Alternative Networks plc Director/PDMR Shareholding (4779C)
January 19 2015 - 3:00AM
UK Regulatory
TIDMAN.
RNS Number : 4779C
Alternative Networks plc
19 January 2015
19 January 2015
Alternative Networks plc
("Alternative Networks" or the "Company")
Director / PDMR Shareholding
Alternative Networks announces that following consultation with
its largest shareholders, the Company has adopted a new Long Term
Reward Plan ("LTRP") as a replacement for the existing Long Term
Incentive Plan. The Company's Remuneration Committee has today
awarded options to certain Directors under the LTRP.
Eligibility
The Company's Remuneration Committee will determine who will
participate in the LTRP and may extend participation to any
employee (including Executive Directors) of Alternative Networks or
its subsidiaries. It is expected that participants will include the
Executive Board (including all executive directors except the
Executive Chairman), senior managers and other key selected
staff.
Individual limits
In normal circumstances, awards may not be granted to a
participant under the LTRP over Ordinary Shares in the Company of
0.125p each ("Ordinary Shares") with a market value in excess of
200 per cent of that participant's base salary for the relevant
financial year of Alternative Networks. In exceptional
circumstances, awards may be granted to a participant under the
LTRP over Ordinary Shares with a market value in excess of 300 per
cent of that participant's base salary for the relevant financial
year.
Terms of awards
Under the LTRP, awards will be granted in the form of a nil-cost
option. Awards may be satisfied with newly-issued shares, treasury
shares or shares purchased in the market. The Remuneration
Committee may also decide to settle the awards in cash. The awards
will usually vest and become exercisable on the third anniversary
of the date of grant.
Plan limits
Where awards are satisfied with newly issued shares or shares
transferred from Treasury, there is a rolling limit of 10% in 10
years, excluding any dilution prior to 8 February 2013.
Performance conditions
Awards will generally only vest and become exercisable subject
to the satisfaction of performance conditions determined by the
Remuneration Committee on or prior to the date of grant.
Awards granted in 2015 shall be subject to the following
performance conditions:
-- EBITDA and free cash flow performance over a one-year period
(up to 50% of the award for each), and;
-- in the case of awards granted to Executive Directors and
other selected participants, an additional EPS performance
condition measured over a three-year period which has to be met for
awards held by these participants to vest.
The following Directors have today been granted awards under the
LTRP.
No. of Ordinary
Shares granted Total resultant
under LTRP Purchase price Exercise price Expected vesting number of
Director award of each award of upon vesting date options held
19 January
Edward Spurrier 96,000 Nil Nil 2017 327,087
19 January
Mark Quartermaine 67,000 Nil Nil 2017 110,536
19 January
Gavin Griggs 55,000 Nil Nil 2017 157,332
Purchase of Ordinary Shares
On 19 January 2014 Mark Quartermaine purchased 2,467 Ordinary
Shares. Subsequent to this purchase, Mr. Quartermaine has an
interest in 2,467 Ordinary Shares, representing 0.01% of the
Company's issued share capital.
Enquiries:
Alternative Networks
Edward Spurrier, Chief Executive Officer 0870 190 7444
Gavin Griggs, Chief Financial Officer
Investec Bank PLC- Nominated Adviser and Joint Broker 020 7597 5970
Patrick Robb / Carlton Nelson / Andrew Pinder
finnCap Limited- Joint Broker 020 7220 0565
Stuart Andrews/Charlotte Stranner
Pelham Bell Pottinger 07802 442486
This information is provided by RNS
The company news service from the London Stock Exchange
END
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