Secure Trust Bank PLC Exercise of options, equity issue, director shares (0330W)
November 03 2014 - 11:45AM
UK Regulatory
TIDMSTB TIDMARBB
RNS Number : 0330W
Secure Trust Bank PLC
03 November 2014
Press Release
Immediate Release
3 November 2014
Secure Trust Bank PLC ("STB", "Secure Trust Bank" or the
"Company")
Exercise of Options, Issue of Equity and Director
Shareholdings
Secure Trust Bank announces that it has today been notified of
the exercise of options over a total of 460,412 ordinary shares of
40 pence each ("Ordinary Shares") at a price of 720 pence each.
Paul Lynam, Andrew Salmon and Neeraj Kapur, all Directors of the
Company, are among those who exercised options and accordingly the
Company has issued the new ordinary shares ("New Shares") as
detailed below:
Paul Lynam: 141,666
Andrew Salmon: 141,666
Neeraj Kapur: 35,416
Other employees: 141,664
Application has been made for the New Shares to be admitted to
trading on AIM. The shares will rank pari passu with the existing
issued shares of the Company and dealings are expected to commence
on 7 November 2014. Following the issue of the New Shares, the
Company has a total of 18,191,894 Ordinary Shares in issue.
The effect of the issue of the New Shares is to increase the
Common Equity Tier 1 capital of the Company by GBP3.3 million.
The Company was also notified today that on the same day,
following the exercise of options, Paul Lynam sold 141,666 Ordinary
Shares at a price of GBP25.00 per share, Andrew Salmon sold 141,666
Ordinary Shares at a price of GBP25.00 per share and Neeraj Kapur
sold 35,416 Ordinary Shares at a price of GBP25.00 per share.
Following these transactions, the shareholdings of the Directors
involved are as follows:
The shareholding of Paul Lynam and persons connected to him
remains unchanged at 9,110 Ordinary Shares representing
approximately 0.05 per cent. of the Company's issued ordinary share
capital. As previously disclosed Paul Lynam retains 141,667
unvested options maturing in November 2016 subject to certain
performance criteria being achieved.
The shareholding of Andrew Salmon and persons connected to him
remains unchanged at 7,500 Ordinary Shares representing
approximately 0.04 per cent. of the Company's issued ordinary share
capital. As previously disclosed Andrew Salmon retains 141,667
unvested options maturing in November 2016 subject to certain
performance criteria being achieved.
The shareholding of Neeraj Kapur and persons connected to him
remains unchanged at 1,000 Ordinary Shares representing
approximately 0.01 per cent. of the Company's issued ordinary share
capital. As previously disclosed Neeraj Kapur retains 35,417
unvested options maturing in November 2016 subject to certain
performance criteria being achieved.
As a result of the issue of the New Shares the interest of
Arbuthnot Banking Group PLC in the Company comprising 9,444,538
Ordinary Shares has reduced from 53.3% of the existing issued share
capital of the Company to 51.9% of the enlarged issued share
capital of the Company.
The options that have been exercised comprise the first tranche
of options granted under the share option scheme that was put in
place in 2011 in connection with the admission of the Company's
shares to trading on AIM. A further and final tranche of options
under that scheme are exercisable in November 2016 subject to
certain performance criteria being achieved.
As previously disclosed, the remuneration committee is
considering an appropriate new incentive scheme to motivate and
retain key executives and senior management. It is currently
contemplated that the new scheme will contain performance
conditions and will reward long term performance. Further
consideration of the terms of an appropriate scheme is taking place
but it is expected that the new scheme will be put in place shortly
and will be exercisable in 2018. Further information will be
included in the 2014 Report and Accounts.
Enquiries:
Secure Trust Bank PLC
Henry Angest, Non-Executive Chairman Tel: 020 7012 2400
Andrew Salmon, Non-Executive Director
Paul Lynam, Chief Executive Officer Tel: 0121 693 9100
Neeraj Kapur, Chief Financial Officer
David Marshall, Director of Communications Tel: 020 7012 2400
Canaccord Genuity Limited (Nominated Adviser) Tel: 020 7665 4500
Sunil Duggal
Milan Solanki
Canaccord Genuity Limited (Joint Broker) Tel: 020 7523 8000
Roger Lambert
Lucy Tilley
Oriel Securities Limited (Joint Broker) Tel: 020 7710 7600
Robin Mann
Gareth Hunt
Bell Pottinger (Financial PR) Tel: 020 3772 2563
Ben Woodford
Dan de Belder
This information is provided by RNS
The company news service from the London Stock Exchange
END
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