TIDMNBI
RNS Number : 3600E
Northbridge Industrial Services PLC
05 May 2017
5 May 2017
Northbridge Industrial Services Plc
("Northbridge" or the "Group")
Changes to share option plans
Northbridge Industrial Services Plc today announces two new
share option plans. A new tax-favoured Schedule 4 CSOP share option
plan and a new unapproved share option plan were approved by the
Board of Directors on 3 May 2017. These plans replace the previous
schemes which closed to new option awards in 2016.
As a result of the significant fall in the Company's share price
over the last couple of years, the current share price is well
below the exercise price of many of the outstanding awards made
prior to 2016. The Remuneration Committee believe that this fall is
due to adverse market conditions and has decided to extend the life
of all options granted between 2006 and 2014 to give option holders
more time to exercise their options.
It was agreed that the lives of the outstanding options granted
would be extended as follows:
Option grant Extension
year period
2006-2010 5 years
2011 4 years
2012 3 years
2013 2 years
2014 1 year
As the new schemes have now been set up and to avoid making
changes to the previous schemes, all of the outstanding options
granted under the previous schemes will be surrendered and replaced
by options granted under the new schemes with same terms as the
surrendered options.
Directors' options
The following options have been granted to Directors in the new
schemes to replace the options held in the previous schemes. The
only changes to the options relate to the extension of the options
granted between 2006 and 2014 as detailed above.
Number Exercise
of options Exercise Price
Director Scheme Granted period (p)
Unapproved Share Options 05/05/17
Eric Hook Scheme 118,659 - 30/05/21 100.64
Unapproved Share Options 05/05/17
Eric Hook Scheme 102,746 - 02/04/22 146.96
Unapproved Share Options 05/05/17
Eric Hook Scheme 41,098 - 09/04/23 150.86
Unapproved Share Options 05/05/17
Eric Hook Scheme 41,098 - 20/04/24 149.88
Unapproved Share Options 05/05/17
Eric Hook Scheme 120,000 - 30/09/25 186.00
Unapproved Share Options 05/05/17
Eric Hook Scheme 75,000 - 21/04/25 237.00
Unapproved Share Options 05/05/17
Eric Hook Scheme 60,000 - 18/04/25 281.50
Unapproved Share Options 05/05/17
Eric Hook Scheme 48,000 - 18/04/25 327.50
Unapproved Share Options 05/05/17
Eric Hook Scheme 50,000 - 10/04/25 453.50
Unapproved Share Options 17/04/18
Eric Hook Scheme 50,000 - 17/04/25 377.50
Unapproved Share Options 10/05/19
Eric Hook Scheme 100,000 - 10/05/26 89.50
Unapproved Share Options 05/05/17
Ian Gardner Scheme 20,000 - 18/04/25 281.50
Unapproved Share Options 05/05/17
Ian Gardner Scheme 16,000 - 18/04/25 327.50
Unapproved Share Options 05/05/17
Ian Gardner Scheme 20,000 - 10/04/25 453.50
Unapproved Share Options 17/04/18
Ian Gardner Scheme 20,000 - 17/04/25 377.50
Unapproved Share Options 10/05/19
Ian Gardner Scheme 20,000 - 10/05/26 89.50
Unapproved Share Options 05/05/17
Iwan Phillips Scheme 10,000 - 18/04/25 281.50
Unapproved Share Options 05/05/17
Iwan Phillips Scheme 8,000 - 18/04/25 327.50
Schedule 4 CSOP Share 05/05/17
Iwan Phillips Options Scheme 4,102 - 10/04/25 453.50
Unapproved Share Options 05/05/17
Iwan Phillips Scheme 3,898 - 10/04/25 453.50
Unapproved Share Options 17/04/18
Iwan Phillips Scheme 6,981 - 17/04/25 377.50
Schedule 4 CSOP Share 17/04/18
Iwan Phillips Options Scheme 3,019 - 17/04/25 377.50
Unapproved Share Options 10/05/19
Iwan Phillips Scheme 20,000 - 10/05/26 89.50
The Director's share options held before and after the changes
explained above are summarised as follows:
Number of
Number of options
options prior after the
Director Scheme to the changes changes
Unapproved Share Options
Eric Hook Scheme 799,986 806,601
Schedule 4 CSOP Share
Eric Hook Options Scheme 6,615 0
Unapproved Share Options
Ian Gardner Scheme 96,000 96,000
Unapproved Share Options
Iwan Phillips Scheme 48,879 48,879
Schedule 4 CSOP Share
Iwan Phillips Options Scheme 7,121 7,121
-Ends-
For further information
Northbridge Industrial Services Plc 01283 531645
Eric Hook, Chief Executive Officer
Iwan Phillips, Finance Director
Stockdale Securities Limited (Bookrunner, Nominated Adviser and Broker) 020 7601 6100
Robert Finlay / Antonio Bossi / Henry Willcocks
Buchanan Communications 020 7466 5000
Charles Ryland / Stephanie Watson/ Catriona Flint
About Northbridge:
Northbridge Industrial Services plc hires and sells specialist
industrial equipment. With offices or agents in the UK, USA, Dubai,
Belgium, Germany, France, Australia, New Zealand, Singapore, China,
Brazil and South Korea, Northbridge has a global customer base.
This includes utility companies, the oil and gas sector, shipping,
banking, mining, construction and the public sector. The product
range includes loadbanks, transformers and oil tools. Northbridge
was admitted to AIM in 2006 since when it has grown by providing a
high level of service, responsiveness and flexibility to customers,
by the acquisition of companies in the UK, Dubai, Australia,
Belgium, New Zealand and Singapore and through investing further in
those acquired companies to make them more successful. Northbridge
continues to seek suitable businesses for acquisition across the
world.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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