Business
Employee Incentive Arrangemnt
Employee Incentive Arrangemnt.
About this update from Impax Asset Management Group Plc
[{"type":"text","content":"\n Impax Group PLC\n19 December 2007\n\nImpax Group PLC\n\n\n\nEmployee Incentive Arrangement\n\n\n\n19 December 2007\n\n\n\nImpax Group plc ('Impax', the 'Group' or the 'Company')\n\n\n\nThe Company has today issued a circular (the 'Circular') to Shareholders seeking\napproval of proposals to extend the operation of the Impax Group Employee\nBenefit Trust 2005 ('the EBT'), pursuant to which awards of Ordinary Shares have\nbeen made for the benefit of employees of the Group and their families, in\nrelation to the three financial years ending 30 September 2010 and the issue of\na maximum of 18,250,000 Ordinary Shares under the EBT.\n\n\n\nCopies of the Circular may be obtained from the Company's registered office,\nBroughton House, 6-8 Sackville Street, London W1S 3DG or may be downloaded from\nthe Company's website at www.impax.co.uk.\n\n\n\nBackground\n\n\n\nIn January 2005 Shareholders approved the establishment by the Company of the\nImpax Group Employee Benefit Trust 2005 ('EBT' or 'Incentive Arrangement') for\nthe purposes, inter alia, of the grant of awards of Ordinary Shares to employees\nof the Group. The purpose of establishing the Incentive Arrangement was to\nmotivate and incentivise eligible participants to achieve value for\nShareholders. The maximum number of Ordinary Shares that may be issued under\nthe Incentive Arrangement as approved by Shareholders was limited to 18,250,000\nOrdinary Shares.\n\n\n\nIn January 2007, the remuneration committee proposed that the limit on the\nmaximum number of Ordinary Shares that may be issued under the Incentive\nArrangement be increased to 24,250,000 Ordinary Shares for the purposes of\nmaking awards under the Incentive Arrangement in respect of the financial year\nended 30 September 2007. However, following discussions with certain\nShareholders, the Board concluded that it should design and put forward new\nlong-term incentive arrangements rather than seek approval of an increase in the\nnumber of Ordinary Shares in respect of which awards could be made only in\nrelation to the financial year ending 30 September 2007.\n\n\n\nSince February 2007 the remuneration committee has formulated the proposals set\nout in the Circular to operate the Incentive Arrangement in relation to the\nthree financial years of the Company ending 30 September 2008, 2009 and 2010 and\nto issue a max...