28th Apr 2008 07:00
Alternative Networks plc28 April 2008 28 April 2008 Alternative Networks Trading update, reporting date, and LTIP Alternative Networks plc, (AN.L) the UK business communications serviceprovider, announces that trading for the six months ended 31 March 2008 isexpected to be in line with management expectations. The business is continuing to perform well in all areas, is generating healthycash flows, and the Board remains confident as the order book for the secondhalf of the year is strong. Following the successful integration of Echo, cross-selling has continued togain momentum, and the quality of its service offering is demonstrated in therecent win of a service contract for the London Ambulance Service. The Company will report results for the six months ended 31 March 2008 onTuesday 1 July 2008. This slight delay allows for the preparation of resultsunder IFRS accounting standards for the first time. The Board of Alternative Networks also announces that, following therecommendation of the Company's remuneration committee (the 'RemunerationCommittee'), the Company introduced a new Long Term Incentive Plan ('LTIP') forthree of the executive directors ("executives") of the Company on 25 April 2008: • Edward Spurrier, Chief Financial Officer• Ben Marnham, Chief Operating Officer• James Sewell, Group Sales and Marketing Director The previous long term incentive plan for the executives vested in February2007, and the Remuneration Committee believes that an LTIP is required to retainand motivate these executives who have been key to the historic successfulgrowth of the business and are expected to be critical in building long-termshareholder value. The LTIP awards granted to these directors on 25 April 2008 will provide themeach with the opportunity to be granted nil-cost options over up to a maximum of462,973 shares after two years, providing absolutely that certain performancetargets are met. The performance targets have been aligned with the interests ofthe shareholders and are based on total shareholder return over the period. Thehurdle is set from 25th April 2008 at 145 pence per share and the performancetargets are set at levels up to 20% per annum after taking into account anydividends paid to shareholders. The Board of Alternative Networks believes this LTIP will focus andappropriately reward the executives for building shareholder value and alignsthe interests of the executives with those of the Company's shareholders. Further details of the new LTIP will be included in the Company's annual report,which is expected to be issued in December 2008. -ends- EnquiriesAlternative Networks plc 0870 190 7444James Murray, Chief Executive OfficerEd Spurrier, Chief Financial Officer Financial Dynamics 020 7831 3113Juliet Clarke/Haya Chelhot This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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