10th Jul 2013 15:48
10 July 2013
InterQuest Group plc
("InterQuest" or "the Company")
Long Term Incentive Plan for Directors
InterQuest announced on 6th January 2012 that it had established a Long Term Incentive Plan ("LTIP 2012") for senior executives of the Company including Mark Braund, CEO and Michael Joyce, CFO.
Under the LTIP 2012, each participant entered into a series of financial instruments on 14th March 2012, the value of which is linked to growth in the Company's share price over a set period of time. Provided that the share price overcomes set hurdles, awards will be made to participants in cash or equity. The hurdles are £0.80, £1.00, £1.50, £2.00 and £2.50. Awards shall be conditional upon meeting the prescribed mid-market price derived from the Official List of the London Stock Exchange for 40 consecutive trading days. Any shares awarded may not be sold before 1 January 2015 except to fund any tax liability arising from the award of these shares.
The financial instruments between the Company and Mark Braund, and between the Company and Michael Joyce, in respect of the £2.50 hurdle only, were terminated on 9th July 2013 by mutual consent. These were over 280,000 ordinary shares in respect of Mark Braund and 93,333 ordinary shares in respect of Michael Joyce.
All the remaining instruments due to Mark Braund and Michael Joyce under the 2012 LTIP remain in place.
On 10th July 2013, the Remuneration Committee of the Board of Directors granted EMI share options under the InterQuest Group Long Term Incentive Plan 2008 ("LTIP 2008") as follows:
Director | No.of EMI share options granted | Exercise price (p) | Exercise period |
Mark Braund | 280,000 | 1 | 01/01/2015 - 09/07/2023 |
Michael Joyce | 93,333 | 1 | 01/01/2015 - 09/07/2023 |
For further information please contact:
InterQuest Group plc 020 7025 0100
Gary Ashworth, Executive Chairman
Michael Joyce, Finance Director
Charles Stanley Securities 020 7149 6000
Marc Milmo
Karri Vuori
Related Shares:
InterQuest Group