Impax Group PLC
19 December 2007
Impax Group PLC
Employee Incentive Arrangement
19 December 2007
Impax Group plc ('Impax', the 'Group' or the 'Company')
The Company has today issued a circular (the 'Circular') to Shareholders seeking
approval of proposals to extend the operation of the Impax Group Employee
Benefit Trust 2005 ('the EBT'), pursuant to which awards of Ordinary Shares have
been made for the benefit of employees of the Group and their families, in
relation to the three financial years ending 30 September 2010 and the issue of
a maximum of 18,250,000 Ordinary Shares under the EBT.
Copies of the Circular may be obtained from the Company's registered office,
Broughton House, 6-8 Sackville Street, London W1S 3DG or may be downloaded from
the Company's website at www.impax.co.uk.
Background
In January 2005 Shareholders approved the establishment by the Company of the
Impax Group Employee Benefit Trust 2005 ('EBT' or 'Incentive Arrangement') for
the purposes, inter alia, of the grant of awards of Ordinary Shares to employees
of the Group. The purpose of establishing the Incentive Arrangement was to
motivate and incentivise eligible participants to achieve value for
Shareholders. The maximum number of Ordinary Shares that may be issued under
the Incentive Arrangement as approved by Shareholders was limited to 18,250,000
Ordinary Shares.
In January 2007, the remuneration committee proposed that the limit on the
maximum number of Ordinary Shares that may be issued under the Incentive
Arrangement be increased to 24,250,000 Ordinary Shares for the purposes of
making awards under the Incentive Arrangement in respect of the financial year
ended 30 September 2007. However, following discussions with certain
Shareholders, the Board concluded that it should design and put forward new
long-term incentive arrangements rather than seek approval of an increase in the
number of Ordinary Shares in respect of which awards could be made only in
relation to the financial year ending 30 September 2007.
Since February 2007 the remuneration committee has formulated the proposals set
out in the Circular to operate the Incentive Arrangement in relation to the
three financial years of the Company ending 30 September 2008, 2009 and 2010 and
to issue a maximum of 18,250,000 Ordinary Shares under the Incentive Arrangement
in respect of the three financial years ending 30 September 2010.
Further details of the EBT and the proposals are set out in the Circular.
Extraordinary General Meeting
An extraordinary general meeting of the Company will be held on 31 January 2008
for the purpose, inter alia, of considering a resolution to approve the
operation of the EBT in relation to the three financial years ending 30
September 2010 and the increase in the number of Ordinary Shares that may be
issued under the EBT. The resolutions to be proposed at the extraordinary
general meeting are set out in the notice of the meeting which is contained
within the Circular.
For further information please contact
Impax Group plc 020 7434 1122
Ian Simm, Chief Executive
Landsbanki Securities (UK) Limited 020 7426 9000
Mark Dickenson, Managing Director
This information is provided by RNS
The company news service from the London Stock Exchange