Business
New Director Incentive Scheme
New Director Incentive Scheme.
About this update from Frenkel Topping Group Plc
[{"type":"text","content":"\n \nRNS Number : 3038X Frenkel Topping Group PLC 09 January 2014 \n\n \n \n\n\n\n\nPress Release\n\n\n9 January 2014\n\n\n\n\n \nFrenkel Topping plc\n \n(\"Frenkel Topping\" or the \"Company\")\n \nNew Director Incentive Scheme\n \nFrenkel Topping plc (AIM: FEN), the provider of specialist independent financial advice on the investment of personal injury damages and clinical negligence awards, today announces that it has implemented a new director incentive scheme (\"Scheme\") which is further explained below. The Scheme has been implemented following the cancellation of the director incentive scheme previously in place (\"Old Scheme\"). The Scheme has substantially higher incentive hurdles compared to the Old Scheme. Pursuant to the Scheme, on 7 January 2014, David Southworth, Richard Fraser and Julie Dean, being the directors of the Company (\"Directors\"), acquired shares (\"FTG Shares\") in Frenkel Topping Group Holdings Limited (\"FTG\"), a subsidiary of the Company recently incorporated for the purposes of the Scheme.\n \nDetails of the Scheme\nThe Scheme provides a return to the Directors in certain circumstances, principally on the occurrence of a return of capital to the Company's shareholders or a sale of either the Company or FTG (\"Exit Event\") by allowing them to participate in the value attributable to an Exit Event which exceeds the minimum target thresholds set out below:\n\n\n\n\nValue of Exit Event\n\n\nMaximum % of value (\"Proceeds\") payable to Directors*\n\n\n\n\n£25m to £27m\n\n\n1%\n\n\n\n\n£27m to £28m \n\n\n2%\n\n\n\n\n£28m to £30m\n\n\n3%\n\n\n\n\n£30m to £31m\n\n\n4%\n\n\n\n\n£31m to £33m\n\n\n5%\n\n\n\n\n£33m to £34m\n\n\n6%\n\n\n\n\n£34m to £36m\n\n\n7%\n\n\n\n\n£36m to £38m\n\n\n8%\n\n\n\n\nAbove £38m\n\n\n9%\n\n\n\n\nThe Proceeds will be shared between the Directors as follows: David Southworth will receive 15%, Richard Fraser will receive 42.5% and Julie Dean will receive 42.5%\n \nUnder the Scheme, the means by which the Directors will receive the Proceeds, if any are due to them, will be dependent upon the nature of the Exit Event. If the Exit Event is by way of a winding up of the Company, any other return of capital in respect of the shares of the Company (\"Company Shares\") or a sale of a majority of the Company Shares, the Company w...