Earthport PLC Issue of Allocated Shares

Date : 04/06/2017 @ 2:01AM
Source : UK Regulatory (RNS & others)
Stock : Earthport (EPO)
Quote : 11.05  0.025 (0.23%) @ 10:14AM
Earthport share price Chart

Earthport PLC Issue of Allocated Shares

Earthport (LSE:EPO)
Historical Stock Chart

1 Year : From Jan 2017 to Jan 2018

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TIDMEPO

RNS Number : 7308B

Earthport PLC

06 April 2017

6 April 2017

Earthport plc

("Earthport" or "Company")

Issue of Allocated Shares

The Board of Earthport plc (AIM: EPO.L), the leading network for cross-border payments, announces the following remuneration plan for Mr. Hank Uberoi, Executive Director and CEO, of Earthport plc for his continuing services and contributions to the Company in 2016 and 2017.

The remuneration award is as follows:

 
      Share Plan                                     Vesting 
----------------------  ---------------------------------------------------------------- 
 An award of 7.6 
  million zero                  *    800,000 of the Allocated Shares vested on 1 January 
  priced allocated                   2017 ("Tranche 1"), This will be allocated on 1 
  shares in Earthport                January 2018 
  Plc, to be awarded 
  for services 
  performed in 
  2016 and for                  *    800,000 of the Allocated Shares vest on 1 January 
  anticipated services               2018 ("Tranche 2") 
  in 2017 
 
 
                                *    3 million of the Allocated Shares vest when the 
                                     average Share price over a three month period is at 
                                     least 43 pence ("Tranche 3") 
 
 
 
                                *    3 million of the Allocated Shares vest when the 
                                     average Share price over a three month period is 
                                     least 75 pence ("Tranche 4") 
----------------------  ---------------------------------------------------------------- 
 

The Award will cease to Vest if the Participant ceases employment or upon the Participant giving notice (if earlier).

The Shares awarded under this plan amount to approximately 1.2% of the Company's fully diluted share capital.

Mr. Uberoi currently holds 39,000,000 options with a weighted average exercise price of 27p (approximately 42% vested and 58% subject to performance conditions based on the Company achieving certain operating targets). Following this award, Mr. Uberoi will hold 39,000,000 options and 7,600,000 allocated shares over ordinary shares representing a combined holdings of approximately 7.6% of the Company's fully diluted share capital.

MAR Disclosure

 
1   Details of the person discharging managerial responsibilities / person closely associated 
 
a)   Name                                            Hank Uberoi 
2   Reason for the notification -Grant of Options over Ordinary Shares 
a)   Position/status                                 Chief Executive Officer 
b)   Initial notification /Amendment                 Initial notification 
3   Details of the issuer, emission allowance market participant, auction platform, auctioneer 
     or auction monitor 
a)   Name                                            Earthport Plc 
b)   LEI                                             N/A 
a)   Description of the financial instrument,        Options over Ordinary Shares of GBP0.10 
      type of instrument 
      Identification code                             GB00BODFPF10 
b)   Nature of the transaction                       Grant of options 
c)   Price(s) and volume(s)                          Price(s)   Volume(s) 
                                                      Nil        7,600,000 
d)   Aggregated information 
      - Aggregated volume                             N/A - single transaction 
      - Price 
e)   Date of the transaction                         5 April 2017 
f)   Place of the transaction                        Off market 
 

For further information, please contact:

 
Earthport plc 
 Vinode Ramgopal /Phil Hickman    020 7220 9700 
 
  Newgate Communications            020 7653 9848 
Bob Huxford / James Ash / James 
 Browne 
 
 
  N+1 Singer (Nominated Adviser 
  and Joint Broker)                 020 7496 3000 
Mark Taylor / James White 
 
Shore Capital (Joint Broker)      020 7408 4090 
Bidhi Bhoma / Toby Gibbs 
 

About Earthport:

Earthport provides cross-border payment services to banks and businesses. Through a single relationship with Earthport, clients can seamlessly manage payments to almost any bank account in the world, reducing costs and complexity to meet their customers' evolving expectations of price, speed and transparency.

Earthport offers clients access to global payment capability in 190+ countries and territories, with local ACH (Automated Clearing House) options in 60+ countries and an evolving suite of currencies and settlement options.

Earthport continues to invest in the establishment of in-country bank partnerships across the world, bringing together its deep market and regulatory expertise in order to maintain compliant and commercially competitive services.

The result - a global payments network accessed via a single relationship, delivering significant cost and operating efficiencies for banks and businesses servicing high volumes of lower value payments.

Headquartered in London with regional offices in New York, Dubai, Miami and Singapore, Earthport is a public company, traded on the London Stock Exchange (AIM: EPO.L) with an institutional investor base including World Bank IFC, Oppenheimer, Blackrock, Henderson.

Please visit www.earthport.com for more information.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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April 06, 2017 02:01 ET (06:01 GMT)

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