Altitude Group PLC Appointment of adviser and issue of options (3236S)
June 25 2018 - 2:01AM
UK Regulatory
TIDMALT
RNS Number : 3236S
Altitude Group PLC
25 June 2018
ALTITUDE GROUP PLC
(the "Group" or "Altitude")
Appointment of adviser and issue of options
Altitude Group plc (AIM: ALT), the operator of a leading
marketplace for personalised products, is delighted to announce the
appointment of Torch Partners ("Torch") as long-term financial
adviser to the Group together with the grant to Torch of certain
options as remuneration ("Incentive Options").
Appointment of Torch Partners
Through the appointment of Torch, the Company looks forward to
benefiting from Torch's deep technology sector knowledge and track
record of having worked with entrepreneurial and growth companies
including JUST EAT plc and ZPG plc on strategic execution, M&A
and the delivery of long-term value for shareholders.
Torch will work closely with Group CEO Nichole Stella and her
executive management team, providing advice, analysis and input to
maximise customer engagement and drive long-term value from the
supply chain.
Issue of Incentive Options
Remuneration for Torch shall involve the grant of two million
Incentive Options the terms of which are as follows:
1. Incentive Options over 1,000,000 shares with a strike price
of 90 pence per share, straight line vesting over three years
2. Incentive Options over 1,000,000 shares with a strike price
of 90 pence per share and split into three vesting hurdles:
- 333,333 options when the Altitude share price reaches 300 pence per share
- 333,333 options when the Altitude share price reaches 400 pence per share
- 333,334 options when the Altitude share price reaches 500 pence per share
Peter Hallett, Non-Executive Chairman of Altitude said, "As we
continue to see strong evidence of success of the Channl Pro
solution and new opportunities for growth continue to present
themselves, we believe that engaging with a long-term financial
adviser with such relevant knowledge of innovative and sector
disruptive businesses will help Nichole and her team consider
further growth initiatives that have proven highly successful in
other relevant verticals.
We see the engagement of Torch as part of ensuring we have the
very best people and advisers on hand to maximize the growth
opportunities and to drive long-term shareholder value"
Rupert Robson, CEO of Torch commented, "We are delighted to have
been appointed as long-term financial adviser to Altitude.
Altitude's vertical marketplace approach is addressing a
compelling opportunity to bring together technology, engaged
customers and suppliers within a sector that could benefit
materially from digitisation."
For further information please contact:
Altitude Group plc
Nichole Stella, Chief Executive
Officer +1 (215) 534 1350
Graeme Couturier, Chief Financial
Officer 07973 683234
Peter Hallett, Non-Executive
Chairman 07887 987469
finnCap Ltd 020 7220 0500
Jonny Franklin-Adams (Corporate Finance)
Scott Mathieson (Corporate Finance)
Richard Chambers (ECM)
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCUSUARWSANUUR
(END) Dow Jones Newswires
June 25, 2018 02:01 ET (06:01 GMT)
Altitude (LSE:ALT)
Historical Stock Chart
From Apr 2024 to May 2024
Altitude (LSE:ALT)
Historical Stock Chart
From May 2023 to May 2024