,000,000 (compensation for 2013) | 30p | 1/3 - on 1 January 2013 2/3 - on the achievement of certain performance conditions |
One third of the 25p options vest immediately and one third of the 30p options vest on 1 January 2013. The reminder have vesting conditions based on the Company achieving certain targets including positive operating cash flow and a specified level of operating profitability.
The award is for Mr Uberoi's continuing contribution to Earthport. Mr Uberoi has not received any salary or bonus from the Company in 2011 and will not take any salary or bonus for 2012 or 2013.
The options amount to approximately 3.3% of the Company's fully diluted share capital following this grant. In addition to these options, Mr Uberoi currently hold 15,000,000 options with an exercise price of 25p (one third vested and two thirds subject to performance conditions based on the Company achieving certain targets). In total, Mr Uberoi's options amount to approximately 6.8% of the Company's fully diluted share capital following this grant.
For further information, please contact:
Earthport plc Hank Uberoi / Asif Ali
| 020 7220 9700 |
Panmure Gordon Katherine Roe / Victoria Boxall
| 020 7886 2500 |
Charles Stanley Securities Mark Taylor / Paul Brotherhood
| 020 7149 6000 |
Newgate Threadneedle Caroline Evans-Jones/ Josh Royston/ Fiona Conroy | 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 customers include banks, foreign exchange businesses, money transfer organisations, payment aggregators and e-commerce businesses. Through Earthport's well established payments infrastructure, customers can clear and settle payments directly to banked beneficiaries in over 50 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 is authorised and regulated by the Financial Services Authority under the Payment Service Regulations 2009 for the provision of payment services. To learn more, please visit www.earthport.com and follow us on Twitter @Earthport.
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