Business
Phantom Share Option Scheme
Phantom Share Option Scheme.
About this update from Arbuthnot Banking Group Plc
[{"type":"text","content":"\n \nRNS Number : 1940B Arbuthnot Banking Group PLC 14 June 2016 \n\n \n \n \n \n14 June 2016\n \nARBUTHNOT ANNOUNCES AWARD OF PHANTOM SHARE OPTIONS AND SETTLEMENT OF EXISTING OPTIONS UNDER PREVIOUS SHARE OPTION SCHEME\n \nArbuthnot Banking Group PLC announces that it has today granted phantom options over its ordinary shares of one pence each (\"Ordinary Shares\", each an \"Ordinary Share\") under a new seven year incentive scheme to Andrew Salmon, James Cobb, and Ian Henderson, all directors of the Company (\"2016 Scheme\"). Mr Salmon has been granted phantom options relating to 200,000 Ordinary Shares and each of Mr Cobb and Mr Henderson has been granted phantom options relating to 100,000 Ordinary Shares. The grant of the phantom options is treated as a dealing by a director under the AIM Rules for Companies by way of the acquisition by the director of a related financial product referenced to Ordinary Shares in the Company.\nThe value of each phantom option is related to the market price of an Ordinary Share. The initial value of each Ordinary Share for the purposes of the phantom options is 1591 pence (being the mid-market share price at close of business on 14 June 2016). An increase in the value of an Ordinary Share over 1591 pence will give rise to an entitlement to a cash payment by the Company on the exercise of a phantom option.\nThe right to exercise phantom options is subject to the satisfaction of performance conditions.\n50% of each director's individual holding of phantom options is exercisable at any time after 15 June 2019 and the other 50% of each director's individual holding of phantom options is exercisable at any time after 15 June 2021.\nThe new incentive scheme and the exercise of phantom options granted under it will not result in any new Ordinary Shares being issued by the Company. This new incentive scheme is intended to replace the 1995 Unapproved Share Option Scheme amended and approved by shareholders at the Annual General Meeting in May 2006 (\"2006 Scheme\") and the Unapproved Share Option Scheme approved by shareholders at the Annual General Meeting in May 2015 (\"2015 Scheme\").\n \nWith regard to the 2006 Scheme, the Company today agreed with Mr Salmon to cancel his right to exercise options to subscribe for 100,000 Ordinary Shares un...