Business
Grant of Options
Grant of Options.
About this update from Tavistock Investments Plc
[{"type":"text","content":"\n \nRNS Number : 9594H Tavistock Investments PLC 16 March 2018 \n\nTavistock Investments Plc\nGrant of Options \n16 March 2018\nTavistock Investments Plc (\"Tavistock\" or the \"Company\"), the financial services group, announces that it has agreed to grant two additional tranches of performance-related share options to key members of the senior management team, including Chairman, Oliver Cooke, and Chief Executive, Brian Raven.\nThe first tranche of the performance-related share options is over an aggregate total of 30,000,000 shares and the second tranche is over an aggregate total of 30,000,000 shares, making a combined aggregate total of 60,000,000 shares.\nThe exercise price of the first tranche is 6p per share, which represents a premium of 90% over the Company's current share price. The exercise price of the second tranche is 6.5p per share, which represents a premium of 106% over the Company's current share price. \nVesting of the options is conditional upon the achievement of demanding performance targets. For the first tranche of options to vest, the level of funds under management by the Group must first reach £1.8bn. For the second tranche of options to vest, the Group must report £7m of profits in a year.\nThe grant of options to the Directors does not form a part of their standard remuneration package and, if the options granted to them were to vest and to be exercised, the resultant shares issued to them would, in aggregate, amount to 6.5% of the current issued share capital of the Company. Accordingly, the grant is considered to be a related party transaction pursuant to Rule 13 of the AIM Rules for companies (\"AIM Rules\").\nThe number, exercise price and performance criteria of the options granted to the Directors can be summarised as follows: \n\n\n\n\nPerformance Hurdle\n\n\nExercise price\n\n\nNumber of Options\n \nBrian Raven\n\n\nNumber of Options\n \nOliver Cooke\n\n\n\n\nTranche 1\nFunds under management by Group to reach £1.8 billion\n\n\n6 pence\n\n\n10 million\n\n\n7.5 million\n\n\n\n\nTranche 2\nGroup profits to reach £7 million\n\n\n6.5 pence\n\n\n10 million\n\n\n7.5 million\n\n\n\n\n \nRelated Party Transaction\nAs the grant of options to the Directors constitutes a related party transaction under the AIM Rules, the independent directors, Roderic Rennison and Peter Dorna...