Pro Global Insurance Solutions PLC Appointment of CFO and Awards (4057N)
July 25 2014 - 11:24AM
UK Regulatory
TIDMPROG
RNS Number : 4057N
Pro Global Insurance Solutions PLC
25 July 2014
Pro Global Insurance Solutions plc
25 July 2014
Appointment of Chief Financial Officer and Award of Share
Options
Appointment of Chief Financial Officer
Pro Global Insurance Solutions plc ("Pro Global" or "the
Company") announces today that it has appointed Paul Mooney to
succeed Simon Byrne as the Company's Chief Financial Officer. Simon
has made an excellent contribution as CFO over the past seven years
and his hard work and dedication are appreciated. The Company is
fortunate that, in Paul, it has a very strong successor who has
held a number of CFO roles in the past and understands the business
needs and challenges and brings a truly international
perspective.
Award of Share Options
The Company also announces that today ("the Grant Date"), it
made a grant of awards over 500,000 Pro Global Ordinary Shares of
2p each ("the Shares") under the Pro Global 2007 Performance Share
Plan ("the Plan") to Paul Mooney ("the Award"). The board has also
made a small number of amendments to the current rules of the Plan
including permitting vested options to be capable of exercise up
until the fifth anniversary of the Grant Date.
The Award will vest in three tranches on 11 April 2015, 11 April
2016 and 11 April 2017 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 25 July 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 following the demerger
on 3 April, which is 12.5p ("the Base Price").
Tranche 1 will vest on 11 April 2015 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 11 April 2015 is 15.7p or
above (25.6% above the Base Price).
Tranche 2 will vest on the 11 April 2016 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 11 April 2016 is
19.8p or above (58.4% above the Base Price).
Tranche 3 will vest on the 11 April 2017 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 11 April 2017 is 25p or
above (100% 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:
Artur Niemczewski, Chief Executive
Officer, Pro Global Insurance Solutions
plc 020 7068 8123
Guy Wiehahn
Peel Hunt (nominated adviser and
broker) 020 7418 8900
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This information is provided by RNS
The company news service from the London Stock Exchange
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