Business
Employee Incentive Arrangemt
Employee Incentive Arrangemt.
About this update from Impax Asset Management Group Plc
[{"type":"text","content":"\n Impax Group PLC\n17 January 2007\n\nThis announcement replaces the previous RNS announcement reference 6974P\nreleased at 16:02 on 17 January 07. Amendment was made to the heading from \n'Employee Incentive Argreemnt' to 'Employee Incentive Arrangemt'. All other\ninformation remains unchanged.\n\n\nImpax Group plc ('Impax' or the 'Company')\n\nThe Company has today issued a circular seeking shareholder approval to increase\nthe number of Ordinary Shares, in respect of which awards may be made under the\nImpax Group Employee Benefit Trust 2005 ('EBT' or 'Incentive Arrangement'), to\n24,250,000 Ordinary Shares.\n\nBackground\n\nIn January 2005 Shareholders approved the establishment by the Company of the\nIncentive Arrangement for the purposes, inter alia, of the grant of awards of\nOrdinary Shares to employees of the Group. The purpose of establishing the\nIncentive Arrangement was to motivate and incentivise eligible participants to\nachieve value for Shareholders. Under the Incentive Arrangement, as approved by\nShareholders, the maximum number of Ordinary Shares that may be the subject of\nawards was limited to 18,250,000 Ordinary Shares. The remuneration committee is\nproposing that the limit on the maximum number of Ordinary Shares that may be\nthe subject of awards under the Incentive Arrangement be increased to 24,250,000\nOrdinary Shares.\n\nThe Incentive Arrangement\n\nThe Incentive Arrangement was implemented in 2005 by means of an employee\nbenefit trust, known as the 'Impax Group Employee Benefit Trust 2005'. Full\ndetails of the Incentive Arrangement were set out in the circular to\nShareholders dated 11 January 2005. The purpose of the Incentive Arrangement\nwas and remains to motivate and incentivise eligible participants to achieve\nvalue for Shareholders.\n\nUnder the Incentive Arrangement the Company issues new Ordinary Shares at\nnominal value to the trustee of the EBT for the purpose of making share awards\nto eligible participants. The trustee of the EBT funds the purchase of such\nOrdinary Shares by the sale of existing shares in the trust.\n\nKey employees (including executive directors) are eligible to participate in the\nIncentive Arrangement. The Incentive Arrangement, as approved by Shareholders,\nprovided for awards of Ordinary Shares to be made in respect of the three\nfinancial years ending 30 Sep...