Growth Share Scheme Extended from 3 to 5 Years
5 September 2017
Alpha FX Group plc
("Alpha", the "Company" or the "Group")
Growth Share Scheme Extended from 3 to 5 Years
Alpha FX (AIM:AFX) today wishes to update shareholders with regards to changes in the Company's Growth Share Scheme. At IPO the Company implemented a Growth Share Scheme ("Growth Share Scheme"), under which B ordinary shares in the Company's subsidiary ("B Shares") may be issued to full-time employees of the Group. The Growth Share Scheme is administered and managed by the Board of Alpha.
The B Shares contain a put option, such that, when and to the extent vested, they can be converted into ordinary shares in the Company. Under the original terms of the Growth Share Scheme, the B Shares allotted to participants would vest in three equal tranches, occurring annually, starting on 31 December 2017 until 31 December 2019. Vesting would require 30 per cent. revenue growth per year, meaning that full vesting would require three year compound growth of 120 per cent.
Following consultation with participants in the Growth Share Scheme, the length of the Scheme has been extended, with the B Shares vesting in five equal tranches, occurring annually, starting on 31 December 2017 until 31 December 2021. The requirements for revenue growth in the first three years remain the same, namely 30 per cent. per year, whilst vesting in years four and five require 20 per cent. revenue growth per year. All other details of the Growth Share Scheme remain as set out in the Company's Admission Document.
The changes to the Growth Share Scheme were considered and approved by the Remuneration Committee (Lisa Gordon acting as Chairman).
Enquiries:
Alpha FX Group plc via Alma PR
Lisa Gordon, Chairman of Remuneration Committee
Clive Kahn
Liberum Capital Limited (Nominated Adviser and Sole Broker) Tel: +44 (0) 20 3100 2000
Neil Patel
Richard Bootle
Dominik Götzenberger
Alma PR (Financial Public Relations) Tel: 07580 216 203
Josh Royston
Rebecca Sanders-Hewett
Helena Bogle
Market Abuse Regulation
This announcement is released by Alpha FX Group plc and contains inside information for the purposes of the Market Abuse Regulation (EU) 596/2014 ("MAR") and is disclosed in accordance with the Company's obligations under Article 17 of MAR. The person who arranged for the release of this announcement on behalf of Alpha FX Group plc was Tim Kidd, Chief Financial Officer.
Notes to Editors
Alpha is a UK-based corporate foreign exchange service provider focused on managing exchange rate risk for UK corporates that trade internationally. The Company's primary client base consists of medium sized corporates that have a requirement to convert currency for a commercial purpose, such as buying or selling goods and services overseas, repatriating profits, or expatriating payroll. Since it was incorporated in 2010, Alpha has been able to build and retain a high-quality client base that includes brands such as ASOS, Holland & Barrett and Global Data.
This information is provided by RNS
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