Business
Director shareholding
Director shareholding.
About this update from Parkmead Group Plc
[{"type":"text","content":"\n Parkmead Group (The) PLC\n23 May 2006\n\n\n\n The Parkmead Group PLC\n\n\n\n Director shareholding and issue of options\n\n\n\nFollowing the recent changes to the company structure, combined with the\nsuccessful fund raising and acquisition of Quayside Corporate Services, the\nBoard of The Parkmead Group has agreed to introduce share-based incentive\nschemes for its key executive directors. To this effect, the Board is today\nannouncing the following in respect of Niall Doran, Chief Executive of The\nParkmead Group:\n\n\n\nFirstly, an Employee Benefit Trust (EBT) is being established which will\nsubscribe for 33,485,616 new ordinary 5p shares at a price of 8 pence per share\n(the current market price is 7.75p). This is equivalent to 10% of the current\noutstanding issued share capital of The Parkmead Group. The EBT will\nsubsequently make a loan to Mr Doran to purchase these shares from the EBT\nitself and he will become beneficial owner of the shares. As a result, the\nnumber of shares in issue will increase to 368,335,112.\n\n\n\nSecondly, Mr Doran is being granted options over a further 33,485,616 shares,\nwith an exercise price of 8 pence. Half of these may be exercised if the share\nprice of The Parkmead Group trades at or above 18 pence and the other half\nsimilarly at a price of 27 pence. The options have a ten-year lifespan and will\nlapse if not exercised in that period.\n\n\n\nThe number of shares currently under option is 29,537,423 and the issue of the\nabove options would therefore bring the total to 63,023,039 or 17.1% of the\nincreased shares in issue, pursuant to the EBT transaction.\n\n\n\nIn defining the above amounts the Board has been mindful of both the ABI\nguidelines in respect of the recommended amount of options which may be\navailable at any time as well as the need to set demanding targets for the\noptions to crystallise. In setting the levels of share price threshold at 125%\nand 237.5% respectively above the exercise price, the Board considers that the\ninterests of executives and investors are fully aligned. The Board has consulted\nwith its major institutional shareholders, all of whom have indicated their\nsupport for the recommendations above.\n\n\n\n Ends\n\n\n\nEnquiries:\n\n\n\nMadano Partnership (PR to The Parkmead Group)\n\nMatthew Moth/Toby Wilkinson 0207 593 4000\n\n\n\n\n\n\n This info...