Watchstone Group PLC Board Appointment and Resignation (6358A)
02 January 2018 - 6:00PM
UK Regulatory
TIDMWTG
RNS Number : 6358A
Watchstone Group PLC
02 January 2018
2 January 2018
Watchstone Group plc
("Watchstone" or the "Company" or the "Group")
Board Appointment and Resignation
Further to its announcement of 27 June 2017, Watchstone Group
plc (LON:WTG) announces the appointment to the Board of Stefan
Borson as Group Chief Executive Officer succeeding Indro Mukerjee
who has resigned from the Board with effect from 31 December
2017.
Following these changes, the Board now comprises, Richard Rose
(Non-executive Chairman), Mr Borson (Group Chief Executive
Officer), Mark Williams (Group Finance Director), Lord Howard
(Senior Non-executive Director) and David Young (Non-executive
Director).
As part of his incentivisation, Mr Borson has relinquished all
his rights and entitlements under the management incentive and
retention plan ("Plan") announced on 21 March 2016 to which he was
entitled to up to 2.25% of any growth in value of each division of
the Group above a hurdle (as adjusted for cash invested or
generated from 1 January 2016).
Mr Mukerjee's rights and entitlements under the Plan shall cease
on 31 May 2018, following which Mr Williams shall be the sole
remaining participant. To date, no payments have been made under
the Plan to any participant and it is not expected that disposals
triggering payments will be made prior to 31 May 2018.
As a replacement to Mr Borson's rights and entitlements under
the Plan and subject to the conditions of the scheme, Mr Borson
will be entitled to cash bonuses of up to 5.43% of any future
distributions to shareholders in excess of a cumulative GBP46.04m
(being approximately GBP1 per ordinary share) ("Distribution
Incentive Scheme"). Certain cash bonuses paid to Mr Borson between
1 January 2018 and the date of such distribution(s) shall be
deducted from any payments due to him under the Distribution
Incentive Scheme. As previously detailed, it will not be possible
for the Board or a Court to sanction the distribution of assets or
cash whilst the litigation in respect of the disposal of the
Professional Services Divisions remains active.
Schedule 2 (g) of the AIM Rules for Companies Details
Stefan Leon Borson (42)
Current Historic (past 5 years)
------------------------------ ------------------------------
Watchstone Group plc (Company Redbus Group Limited
Secretary) Redbus Media Group Limited
Navseeker, Inc Redbus Digital Media Limited
Hubio, Inc Redbus Retail Advertising
Limited
Redbus Retail Services
Limited
Redbus Outdoor Holdings
Limited
Redbus Outdoor (Malls)
Limited
Redbus Media Limited
Redbus Outdoor Limited
Redbus Productions Limited
Redbus Television Limited
Redbus On Demand Limited
Polygram Limited
Polygram Pictures Limited
Polygram Group Limited
Heath Street Limited
------------------------------ ------------------------------
Mr Borson holds 300,000 ordinary shares in the Company and
options over 50,000 ordinary shares in the Company at an exercise
price of GBP15.00 per ordinary share. There is no further
information required to be disclosed in respect of Mr Borson
pursuant to Schedule 2 (g) of the AIM Rules for Companies.
For further information:
Watchstone Group plc Tel: 03333 448048
Peel Hunt LLP, Nominated Adviser Tel: 020 7418
and Broker 8900
Dan Webster
Notes:
Stefan Borson, a qualified solicitor, has more than twenty
years' experience working in and advising both listed and high
growth private companies in consumer facing and technology
sectors.
Stefan spent seven years with Investec plc in its Investment
Banking division and has held Board positions in a broad range of
roles from Chief Executive Officer (Redbus Media Group) to
Corporate Development & Investment Director (Clerkenwell
Ventures plc) as well as a number of non-executive
directorships.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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