Business
Joint Share Ownership Plan
Joint Share Ownership Plan.
About this update from Iomart Group Plc
[{"type":"text","content":"\n RNS Number : 5867J Iomart Group PLC 01 April 2010 \n \n\n1 April 2010\n \niomart Group plc \n(\"iomart\" or \"the Company\")\n \nJoint Share Ownership Plan and Surrender of Options\n \niomart announces that it has established a Joint Share Ownership Plan (\"JSOP\") to enable the Company to motivate and retain its senior management. \n \nFor the purposes of the JSOP, the Company has established a new employee benefit trust (\"EBT\") which has subscribed for 2,513,297 new shares in the Company and acquired a further 2,463,887 shares currently held by the Company in treasury all at a price of 49.5p which have been funded by a loan from the Company. All 4,977,184 of the shares will be held jointly between the EBT and certain members of the senior management team. \n \nThose individuals participating in the JSOP have agreed to surrender a matching volume of share options previously granted under the Company's unapproved share option scheme.\n \nOn 31 March 2010 the Directors of the Company surrendered in total 4,750,079 share options as follows:-\n \n\n\n\n\nDirector\n\n\nPosition\n\n\nShare Options Surrendered\n\n\nExercise Price\n\n\n\n\nAngus MacSween\n\n\nChief Executive\n\n\n322,612\n\n\n78.5p\n\n\n\n\nAngus MacSween\n\n\nChief Executive\n\n\n1,156,990\n\n\n46.5p\n\n\n\n\nRichard Logan\n\n\nFinance Director\n\n\n500,000\n\n\n50.5p\n\n\n\n\nRichard Logan\n\n\nFinance Director\n\n\n1,021,505\n\n\n46.5p\n\n\n\n\nSarah Haran\n\n\nExecutive Director\n\n\n177,867\n\n\n78.5p\n\n\n\n\nSarah Haran\n\n\nExecutive Director\n\n\n414,018\n\n\n50.5p\n\n\n\n\nSarah Haran\n\n\nExecutive Director\n\n\n1,157,087\n\n\n46.5p\n\n\n\n\n \nAll performance criteria and vesting periods which applied to the share options surrendered will also apply to shares subject to the JSOP. \n \nThe EBT's interest gives it the right on a sale of shares subject to the JSOP to receive the higher of the subscription price of the JSOP shares and the original exercise price of the surrendered options (\"the participation price\"). In addition the participation price of the JSOP shares will escalate at 3% per annum with the exception of those where the participation price is 78.5p. On a sale of JSOP shares the participant has the right to receive any increase in the sale price over the participation price.\n \nAll...