TIDMSVN 
 
RNS Number : 1197N 
Sovereign Reversions PLC 
04 June 2010 
 

 
 
 
                            Sovereign Reversions plc 
 
                             Grant of Share Awards 
 
 
Sovereign Reversions plc ("Sovereign" or the "Company"), the equity release 
group, announces that on 2 March 2010, its Remuneration Committee introduced and 
approved the Company's Long Term Incentive Plan ("LTIP") with a view to granting 
awards over ordinary shares ("Share Awards") to its executive directors. During 
December 2009, after consultation with the Company's largest shareholders Graeme 
Marshall's and Rupert Pearce Gould's remuneration arrangements were altered so 
as to include a larger discretionary component in the form of the LTIP 
conditional upon the financial and share price performance of Sovereign and a 
reduction in their fixed remuneration conditional on an LTIP being implemented 
prior to 30 April 2010.  At the meeting of the Remuneration Committee held on 2 
March 2010, specific grants of Share Awards to executive directors were 
discussed. However the Remuneration Committee was advised that the Company was 
deemed under the AIM Rules to be in a close period, such that these grants could 
not then be made. Graeme Marshall and Rupert Pearce Gould have been paid at the 
agreed reduced salary levels since 1 November 2009 and 1 January 2010, 
respectively despite grants of Share Awards under the LTIP not having been made. 
 
Earlier today the Company announced that it had reached agreement on the terms 
of a recommended acquisition by Grainger plc for all of the issued and to be 
issued ordinary share capital of Sovereign. As a result, the Company is no 
longer in a close period.  Accordingly, the Company has granted Share Awards 
over 90,098 ordinary shares under the terms of its LTIP. Graeme Marshall, the 
Chief Executive and Rupert Pearce Gould, an executive director of Sovereign, 
have been awarded Share Awards over 69,711 and 20,387 ordinary shares, 
respectively. Graeme Marshall and Rupert Pearce Gould have agreed to waive their 
rights to revert to their previous remuneration levels in consideration for the 
grant of the Share Awards. 
 
The Share Awards granted pursuant to the LTIP are not exercisable for a period 
of three years and will only be capable of exercise if the Company's share price 
exceeds 104 pence per ordinary share as at 4 June 2013, being the three year 
anniversary of the Share Awards, subject to performance criteria being met. In 
the event of a change of control to Sovereign, the Share Awards vest 
immediately, also subject to performance criteria being met. 
 
The Panel on Takeovers and Mergers (the "Panel") having been consulted on the 
aforementioned grant of Share Awards, is satisfied that there is no need to 
obtain shareholders' consent under Rule 21 - Restrictions on Frustrating Action 
of the Takeover Code. 
 
Following the grant of the Share Awards, Graeme Marshall's aggregate disclosable 
interest is 1,077,388 ordinary shares or 6.36 per cent. of the total voting 
rights of the Company and Share Awards over 69,711 ordinary shares. 
 
Following the grant of the Share Awards, Rupert Pearce Gould is interested in 
76,337 ordinary shares or 0.45 per cent. of the total voting rights of the 
Company and Share Awards over 20,387 ordinary shares. 
 
The LTIP is a discretionary scheme which has been established for the purpose of 
incentivising and retaining the Company's executive management. The Remuneration 
Committee has responsibility for determining the quantum of Share Awards and 
performance targets under the LTIP. Share Awards granted under the LTIP are 
first satisfied from the Company's treasury shares. 
 
 
For further information please contact: 
 
+----------------------------------------------+--------------+ 
| Mark Baker, Wriglesworth Consultancy         |   Tel: 07980 | 
|                                              |       635243 | 
+----------------------------------------------+--------------+ 
|                                              |              | 
+----------------------------------------------+--------------+ 
| Graeme Marshall, Chief Executive, Sovereign  |   Tel: 01234 | 
| Reversions plc                               |       356300 | 
+----------------------------------------------+--------------+ 
|                                              |              | 
+----------------------------------------------+--------------+ 
| Charles Stanley Securities, Nominated        |     Tel: 020 | 
| Adviser                                      |    7149 6000 | 
+----------------------------------------------+--------------+ 
| Dugald Carlean / Ben Johnston                |              | 
+----------------------------------------------+--------------+ 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 RDSUSSSRRNANRAR
Sovereign Reversions (LSE:SVN)
Historical Stock Chart
From May 2024 to Jun 2024 Click Here for more Sovereign Reversions Charts.
Sovereign Reversions (LSE:SVN)
Historical Stock Chart
From Jun 2023 to Jun 2024 Click Here for more Sovereign Reversions Charts.