AGM Statement
21 4월 2010 - 7:34PM
UK Regulatory
TIDMELE
RNS Number : 5450K
Electric Word PLC
21 April 2010
21 April 2010
ELECTRIC WORD PLC
("Electric Word" or the "Company")
AGM STATEMENT
Electric Word plc, the specialist information publisher, today held its Annual
General Meeting and all resolutions were duly passed.
Following the meeting, Julian Turner, Chief Executive, said:
"Electric Word has enjoyed a positive start to 2010 in each of its Professional
Education, Sport Business and Specialist Consumer operating divisions. Current
trading for the Group is in line with the Board's expectations and adjusted
profits are ahead of last year. Our diverse range of niche markets, platforms
and revenue streams has demonstrated its strength and the Group is well placed
to continue its strategy of growing through a combination of organic development
around existing businesses and appropriate acquisition opportunities."
The Board also announces that Emma Rogers, Director, has started a period of
maternity leave and as a result has decided to step down from the Board today.
As indicated in the Group's Preliminary Results announcement on 16 February
2010, the 2007 Long-Term Incentive Plan has now ended and a replacement scheme
has been developed. The new scheme is in two parts to reward the achievement of
stretching growth targets in both profits and share price.
Under the Profit Growth Plan senior management will be granted new options today
to acquire shares in the Company at nominal value under a new 2010 Company Share
Option Plan ("2010 Plan"). The number of shares and the vesting entitlements for
the new scheme will be subject to performance conditions relating to the growth
in Adjusted Profits* in the business unit for which the participant is
responsible over the two years to 30th November 2011 or, in the case of
Directors, the Group as a whole. Participants will only start to accrue vesting
rights in these options once profit growth has exceeded certain minimum growth
thresholds that have been set for each individual business unit and range from
3% to 8% per annum. The maximum number of shares that will be available under
the Profit Growth Plan is 9,650,000, representing 4.1% of the current issued
share capital, which would require annualised growth in Adjusted Profits* of
approximately 16% per annum.
The second part of the new scheme will reward significant share price growth in
the period from 30th November 2009 to April 2014 through a new Joint Share
Ownership Plan ("JSOP") which the Company now intends to set up. Participants
will start to accrue rights under the scheme if share price growth in the
period exceeds compound growth of 10% per annum. The maximum dilution allowed
under the Share Price Growth Scheme will be 10% of the issued share capital,
which would require annualised compound share price growth over the period of
45% per annum.
By way of example, if Adjusted Profits grow by 12.5% per annum from November
30th 2009 to November 30th 2011, and the share price were to increase each year
by 15% in the period from November 30th 2009 to April 2014, the total number of
shares issued under the 2010 Plan and the JSOP would be approximately 14
million, representing dilution of 6% based on the current issued share capital.
Yesterday, prior to the adoption of the 2010 Plan Julian Turner waived his
options over 5,500,000 shares granted in 2000 and one other member of senior
management has waived options over 400,000 shares granted in 2004.
The participating Directors' remaining beneficial interests in the Company are
as follows:
Julian Turner has an interest in 10,110,270 issued shares, representing 4% of
the issued share capital, options over a further 692,267 shares and a maximum
total participation in the 2010 Plan and the JSOP of 13,750,000 shares, all of
which are subject to performance conditions as set out above. Of that total,
1,800,000 options have today been granted under the 2010 Plan.
Quentin Brocklebank has an interest in 69,268 issued shares, representing less
than 1% of the issued share capital, options over a further 311,520 shares and a
maximum participation in the 2010 Scheme of 8,670,000 shares, all of which are
subject to performance conditions as set out above. Of that total, 1,500,000
options have today been granted under the 2010 Plan.
* The Group's definition of Adjusted Profits is as set out in its Annual Report
and Accounts:
Adjusted Profits exclude amortisation and impairment of goodwill and intangible
assets, exceptional gains and costs (non-trading and of a non-recurring nature),
the tax impact of the adjusting items, the use of tax losses and tax credits
from recognition of tax losses, and notional accounting charges. The amount for
notional accounting charges is not a cash item and encompasses both the
unwinding of discounts on preference shares (now redeemed) and provisions and
the charge for share based payment costs.
- ENDS -
Enquiries:
+----------------------------------+------------------+
| Julian Turner, Chief Executive, | 020 7954 3470 |
| Electric Word | |
+----------------------------------+------------------+
| Tim Spratt, Financial Dynamics | 020 7831 3113 |
+----------------------------------+------------------+
| Andrew Potts/Callum Stewart, | 020 7459 3600 |
| Panmure Gordon | |
+----------------------------------+------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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