IDOX PLC Long Term Management Incentive Plan (1092O)
October 08 2012 - 2:00AM
UK Regulatory
TIDMIDOX
RNS Number : 1092O
IDOX PLC
08 October 2012
8 October 2012
IDOX plc
Launch of Long-Term Management Incentive Plan and Grant of
Options
The Board is pleased to announce that following a period of
discussion with its advisers and key shareholders in the Company,
the Remuneration Committee has recommended, and the Board intends
to implement as soon as possible, a long-term incentive plan for
directors and senior executives of the Company. The purpose of the
plan is to give key employees, in a single package, a strong
incentive to meet or exceed demanding performance targets in a
sustainable manner, primarily by means of awards of restricted
shares.
All these awards of restricted shares and options below are made
within the existing authorised 10 year, 15% limit of the Company's
issued share capital.
The new long-term management incentive plan incorporates various
objective performance criteria (as to growth in consolidated
EBITDA, as well as overall gearing limitations) and is designed to
align the interests of directors, senior executives and employees
more closely with those of shareholders. Vesting of the restricted
share awards within a five-year period will be contingent on the
share price rising to and being sustained at 55p or higher.
Participants will receive no benefit unless both the objective
criteria and the share price target are achieved and must remain
employed by the Company at the time of vesting. Formal awards and
transfers of restricted shares pursuant to the awards will be
effected at a later date and will be announced accordingly.
The intended recipients and levels of participation are:
Name Maximum Entitlement Additional % Interest
Ordinary Shares in Company if Maximum
entitlement obtained*
---------------------------- -------------------- -----------------------
Richard Kellett-Clarke 1,900,000 0.55%
---------------------------- -------------------- -----------------------
William Edmondson 1,500,000 0.43%
---------------------------- -------------------- -----------------------
Others (senior executives) 6,300,000 1.80%
---------------------------- -------------------- -----------------------
* Based on ordinary shares in issue at the date of this
announcement
Additionally, Options were granted, pursuant to the unapproved
share option scheme, adopted by the Board on 1 February 2007, to
the below-noted directors following the agreement of the terms of
these options at the remuneration committee of the Board held on
the 8(th) August 2012. All options referred to are exercisable over
ordinary shares of 1p each in the Capital of the Company ('Ordinary
Shares') as set out below :
Director No. Options Exercise Date of Grant Vesting Latest
Exercise Date
Price Period
Martin Brooks 300,000 44p 5/09/2012 3 years 5/09/2019
Richard Kellett-Clarke 300,000 44p 5/09/2012 3 years
5/09/2019
William Edmondson 150,000 44p 5/09/2012 3 years 5/09/2019
The directors listed above hold the following interests in the
share capital of the Company:
Director Nature of Holding Ordinary Shares Held % of issued
capital
Martin Brooks Direct 1,751,849 0.50%
Indirect 6,149,679 1.76%
Richard Kellett-Clarke Direct 5,699,569 1.64%
Indirect 4,730,898 1.36%
William Edmondson Direct 100,000 0.03%
-ends-
Enquiries:
IDOX plc +44 (0) 20 7332 6000
Martin Brooks, Chairman
Richard Kellett-Clarke, Chief Executive
William Edmondson, Chief Financial
Officer
Investec Investment Bank plc (NOMAD
& Broker) +44 (0) 20 7597 5100
Andrew Pinder / Patrick Robb
FinnCap (Broker) +44 (0) 20 7600 1658
Stuart Andrews / Stephen Norcross
Leander (Financial PR) +44 (0) 7795 168 157
Christian Taylor-Wilkinson
About IDOX plc
IDOX plc is a supplier of specialist document management
collaboration solutions and services to the UK public sector and
increasingly to highly regulated asset intensive industries around
the world in the wider corporate sector.
Its Public Sector Software Division is the leading applications
provider to UK local government for core functions relating to
land, people and property, such as its market leading planning
systems and election management software. Over 90% of UK local
authorities are now customers. The Group provides public sector
organisations with tools to manage information and knowledge,
documents, content, business processes and workflow as well as
connecting directly with the citizen via the web.
Through the Information Solutions Division IDOX also supplies,
predominantly to the public sector, decision support content such
as grants and planning policy information as well as related
specialist services.
The Engineering Information Management Division delivers
engineering document management and control applications to many
leading companies in industries such as oil & gas, mining,
utilities, pharmaceuticals and transportation around the world.
In addition the Group provides knowledge and content management
skills to customers through its TFPL branded recruitment
division.
The Group employs over 450 staff located in the UK, the USA,
Europe, India and Australia.
For more information see www.idox.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCFSWEEWFESESS
Idox (LSE:IDOX)
Historical Stock Chart
From Jul 2024 to Aug 2024
Idox (LSE:IDOX)
Historical Stock Chart
From Aug 2023 to Aug 2024