Reach4Entertainment Enterprises PLC Grant of Options (1697R)
05 3월 2016 - 2:23AM
UK Regulatory
TIDMR4E
RNS Number : 1697R
Reach4Entertainment Enterprises PLC
04 March 2016
4 March 2016
reach4entertainment enterprises plc
("r4e" or the "Company")
New Share Option Scheme and Grant of Options
r4e, the transatlantic media and entertainment marketing
company, announces that it has adopted a new employee share
incentive scheme, the reach4entertainment enterprises plc 2016 Long
Term Incentive Plan (the "Scheme").
It was announced on 13 November 2015 that the Board recognised
the importance of retaining and incentivising employees and
therefore agreed to put in place a share incentive scheme and to
make grants under the scheme of up to 20 per cent. of the issued
share capital at an exercise price of 1p per share, being the price
of the placing announced on that date. Accordingly, under the
Scheme, options over a total of 84,475,000 new ordinary shares in
the Company, representing approximately 17.75 per cent. of the
current issued ordinary share capital of the Company, have today
been granted to employees and senior management, including to the
Executive Chairman and Acting CEO (the "Options"). Of the total
Options granted, 23,750,000 were granted to David Stoller, the
Executive Chairman and Acting CEO of the Company, which represent
approximately 4.99 per cent. of the current issued ordinary share
capital of the Company.
The Options are exercisable at 1p per share as to 50 per cent on
the third anniversary of the date of grant and as to 50 per cent.
on the fourth anniversary of the date of grant. The Options shall
lapse (and cease to be exercisable) on the sixth anniversary of the
date of grant (being 3 March 2022).
In addition, Options held by David Stoller and certain other
senior employees and management may be exercised earlier if the
Board determines that any exercise condition as set out below has
been met (the "Share Price Targets"):
Should the Company's mid-market closing share price meet or
exceed the following targets for five trading days (which may be
non-consecutive) within a period of 30 consecutive calendar days
prior to the third anniversary of the date of grant, the Option
shall be exercisable as follows:
(a) one third of the Option shall become exercisable on meeting
a share price target of GBP0.035 per share;
(b) a further one third of the Option shall become exercisable
on meeting a share price target of GBP0.045 per share; and
(c) the remaining one third of the Option shall become
exercisable on meeting a share price target of GBP0.055 per
share.
However, subject to the Board's discretion, the Option holder
shall be required to retain the shares received on exercise of an
Option on the Share Price Targets having been met until the earlier
of:
i) twelve months following the date the Option is exercised; or
ii) the third anniversary from the date of grant has passed.
The grant of options to David Stoller is deemed to be a related
party transaction pursuant to rule 13 of the AIM Rules for
Companies. Accordingly, Richard Ingham and Marcus Yeoman, being the
independent directors for this purpose, having consulted with the
Company's nominated adviser, Allenby Capital Limited, consider that
the terms of David Stoller's options are fair and reasonable
insofar as the Company's shareholders are concerned.
Enquiries:
reach4entertainment enterprises
plc +44 (0) 20 7968
David Stoller, Executive Chairman 1655
Allenby Capital (Nominated Adviser
and Broker) +44 (0) 20 3328
Jeremy Porter / James Reeve 5656
+44 (0) 20 3151
Novella Communications (Financial 7008
PR) +44 (0) 7900
Tim Robertson / Ben Heath 927650
This information is provided by RNS
The company news service from the London Stock Exchange
END
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