1st Apr 2010 07:00
1 April 2010
iomart Group plc
("iomart" or "the Company")
Joint Share Ownership Plan and Surrender of Options
iomart announces that it has established a Joint Share Ownership Plan ("JSOP") to enable the Company to motivate and retain its senior management.
For the purposes of the JSOP, the Company has established a new employee benefit trust ("EBT") which has subscribed for 2,513,297 new shares in the Company and acquired a further 2,463,887 shares currently held by the Company in treasury all at a price of 49.5p which have been funded by a loan from the Company. All 4,977,184 of the shares will be held jointly between the EBT and certain members of the senior management team.
Those individuals participating in the JSOP have agreed to surrender a matching volume of share options previously granted under the Company's unapproved share option scheme.
On 31 March 2010 the Directors of the Company surrendered in total 4,750,079 share options as follows:-
|
Director |
Position |
Share Options Surrendered |
Exercise Price |
|
Angus MacSween |
Chief Executive |
322,612 |
78.5p |
|
Angus MacSween |
Chief Executive |
1,156,990 |
46.5p |
|
Richard Logan |
Finance Director |
500,000 |
50.5p |
|
Richard Logan |
Finance Director |
1,021,505 |
46.5p |
|
Sarah Haran |
Executive Director |
177,867 |
78.5p |
|
Sarah Haran |
Executive Director |
414,018 |
50.5p |
|
Sarah Haran |
Executive Director |
1,157,087 |
46.5p |
All performance criteria and vesting periods which applied to the share options surrendered will also apply to shares subject to the JSOP.
The EBT's interest gives it the right on a sale of shares subject to the JSOP to receive the higher of the subscription price of the JSOP shares and the original exercise price of the surrendered options ("the participation price"). In addition the participation price of the JSOP shares will escalate at 3% per annum with the exception of those where the participation price is 78.5p. On a sale of JSOP shares the participant has the right to receive any increase in the sale price over the participation price.
All dividend and voting rights in the shares held by the JSOP have been waived.
As a result of the creation of the JSOP the following Directors of the Company acquired on 31 March 2010 an interest in 4,750,079 ordinary shares of 1p each in the Company ("Ordinary Shares"), which they hold jointly with the Employee Benefit Trust.
|
Director |
Position |
Interest in JSOP shares |
Existing Shareholding |
Shareholding interest (inc. JSOP shares) |
% interest of total voting rights 1 |
|
Angus MacSween |
Chief Executive |
1,479,602 |
19,686,304 |
21,165,906 |
20.1 |
|
Richard Logan |
Finance Director |
1,521,505 |
135,500 |
1,657,005 |
0.1 |
|
Sarah Haran |
Executive Director |
1,748,972 |
1,224,944 |
2,973,916 |
1.3 |
1 For this calculation, as shares in the JSOP are non-voting, these shares have been excluded from the numerator and denominator.
For further information contact:
iomart Group plc Tel. 0141 931 6400
Angus MacSween, Chief Executive Officer
Richard Logan, Finance Director
KBC Peel Hunt Tel. 020 7418 8900
Richard Kauffer
Daniel Harris
ICIS Tel. 020 7651 8688
Tom Moriarty
Bob Huxford
Related Shares:
Iomart