RNS Number : 2107X
ACP Capital Limited
20 June 2008
20 June 2008
ACP Capital Long-Term Employee Share Option Plan ("ESOP")
The board ("the Board") of ACP Capital Limited ("ACP Capital" or the "Company": APL.LN)
has the discretionary authority to issue annual
stock options ("Options") of up to 10% of the share capital of the Company for its direct and
group employees (which includes employees of
ACP Capital UK LLP).
On 30 November 2006, the Board granted 4,430,000 Options in aggregate to the Directors and
employees of the Company, for the calendar
year 2006 performance, representing 6.90% of the issued share capital at that time and 2.26%
of the current share capital.
On 11 March 2008, the Board approved the granting of 7,065,000 Options in aggregate to the
Directors and employees of the Company, for
the calendar year 2007 performance, representing 3.54% of the issued share capital at that
time and 3.60% of the current share capital. The
Options were accepted by the Directors on 13 May 2008, following the approved amendments to
the ESOP and completion of documentation. This
should have been announced at the time but due to an administrative oversight, its release has
been delayed.
Both of these sets of long-term stock Options are subject to the vesting periods and
conditions approved at the Annual General Meeting
("AGM") of Shareholders on 3 April 2008.
As detailed in the Company's annual accounts, the Options granted to the Directors for the
calendar year 2006 performance were as
follows:
Option Holder No. of Options granted
Derek Vago 2,500,000
Eric Youngblood 750,000
Nikolaj Larsen 750,000
The Options granted to the Directors for the calendar year 2007 performance were as
follows:
Option Holder No. of Options granted
Derek Vago 4,000,000
Eric Youngblood 1,250,000
Nikolaj Larsen 1,250,000
Following these grants, the total Options held by each Director of ACP Capital are as
follows:
Option Holder No. of Options granted
Derek Vago 6,500,000
Eric Youngblood 2,000,000
Nikolaj Larsen 2,000,000
The Directors' interests in the issued share capital of the Company include the above
Options, together with those ordinary shares
directly held by the Directors and those shares awarded in lieu of a cash bonus for the 2007
financial year, which were announced on 2 April
2008 and are subject to a vesting period expiring on 31 December 2008. The Directors'
interests are therefore as follows:
Name Total ESOP (1) Total ESAP (1),(2) Shares Directly Held
Options Options
Derek Vago 6,500,000 470,588 13,227,000
Eric Youngblood 2,000,000 411,765 710,000
Nikolaj Larsen 2,000,000 411,765 700,000
1 Subject to vesting of the ESOPs and ESAPs as outlined below
2 Employee Share Award Plan
For all granted Options, each Option is exercisable into one ordinary share of the
Company, at an exercise price of 0.1 pence with
vesting conditional on achievement of total shareholder return targets and the Option holder
not being a bad leaver (as defined in the rules
of the ESOP programme). The Options vest, subject to the satisfaction of the performance
conditions, in three tranches over a three year
period (as amended under the resolutions recently passed at the AGM on 3 April 2008). Since
inception (and in the current programmes), the
Company's ESOP and ESAP programmes, as is normal in such programmes, contain or have contained
change of control provisions under which all
ESOPs and ESAPs fully vest in the event of a change of control, including a change to the
Board.
Enquiries:
Rob Bailhache & Nick Henderson, Financial Dynamics (Media Relations) +44 (0) 207 269 7200
Sacha Macintosh, ACP Capital UK LLP +44
(0) 844 800 4530
Chris Wells, Stewart Wallace, Collins Stewart +44
(0) 207 523 8350
For further information on ACP Capital, please visit www.acpcapital.com.
About ACP Capital
ACP Capital (LSE AIM: APL) is a Jersey-incorporated specialist integrated finance and
asset management company focused on providing
equity and debt products to European small and medium sized enterprises (the "SMEs"). ACP
Capital aims to benefit from opportunities
generated from the strong growth in SME demand for integrated finance, combined with the
reduced appetite for SME lending among traditional
banks owing to higher regulatory capital requirements. In order to better serve the SME
markets directly, ACP Capital is establishing
localised operating platforms (the "Platforms") in its key markets of Germany, France and the
United Kingdom. These include to-date
Leasecom, a leading SME finance provider in France, and GCI, a specialist private equity firm
for the German SME market. Further Platforms
are being evaluated currently to serve the remaining key markets.
This information is provided by RNS
The company news service from the London Stock Exchange
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