Arden Partners plc Proposed Award of Share Options (7727V)
February 01 2017 - 9:09AM
UK Regulatory
TIDMARDN
RNS Number : 7727V
Arden Partners plc
01 February 2017
Arden Partners plc
("Arden" or the "Company")
Proposed award of share options
Introduction
Further to the announcement on 14 October 2016 concerning the
retention of a new sales trading team to execute Arden's
institutional order flow (the "Team"), the Board of Arden (the
"Board") announces the conditional award of options over Arden
ordinary 10p shares ("Ordinary Shares") to MCP Advisors LLP, the
entity through whom Arden retains the Team (the "Award"). The Award
is conditional upon the authorisation of Arden shareholders at
Arden's forthcoming Annual General Meeting (the "AGM").
The Award
The Award consists of two tranches of options as follows:
-- The first tranche (over 2 million Ordinary Shares with an
exercise price of 36 pence per Ordinary Share) will vest on 14
October 2018, being the second anniversary of the Team's retention,
provided that the Team continues to be retained by Arden at the
vesting date.
-- The second tranche (over 1 million Ordinary Shares with an
exercise price of 36 pence per Ordinary Share) will vest on 14
October 2019, being the third anniversary of the Team's retention,
provided that the Team continue to be retained by Arden at the
vesting date and subject to achieving certain performance
criteria.
The Award is conditional upon Arden shareholders granting the
Board the requisite authority to issue the Ordinary Shares which
are the subject of the Award. Such authority will be sought from a
special resolution which will be proposed at the AGM on 9 March
2017 (the "Special Resolution").
The Board considers that the Award, in addition to acting as an
effective means of retention of the Team, will act as a significant
incentive for the Team to deliver substantial revenues into Arden
and will align the interests of the Team with those of all Arden
shareholders. The Board will recommend unanimously that Arden
shareholders approve the Special Resolution.
Arden Partners plc
James Reed-Daunter - Chief
Executive Officer
Steve Wassell - Chief Operating 020 7614 5900
Officer
GCA Altium Limited
Sam Fuller 020 7484 4040
This information is provided by RNS
The company news service from the London Stock Exchange
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