Pro Global Insurance Solutions PLC Award of Share Options (6830E)

TIDMPROG

RNS Number : 6830E

Pro Global Insurance Solutions PLC

11 April 2014

Award of Share Options

Pro Global Insurance Solutions plc ("Pro Global" or "the Company") announces today, that on 11 April ("the Grant Date"), it made a grant of awards over 5,000,000 Pro Global Ordinary Shares of 2p each ("the Shares") under the Tawa 2007 Performance Share Plan ("the Plan") to Artur Niemczewski ("the Award"). In order to facilitate the grant of the Award to Artur Niemczewski it has been necessary for the board to make a small number of amendments to the current rules of the Plan which include amending the maximum individual award limit, which it is proposed be increased to 300% of salary in exceptional circumstances. The Award will vest in three tranches on the 1(st) , 2(nd) and 3(rd) anniversary of the Grant Date over 16.66%, 33.34% and 50% respectively of the total number of shares held under the Award. The receipt of the Shares is conditional upon meeting the performance criteria at each vesting date.

Performance conditions for awards granted on 11 April 2014

The Award will be dependent on the Company's absolute shareholder return based on the average of the mid-market closing prices of a Share for the five dealing days immediately following 3 April 2014, which is 12.5p ("the Base Price").

Tranche 1 will vest on the 1(st) anniversary of the date of the grant over 16.66% of the shares held under the Award. For 100% of the Shares to vest under Tranche 1, the average of the mid-market closing prices of a Share for the five dealing days immediately preceding the first anniversary of the Grant Date is 18.025p or above (44.2% above the Base Price).

Tranche 2 will vest on the 2(nd) anniversary of the date of the grant over 33.34% of the shares held under the Award. For 100% of the Shares to vest under Tranche 2, the average of the mid-market closing prices of a Share for the five dealing days immediately preceding the second anniversary of the Grant Date is 26p or above (108% above the Base Price).

Tranche 3 will vest on the 3(rd) anniversary of the date of the grant over 50% of the shares held under the Award. For 100% of the Shares to vest under Tranche 3, the average of the mid-market closing prices of a Share for the five dealing days immediately preceding the third anniversary of the Grant Date is 37.5p or above (200% above the Base Price).

The Directors consider having consulted the Company's nominated adviser, Peel Hunt LLP, that the terms of this award are fair and reasonable as far as its shareholders are concerned.

Enquiries:

 
 Gilles Erulin, Non-executive Director,       020 7068 
  Pro Global Insurance Solutions plc           8000 
 Guy Wiehahn / James Britton / Harry 
  Florry, Peel Hunt LLP (Nominated adviser    020 7418 
  and broker)                                  8900

This information is provided by RNS

The company news service from the London Stock Exchange

END

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