Business
Directors incentivisation and
Directors incentivisation and.
About this update from Pennant International Group Plc
[{"type":"text","content":"\n RNS Number : 7897V Pennant International Group PLC 08 November 2010 \n \n\nPENNANT INTERNATIONAL GROUP PLC\n(AIM: PEN)\n \nRevised Incentive Arrangements for Executive Directors\n \nPennant International Group plc (the \"Company\") announces that following a review of the incentivisation arrangements for its executive directors, Chris Snook (\"CS\") and John Waller (\"JW\") it has undertaken the following measures (together the \"Arrangements\"):\n· the Company has established an employee benefit trust (the \"EBT\");\n· the Company has made an interest free loan of £292,775 to the EBT;\n· the Company has waived the performance conditions attached to share options held by CS and JW\n· the EBT has made interest free loans to CS and JW of £148,013 and £144,763 respectively;\n· each of CS and JW will apply the loan made to him to finance the acquisition from the Company of:\n(1) 1,120,000 ordinary shares in the Company formerly held by the Company in Treasury, by exercising all their options to acquire shares in the Company for an aggregate exercise price of £188,050;\n(2) 355,000 ordinary shares in the Company formerly held by the Company in Treasury, at a price of 14.75p per share;\n· the Company has cancelled 2,500,000 of its ordinary shares formerly held in Treasury.\n \nFurther details of and reasons for the Arrangements\nThe remuneration committee of the Company, Mr Christopher Powell and Mrs Jennifer Powell, consider that the Arrangements provide a better and more tax effective long term incentive to CS and JW to deliver value for shareholders than the former share option arrangements.\nIn place of the performance conditions attached to options held by CS and JW which have been waived in order to permit the options to be exercised, terms restricting the disposal of shares acquired by CS and JW have been included in the loans to them from the EBT. Prior to the announcement of the Company's results for its financial year ending 31 December 2012, in the event that CS or JW ceases to be an employee of the Company or any of its subsidiaries for any reason other than retirement due to ill-health or accident or a r...