Brightside Group PLC Grant of Share Options (6160T)

TIDMBRT

RNS Number : 6160T

Brightside Group PLC

21 November 2013

Brightside Group plc

("Brightside" or the "Company")

Employee Incentive Scheme

Grant of Share Options

The Board of Brightside, the specialist insurance broker, is pleased to announce today a new share incentive for staff, by way of a grant of new share options and a rationalisation and rebasing of existing vested and unvested options. The Board believes the new share option grants and the rebasing of existing vested and unvested options fully aligns the employees of Brightside with the future growth plans of the Company and fits with Brightside's stated intention - 'to be the insurance broker and service provider of choice for customers and insurers and the employer of choice for staff'.

On 20 November 2013 the Company granted, under its approved and unapproved share option schemes, new options over 18,616,741 ordinary shares ("the Options"). The exercise price of the Options is 20.13 pence per share. Options granted under the Approved Scheme are not exercisable before 20 November 2016. Options granted under the Unapproved Scheme are not exercisable before 20 November 2015. Of the 18,616,741 new options granted, none were awarded to Directors.

On 20 November 2013, the Company offered 70 existing share option holders, excluding Board Directors and specified senior management, the opportunity to rebase their existing share options, all of which were granted at an option price of 27.5 pence per share for a reduced number of nil cost options, which will vest on 20 November 2014. If all conversion rights are taken up, a total of 6,283,624 existing options will convert into 1,238,265 nil cost options. The profit and loss cost in relation to these share options has already been taken by the Company.

On 20 November 2013 the Company offered certain Board Directors and specified senior management, the opportunity to rebase existing share options, all of which were granted at 27.5 pence per share, for a reduced number of share options, with an exercise price of 24 pence per share, and which will vest on 20 May 2014. If all conversion rights are taken up a total of 7,754,545 existing options will convert into 6,304,508 options. The profit and loss cost in relation to these share options has already been taken by the Company.

The table below details the original number of share options held by Board Directors and the revised number of share options held by Board Directors following the announcement:

 
 Director            Original    Original    Resultant   Remaining   Remaining   Total number 
                      number      number      Number      number      number      of share 
                      of share    of share    of share    of share    of share    options 
                      options     options     options     options     options     held post 
                      issued      rebased     issued      held at     held at     rebasing 
                      at 27.5p    to 24p      at 24p      27.5p       20p 
------------------  ----------  ----------  ----------  ----------  ----------  ------------- 
 CE Fay              1,022,727   1,022,727   831,485     -           -           831,485 
------------------  ----------  ----------  ----------  ----------  ----------  ------------- 
 M Holman            859,091     859,091     698,447     -           3,750,000   4,448,447 
------------------  ----------  ----------  ----------  ----------  ----------  ------------- 
 P Chase-Gardener    5,872,727   5,872,727   4,774,574   -           -           4,774,574 
------------------  ----------  ----------  ----------  ----------  ----------  ------------- 
 H Molyneux          250,000                 -           250,000                 250,000 
------------------  ----------  ----------  ----------  ----------  ----------  ------------- 
 J Telling           -                       -                       -           - 
------------------  ----------  ----------  ----------  ----------  ----------  ------------- 
 S Palmer            -                       -                       -           - 
------------------  ----------  ----------  ----------  ----------  ----------  -------------

Following the grant of the Options, and assuming the rebasing offers are fully taken up a total of 224 group employees, representing 21 per cent. of Brightside employees, will hold a total of 33,085,790 options over ordinary shares, representing 7.25 per cent. of the current issued share capital of the Company.

Enquiries:

Brightside Group plc

   Martyn Holman / Paul Chase-Gardener                                      +44 (0)1454 63 4194

Cenkos Securities plc (Nominated Advisor and Joint Corporate Broker)

Bobbie Hilliam / Callum Davidson +44 (0)20 7397 8900

finnCap (Joint Corporate Broker)

Stuart Andrews / Simon Johnson +44 (0)20 7220 0500

Yellow Jersey PR Limited (Financial PR & IR)

Dominic Barretto +44 (0)776 853 7739

Anna Legge +44 (0)774 778 8221

Notes to Editors

Brightside Group plc, (AIM:BRT) is a fast growing insurance broking and financial services group. The Group specialises in delivering market-leading insurance solutions to individuals and businesses. The Group is focused on customer service and operational excellence, adding value for policyholders and business partners alike across all classes of insurance.

Brightside and its associated businesses distribute insurance products online and through UK-based call centres. The Group's insurance activities are complemented by its financial services businesses.

For further information see - www.brightsidegroup.co.uk

This information is provided by RNS

The company news service from the London Stock Exchange

END

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