International Brand Licensing PLC ('the Company')
Directors' Awards
1 December 2005
The Company announces the adoption of entitlements under a new bonus and share
incentive scheme. The scheme provides for participants to receive bonus shares
or a cash bonus dependent on market capitalisation targets being achieved by
the Company.
The maximum entitlements under the scheme to directors to which awards have
been made are set as follows:
Director Maximum Share Entitlement Percentage of current issued
share capital
Tony Hutchinson 1,667,168 5.0%
Paul Foulger 500,150 1.5%
The maximum entitlements under these awards are achieved in full if the
Company's market capitalisation reaches £20 million or greater, with
entitlements vesting at the following targets: 70% at a market capitalisation
of £18 million, 45% at £16 million; 30% at £13 million and 15% at £10 million.
The remuneration committee has the discretion to satisfy entitlements under the
first two targets in cash. Entitlements on achieving subsequent targets can
only be satisfied in shares. Entitlements will vest on a takeover of the
Company, and the Company's remuneration committee has discretion to make bonus
awards should the takeover value exceed £15 million, subject to a limit of 50%
of existing entitlements where the takeover value exceeds £15 million.
As part of the implementation of the new share scheme, Tony Hutchinson's
existing share options, over 1,075,000 ordinary shares in the Company, have
been cancelled.
Enquiries:
Adam Reynolds
Hansard Communications
Tel. 020 7245 1100