Long Term Management Incentive Plan

RNS Number : 1092O

IDOX PLC

08 October 2012

 



8 October 2012

IDOX plc

Launch of Long-Term Management Incentive Plan and Grant of Options

The Board is pleased to announce that following a period of discussion with its advisers and key shareholders in the Company, the Remuneration Committee has recommended, and the Board intends to implement as soon as possible, a long-term incentive plan for directors and senior executives of the Company.  The purpose of the plan is to give key employees, in a single package, a strong incentive to meet or exceed demanding performance targets in a sustainable manner, primarily by means of awards of restricted shares.

All these awards of restricted shares and options below are made within the existing authorised 10 year, 15% limit of the Company's issued share capital.

The new long-term management incentive plan incorporates various objective performance criteria (as to growth in consolidated EBITDA, as well as overall gearing limitations) and is designed to align the interests of directors, senior executives and employees more closely with those of shareholders.  Vesting of the restricted share awards within a five-year period will be contingent on the share price rising to and being sustained at 55p or higher.   Participants will receive no benefit unless both the objective criteria and the share price target are achieved and must remain employed by the Company at the time of vesting. Formal awards and transfers of restricted shares pursuant to the awards will be effected at a later date and will be announced accordingly.

The intended recipients and levels of participation are:

Name	Maximum Entitlement Ordinary Shares	Additional % Interest in Company if Maximum entitlement obtained*
Richard Kellett-Clarke	1,900,000	0.55%
William Edmondson	1,500,000	0.43%
Others (senior executives)	6,300,000	1.80%

* Based on ordinary shares in issue at the date of this announcement

Additionally, Options were granted, pursuant to the unapproved share option scheme, adopted by the Board on 1 February 2007, to the below-noted directors following the agreement of the terms of these options at the remuneration committee of the Board held on the 8^th August 2012. All options referred to are exercisable over ordinary shares of 1p each in the Capital of the Company ('Ordinary Shares') as set out below :

Director                         No. Options        Exercise Date of Grant                Vesting   Latest Exercise Date

                                                            Price                                         Period

Martin Brooks                 300,000             44p       5/09/2012                     3 years      5/09/2019

Richard Kellett-Clarke     300,000              44p       5/09/2012                     3 years      5/09/2019

William Edmondson        150,000             44p        5/09/2012                     3 years      5/09/2019

The directors listed above hold the following interests in the share capital of the Company:

Director                               Nature of Holding                Ordinary Shares Held          % of issued capital

Martin Brooks                            Direct                             1,751,849                                  0.50%

                                                Indirect                          6,149,679                                  1.76%

Richard Kellett-Clarke                 Direct                             5,699,569                                  1.64%

                                                Indirect                          4,730,898                                  1.36%

William Edmondson                    Direct                               100,000                                   0.03%

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Enquiries:

IDOX plc	[phone]
Martin Brooks, Chairman Richard Kellett-Clarke, Chief Executive
William Edmondson, Chief Financial Officer
Investec Investment Bank plc (NOMAD & Broker)	[phone]
Andrew Pinder / Patrick Robb
FinnCap (Broker)	[phone]
Stuart Andrews / Stephen Norcross
Leander (Financial PR)	[phone]
Christian Taylor-Wilkinson

About IDOX plc

IDOX plc is a supplier of specialist document management collaboration solutions and services to the UK public sector and increasingly to highly regulated asset intensive industries around the world in the wider corporate sector.

Its Public Sector Software Division is the leading applications provider to UK local government for core functions relating to land, people and property, such as its market leading planning systems and election management software. Over 90% of UK local authorities are now customers. The Group provides public sector organisations with tools to manage information and knowledge, documents, content, business processes and workflow as well as connecting directly with the citizen via the web.

Through the Information Solutions Division IDOX also supplies, predominantly to the public sector, decision support content such as grants and planning policy information as well as related specialist services.

The Engineering Information Management Division delivers engineering document management and control applications to many leading companies in industries such as oil & gas, mining, utilities, pharmaceuticals and transportation around the world.

In addition the Group provides knowledge and content management skills to customers through its TFPL branded recruitment division.

The Group employs over 450 staff located in the UK, the USA, Europe, India and Australia.

For more information see www.idox.com

 

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