Monitise PLC Amendments to LTIP awards (2926O)
May 27 2015 - 2:01AM
UK Regulatory
TIDMMONI
RNS Number : 2926O
Monitise PLC
27 May 2015
27 May 2015
Monitise plc
(the "Company")
Amendments to LTIP awards
Following completion of the strategic review at the end of March
2015, the Company's Remuneration Committee has been mindful of the
need for appropriate incentives to safeguard the retention and
motivation of key personnel at all levels of the organisation as
the Company undertakes the process of transforming and streamlining
the business.
Following consultation with major shareholders, the Company will
be putting in place new arrangements as set out below. The new
incentives better align performance conditions with key financial
and operational goals over the coming three years, with awards
vesting on a sliding scale between threshold and stretch targets,
based on meeting or exceeding current market guidance or related
targets.
The new LTIP arrangements have been implemented by delaying the
commencement of vesting for existing awards, with the addition of
malus and clawback conditions.
Consequently, on 26 May 2015, awards relating to ordinary shares
of 1 pence each in the Company ("Ordinary Shares") held by the
Company's directors under the Company's Performance Share Plan
("PSP") were amended in relation to their normal vesting date and
their performance conditions as shown below:
Name Award No. Original New Vesting Original New Performance
of director Grant of options Vesting Date Performance Conditions
Date Date Condition
------------- ------- ------------ --------- ------------ ------------- ----------------
Elizabeth June 5,000,000 June 3 Dec Share Revenue,
Buse 2014 2017 2018 price EBITDA
target and user
of 68p targets
for FY
2018
------------- ------- ------------ --------- ------------ ------------- ----------------
Brad Sept 4,000,000 Sept 5 Dec Share Revenue
Petzer 2013 2016 2016 price and EBITDA
to (33.3%) target targets
Sept 5 Dec of 55p for
2018 2017 FY 2016
(33.3%)
5 Dec
2018
(33.3%)
------------- ------- ------------ --------- ------------ ------------- ----------------
Brad Sept 500,000 Sept 3 Dec Share Revenue,
Petzer 2014 2017 2018 price EBITDA
target and user
of 75p targets
for FY
2018
------------- ------- ------------ --------- ------------ ------------- ----------------
Lee Cameron Dec 4,000,000 Dec 5 Dec Share Revenue
2012 2015 2016 price and EBITDA
to (33.3%) target targets
Dec 5 Dec of 55p for
2017 2017 FY 2016
(33.3%)
5 Dec
2018
(33.3%)
------------- ------- ------------ --------- ------------ ------------- ----------------
Lee Cameron Sept 1,000,000 Sept 4 Dec Share Revenue,
2013 2016 2017 price EBITDA
target and user
of 70p targets
for FY
2017
------------- ------- ------------ --------- ------------ ------------- ----------------
Lee Cameron Sept 1,500,000 Sept 3 Dec Share Revenue,
2014 2017 2018 price EBITDA
target and user
of 75p targets
for FY
2018
------------- ------- ------------ --------- ------------ ------------- ----------------
The exercise price attached to the above awards remains
unchanged at 1 pence per Ordinary Share.
About Monitise
Monitise (LSE: MONI) is a world leader in Mobile Money -
banking, paying and buying with a mobile device. Leading banks,
payments companies, retailers and mobile networks use Monitise's
technology platforms and services to securely connect people with
their money.
33 million consumers have registered for Monitise's patented
technology to 'bank anywhere', 'pay anyone' and 'buy anything',
accounting for $101bn of payments, purchases and transfers
annually. Additionally, Monitise-designed high-engagement apps
across multiple industry verticals and email subscribers to the
Monitise Content consumer business total more than 49 million. More
information is available at www.monitise.com. For views and
insights from the Monitise team about the world of Mobile Money,
visit www.monitise.com/insights.
Enquiries:
Investor Relations
Richard Johnson, Michelle Singleton Tel: +44(0)20 3657 0331
investorrelations@monitise.com
Media Relations
Gavin Haycock, Anna Howard Tel: +44(0)20 3657 0362
press@monitise.com
Canaccord Genuity
(NOMAD)
Simon Bridges, Cameron Duncan Tel: +44(0)20 7523 8000
Brunswick
Jonathan Glass, Jon Drage Tel: +44(0)20 7404 5959
This information is provided by RNS
The company news service from the London Stock Exchange
END
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