Management and Employee Incentive Scheme

RNS Number : 3990A

Coms PLC

20 March 2013

 

20 March 2013

Coms plc ("Coms", the "Company" or the "Group")

Management and Employee Incentive Scheme

The Company announced on 28 February 2013 that it was aiming to at least double the annualised sales revenue of the business in the next 12 months. The directors recognise that a key driver of this growth will be through the incentivisation of the management and employees. With this in mind, the company is pleased to announce that that Board has approved a management and employee incentive scheme.

Under the terms of the scheme, all individuals within the Group who achieve  specific individual targets are eligible to be issued shares in the Company. The number of shares to be issued will depend on the achievement of both individual targets and on the achievement of targets by the Group as a whole. These Group targets include, achieving a three times increase in the annualised sales revenue of the business for this year's trading and hitting a range of key performance indicators including profit specific targets for business as a whole.

The Board has agreed to set aside up to 24 million shares to fulfil the potential obligations under this incentive scheme which is open to all staff and is anticipated to be shared amongst  40 employees. The Executive Directors, Andrew Branson and Dave Breith, will qualify for 4 million shares each if all their targets are met

Dave Breith (CEO) commented "I am a strong believer in ensuring that all employees are incentivised to work as a team to achieve this year's goals. I announced on 28 February that we were aiming to double the size of the business but have set the threshold for the award of the full complement of shares under the incentive scheme to a higher level, namely to triple the size of the business to push the boundaries on what I want this business to achieve. Everyone has bought into the plan and is working hard to achieve this"

Contact:

Coms plc

David Breith (CEO)                                                                  [phone]

Grant Thornton UK LLP (Nominated Adviser)

Colin Aaronson / Jen Clarke                                                    [phone]

XCAP Securities plc (Broker)

John Belliss                                                                             [phone]

Newgate Threadneedle (PR)

Graham Herring                                                                      [phone]

 

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