Business
Appointment of adviser and issue of options
Appointment of adviser and issue of options.
About this update from Altitude Group Plc
[{"type":"text","content":"\n \nRNS Number : 3236S Altitude Group PLC 25 June 2018 \n\nALTITUDE GROUP PLC\n (the \"Group\" or \"Altitude\")\n \nAppointment of adviser and issue of options\n \n \nAltitude Group plc (AIM: ALT), the operator of a leading marketplace for personalised products, is delighted to announce the appointment of Torch Partners (\"Torch\") as long-term financial adviser to the Group together with the grant to Torch of certain options as remuneration (\"Incentive Options\").\n \n \nAppointment of Torch Partners\n \nThrough the appointment of Torch, the Company looks forward to benefiting from Torch's deep technology sector knowledge and track record of having worked with entrepreneurial and growth companies including JUST EAT plc and ZPG plc on strategic execution, M&A and the delivery of long-term value for shareholders.\n \nTorch will work closely with Group CEO Nichole Stella and her executive management team, providing advice, analysis and input to maximise customer engagement and drive long-term value from the supply chain.\n \nIssue of Incentive Options\n \nRemuneration for Torch shall involve the grant of two million Incentive Options the terms of which are as follows: \n \n1. Incentive Options over 1,000,000 shares with a strike price of 90 pence per share, straight line vesting over three years\n \n2. Incentive Options over 1,000,000 shares with a strike price of 90 pence per share and split into three vesting hurdles:\n \n- 333,333 options when the Altitude share price reaches 300 pence per share\n- 333,333 options when the Altitude share price reaches 400 pence per share\n- 333,334 options when the Altitude share price reaches 500 pence per share\n \nPeter Hallett, Non-Executive Chairman of Altitude said, \"As we continue to see strong evidence of success of the Channl Pro solution and new opportunities for growth continue to present themselves, we believe that engaging with a long-term financial adviser with such relevant knowledge of innovative and sector disruptive businesses will help Nichole and her team consider further growth initiatives that have proven highly successful in other relevant verticals.\nWe see the enga...