Directorate Changes
May 13 2010 - 2:01AM
UK Regulatory
TIDMALEA
RNS Number : 8285L
Alea Group Holdings(Bermuda) Ltd
13 May 2010
13 May 2010
Alea Group Holdings (Bermuda) Ltd
Directorate Changes and Award of
Restricted Stock Units to Executive Director
HAMILTON, Bermuda - Alea Group Holdings (Bermuda) Ltd. ('Alea' or 'the Group')
today announced the appointment of Jeffrey R. Rosenthal as an Executive Director
of Alea with effect from 12 May 2010. Mr. Rosenthal was appointed Group
President and Chief Executive Officer of Alea, effective 1 April 2010. Mr.
Rosenthal has held a variety of senior leadership positions at Fortress
Investment Group, Starwood Capital and KPMG.
Alea also announces the appointment of Mark Cloutier as Non-Executive director
of Alea with effect from 12 May 2010. Mr. Cloutier was formerly an Executive
Director and Group President and Chief Executive Officer of the Company.
In order to enhance alignment of the interests of the Group's Executive Director
with the Company's shareholders, the Company has awarded Restricted Stock Units
with effect 12 May 2010 as follows:
+-------------------+-----------+------------+-----------+------------------+
| Name of | Title: | No. of | No. of | No. of Ordinary |
| Person | | Ordinary | Ordinary | Shares, par |
| Discharging | | Shares, | Shares, | value $0.01 per |
| Managerial | | par | par value | share, |
| Responsibilities/ | | value | $0.01 per | beneficially |
| Executive | | $0.01 | share, | owned following |
| Director: | | per | over | the award |
| | | share, | which | (assuming full |
| | | to which | options | vesting of all |
| | | the | are held | Restricted Stock |
| | | restricted | | Unit award and |
| | | stock unit | | assuming |
| | | award | | exercise of all |
| | | applies: | | outstanding |
| | | | | options held): |
+-------------------+-----------+------------+-----------+------------------+
| Jeffrey R. | Executive | 1,190,476 | Nil | 1,190,476 |
| Rosenthal | Director, | | | |
| | President | | | |
| | and CEO | | | |
+-------------------+-----------+------------+-----------+------------------+
The Restricted Stock Units were granted pursuant to Part C of the Alea Group
Executive Option and Stock Plan (the "Plan") and a Bonus RSU Award and
Shareholder Agreement between Mr. Rosenthal, the Company and Alea North America
Company (the "Agreement"). The Restricted Stock Units were priced in accordance
with the terms of the Plan and the Agreement. The Restricted Stock Units will
vest 33% on 1 April 2011 and 2012, respectively, and the remainder will vest on
1 April 2013 and are not subject to financial performance requirements.
This notification relates to transactions notified in accordance with Disclosure
and Transparency Rule 3.1.4R(1)(a).
For further information, please contact:
Sheel Sawhney
+1 860 258 6524
Financial Dynamics
Robert Bailhache
Nick Henderson
+44 20 7269 7114
####
Past performance cannot be relied upon as a guide to future performance.
Certain statements made in this document that are not based on current or
historical facts are forward-looking in nature including, without limitation,
statements containing the words "believes," "anticipates," "plans," "projects,"
"intends," "expects," "estimates," "predicts," and words of similar import. All
statements other than statements of historical facts including, without
limitation, those regarding the Group's financial position, business strategy,
plans and objectives of management for future operations (including development
plans and objectives) are forward-looking statements. Such forward-looking
statements involve known and unknown risks, uncertainties and other important
factors that could cause the actual results, performance or achievements of the
Group to be materially different from future results, performance or
achievements expressed or implied by such forward-looking statements. In
particular, forecasting of reserves for future losses is based on historical
experience and future assumptions. As a result, they are inherently subjective
and may fluctuate based on actual future experience and changes to current or
future trends in the legal, social or economic environment. Such forward-looking
statements are based on numerous assumptions regarding the Group's present and
future business strategies and the environment in which the Group will operate
in the future. These forward-looking statements speak only as at the date of
this document or other information concerned. Alea Group Holdings (Bermuda) Ltd
expressly disclaims any obligations or undertaking (other than reporting
obligations imposed on us in relation to our listing on the London Stock
Exchange) to disseminate any updates or revisions to any forward-looking
statements contained herein to reflect any changes in the Group's expectations
with regard thereto or any change in events, conditions or circumstances on
which any such statement is based. References in this paragraph to the Group are
to Alea Group Holdings (Bermuda) Ltd and its subsidiaries from time to time.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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