EBT's share subscription and equity incentive plan
14 March 2011
Lo-Q plc
("Lo-Q" or the "Company")
Employee benefit trust's share subscription and equity incentive plan
Lo-Q plc, the AIM listed provider of virtual queuing systems for theme parks and major attractions, announces that, on 10 March 2011, the remuneration committee of the board recommended, and the board approved, an incentive arrangement pursuant to which the Company will lend its employee benefit trust ("EBT") £1,331,956, and the EBT will subscribe for 853,818 new ordinary shares of 1 penny each in the Company ("New Ordinary Shares").
Tom Burnet equity incentive plan
The EBT will then grant Tom Burnet, Chief Executive, an interest in the growth in value above a share price of £2 per share in the New Ordinary Shares. In addition the EBT will grant Tom Burnet an option to acquire, in relation to half of the New Ordinary Shares (426,909), the EBT's interest in the value between £1.30 and £2, provided that at the date of exercise the share price is above £1.82.
The EBT will retain the voting rights attached to the New Ordinary Shares.
Application has been made for the New Ordinary Shares to be admitted to trading on AIM. The shares will rank pari passu with the Company's existing ordinary shares of 1 penny each and admission is expected to occur on 18 March 2011.
Following Admission the Company will have 17,121,485 shares in issue.
John Alder equity incentive plan
On 10 March 2011, the remuneration committee of the board recommended, and the board approved, the grant of an option over 160,000 ordinary shares of 1 penny each to John Alder, Finance Director, at an exercise price of £1.56 being the closing mid-market price on 9 March 2011. The option will vest on the first anniversary of the grant, expire on the tenth anniversary and may be exercised only if the share price is above £1.82 at the date of exercise.
Non-Executive Directors' options
On 10 March 2011, the board approved the grant of options over a total of 120,000 ordinary shares of 1 penny each at an exercise price of £1.56 (the "Non Executive Options"). The options will vest on the first anniversary of the grant and expire on the tenth anniversary. The Non Executive Options are being awarded as follows:
John Lillywhite: 40,000 Non Executive Options
Anthony Bone: 40,000 Non Executive Options
David Gammon: 40,000 Non Executive Options
In addition, a further 40,000 options (on the same terms as the Non Executive Options) have been awarded to Rockspring (company number 02252256), a company which is owned by David Gammon, in consideration for work carried out prior to appointment as a Non-Executive director.
Contacts:
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Lo-Q plc |
Tom Burnet, Chief Executive |
Tel: 0118 934 7400
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Canaccord Genuity Limited
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Simon Bridges/Kit Stephenson |
Tel: 020 7050 6500 |
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Walbrook PR Ltd |
Paul McManus |
Tel: 020 7933 8780 Mob: 07980 541 893 |
This information is provided by RNS