Business
Director/PDMR Shareholding & Issue of Equity
Director/PDMR Shareholding & Issue of Equity.
About this update from Synectics Plc
[{"type":"text","content":"\n \n\n\n\n8 July 2009\n\n Quadnetics Group plc\n (\"Quadnetics\" or the \"Company\")\n\n Allotment of Shares to new Group Executive Shared Ownership Plan\n\n\nQuadnetics Group plc, a leader in the design, integration and control\nof advanced CCTV and networked video surveillance systems, announces\nthat it has instituted a new Group Executive Shared Ownership Plan\n(\"the ExSOP\") to replace its existing executive long term incentive\nplan (\"the existing LTIP\"), and has allotted 462,310 new Ordinary\nShares of 20p (\"the New Shares\") to the corporate trustee of the new\nplan.\n\nIn line with the appointment of a new Chief Executive, and the Group\nre-organisation announced on 16 June 2009, the objective of the ExSOP\nis to create incentives for the top 40-50 senior managers of\nQuadnetics which will provide meaningful rewards for exceptional\nperformance over the next three to five years in delivering the\nCompany's goals.\n\nUnder the provisions of the ExSOP, shares (\"the ExSOP Shares\") are\njointly owned by nominated senior employees and by a recently formed\nemployees' share trust, on terms, similar to a share option scheme,\nwhereby the value of appreciation in the Company's share price over a\nminimum three year period accrues to the relevant employee, provided\nthe Company meets certain performance thresholds. In summary, none of\nthe awarded ExSOP shares will vest unless the total return (dividends\nplus share price appreciation) on Company's shares is better than the\nperformance of the FTSE AIM All Share Total Return Index over the\nthree-year period from award. The shares will vest fully if the\nCompany's performance beats the index by more than five percentage\npoints over that period, with pro rata vesting for out performance up\nto five percent. The performance thresholds are identical to those\nunder the existing LTIP.\n\nThe New Shares were allotted at £1.475 each, being the mid-market\nprice of the Company's Ordinary Shares immediately prior to the\nallotment. The substantial majority of the funding for subscription\nfor the New Shares was provided by a loan facility to the share trust\nby the Company. It is intended that this loan will ultimately be\nrepaid following a sale of the ExSOP Shares in the market once the\nthree-year qualification requirements and performance criteria have\nbeen met. Full detail...