Grant LTIPs/Grant EMIs/Grant

RNS Number : 7740Y

Altitude Group PLC

10 July 2008

 



Altitude Group plc

('Altitude', 'the Company' or 'the Group')

Grant of Long Term Incentive Plan Awards, 

Grant of Enterprise Management Incentive Options

Grant of Unapproved Options

The Board of Altitude Group plc, (AIM: ALT.L), a leading promotional merchandise provider, announces that pursuant to the Long Term Incentive Plan Participation 2008 Grant ('LTIP') it has made an LTIP award and a conditional grant of EMI share options to the following Director and employees of the Company:

	Percentage of Pool granted under LTIP
Tim Sykes, Financial Director	12.5 %
Employees	87.5 %

The awards under the LTIP allow participants to share in a total 'Pool', amounting to 5% of the increase in shareholder value over the ensuing 3 years above a base target, which has been set at a value equivalent to 30 pence per share.

Furthermore, and in accordance with the Company's Enterprise Management Incentive Scheme ('EMI Options') and the Company's Unapproved Options scheme ('Unapproved Options'), the Company has granted options over 234,000 Shares, which are exercisable at nominal value (0.4p) conditional upon reaching share price targets of 40p and 60p, as follows:-

	EMI Options granted if share price exceeds 40p	Unapproved Options granted if share price exceeds 40p	EMI Options granted if share price exceeds 60p	Unapproved Options granted if share price exceeds 60p
Tim Sykes, Financial Director	-	37,500	-	37,500
Employees	79,500	-	79,500	-

The exercise of the EMI Options and Unapproved Options depends on the Company's share price reaching the above target levels for at least 30 consecutive days, during the period between May 2008 to May 2010. 

Following the grant of LTIP awards, EMI Options and Unapproved Options, the Directors' interests, (either directly or indirectly in Ordinary Shares, LTIPs and EMI Options) are as follows:

Name	Total Ordinary Shares	Total Ordinary Shares - % of issued share capital	Number of shares over which options are held
Colin Cooke	217,000	0.6%	Nil
Keith Willis	9,940,275	26.0%	Nil
Barry Fielder	463,500	1.2%	209,000
Craig Slater	91,000	0.2%	Nil
Martin Varley	10,237,559	26.8%	Nil
Tim Sykes	Nil	Nil	75,000

The total number of Ordinary Shares currently in issue remains unchanged at 38,203,480. This figure should be used by shareholders as the denominator for the calculations by which they can determine if they are required to notify their interest in, or a change to their interest in, Altitude Group plc under the FSA's Disclosure and Transparency Rules.

For further information:

Altitude Group plc

Craig Slater, Chief Executive Officer            Tel: [phone]

Daniel Stewart & Company plc

Lindsay Mair/Tessa Smith                             Tel: [phone]

Notes to Editor:

As one of the leading independent suppliers and distributors of promotional products, Altitude combines in excess of thirty years' experience with creative vision and expertise to deliver merchandise campaigns to a wide range of businesses which encompasses the brand and individual promotion requirements to its market.

Altitude is a creatively led company and is able to recognise, understand and supply merchandising strategies for any business or event.  

 

END

 

 

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