Business
Director Options
Director Options.
About this update from Impax Asset Management Group Plc
[{"type":"text","content":"\n \nRNS Number : 1547E Impax Asset Management Group plc 01 April 2011 \n\n1 April 2011\nImpax Asset Management Group plc\nGrant of Awards and Employer National Insurance Charge relating to Employee Incentive Arrangement\nImpax Asset Management Group plc (the \"Company\") today announces the grant of awards under its Employee Incentive Arrangement (\"EIA\") to one of the Company's directors as well as certain other employees and how it is addressing the consequences of recent announcements from Her Majesty's Revenue and Customs (\"HMRC\"), including certain Related Party Transactions and an employer's National Insurance Contributions (\"NIC\") charge.\nAs announced on 16 March 2011, the Company's performance target in relation to the EIA was successfully achieved for the financial year ended 30 September 2010. The performance target included a minimum 52 per cent increase in the share price of the Company since January 2008. The Company's Board of Directors is delighted with this achievement and the contribution of the Company's employees over the three year period covered by the EIA. The Board has accordingly approved the granting of awards in respect of 18.25 million of the Company's ordinary shares of 1p each (\"Ordinary Shares\") to certain employees (the \"EIA Awards\"). \nConsequence of Recent HMRC Announcements, Allocation of Awards and Directors Dealings\nDuring December 2010 HMRC issued a consultation paper proposing various changes to the taxation of awards already delivered and yet to be delivered under employee benefit trusts of the type operated by the Company as the delivery vehicle for the EIA. Subsequently, both HMRC and the Chancellor of the Exchequer have provided further clarification. \nIn consultation with the Company's advisors, the Company's Board of Directors has determined that, in order to reduce uncertainty over the tax consequences of the EIA, it is in the Company's best interest to offer to employees an option scheme (the \"Option Scheme\") for the delivery of EIA Awards as an alternative vehicle to the award of Ordinary Shares to employees and their families via the Company's Employee Benefit Trust (\"EBT\"). \nThe Option Scheme comprises options delivered through a long term incentive plan (\"LTIP Options\") together with an additional payment (the \"Add...