Utilitywise plc Issue of Options and Split Interest Scheme (2171L)
08 August 2013 - 4:00PM
UK Regulatory
TIDMUTW
RNS Number : 2171L
Utilitywise plc
08 August 2013
Utilitywise plc
("Utilitywise" or the "Company")
Issue of Options and Split Interest Scheme
Issue of Options
Utilitywise, a leading independent utility cost management
consultancy, announces that options over 844,436 ordinary shares of
0.1p each in the Company ("Ordinary Shares") have been issued to a
number of employees and Michael Dent, Executive Director, under the
Utilitywise Plc Company Share Option Plan ("CSOP") and options over
866,470 Ordinary Shares have been issued to a number of employees
under the Company's Long Term Incentive Plan ("LTIP"). The options
granted under the CSOP will vest on or after the third anniversary
of the date of grant, and the options granted under the LTIP will
vest after the second anniversary of the date of grant. All options
are exercisable at GBP1.35 per Ordinary Share and lapse on the
tenth anniversary of the date of grant. Michael Dent has been
awarded options over 22,222 Ordinary Shares under the CSOP.
Split Interest Scheme
Utilitywise also announces the establishment of a Split Interest
Scheme ("SIS" or "Scheme") for the benefit of Directors and senior
management.
The SIS is designed to provide an efficient long term incentive
to participants in the Scheme which effectively aligns their
interests with those of all shareholders by providing a clear focus
on maximising the long term value of the Company.
Each participant will enter into a co-ownership agreement with
the trustee of the Utilitywise Employee Share Ownership Trust (the
"Trust"). Under the terms of each co-ownership agreement the
participant has a right to receive the sale proceeds on disposal
above a hurdle value. The earliest realisation date is three years
from the date of grant.
Pursuant to the SIS, Michael Dent has entered into a
co-ownership agreement with the trustee of Trust under which he has
been granted co-ownership of 500,000 Ordinary Shares, representing
his entire beneficial holding in the Company. Under the terms of
the agreement, Michael Dent has the right to receive the sale
proceeds on disposal above GBP1.485 per Ordinary Share,
representing a hurdle rate of 10 per cent. above the price of an
Ordinary Share at the date of grant.
For further information:
Utilitywise PLC 0870 626 0559
Geoff Thompson, CEO
Adam Thompson, COO
Andrew Richardson, CFO
finnCap (NOMAD and broker) 0207 220 0500
Matt Goode / Charlotte Stranner /
Henrik Persson (Corporate Finance)
Simon Johnson (Corporate Broking)
Newgate Threadneedle 020 7653 9850
Josh Royston / John Coles / Hilary
Millar
This information is provided by RNS
The company news service from the London Stock Exchange
END
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