ACS AI Claims

TIDMACS

RNS Number : 0290C

AI Claims Solutions PLC

01 March 2011

Ai Claims Solutions PLC

("Ai" or the "Company")

Grant of Share Options & Chairman's Incentivisation Arrangement

Ai, the ethical after accident solution provider, today announces that a new Unapproved Share Option Plan ("the 2011 USOP") has been established by Ai and approved by the Board following the expiry, in 2009, of the 10 year term of Ai's previous Unapproved Share Option Plan ("the 1999 USOP").

In order to strengthen further the equity incentivisation available to the executive directors, certain key senior management and staff, the Board also announces that, after consultation with Ai's major shareholders, it has made the following awards of 4,780,000 options in total under the 2011 USOP, each with an exercise price of 20p:

 
                                                   Total number 
                           Maximum number of         of options 
                             options granted    held if maximum 
                         under the 2011 USOP      number of all 
                           award (subject to      option awards 
 Name                  performance criteria)               vest 
 Directors 
 David Sandhu                      2,000,000          3,285,500 
 Peter Harrison                    1,600,000          2,348,500 
 Senior Management 
 Jim Monteith                        200,000            411,000 
 Chris Shaw                          300,000            553,500 
 Peter Taylor                        200,000            447,000 
 Paul McCarthy                       200,000            200,000 
 Other staff                         280,000                n/a 
 

The options will only vest if the following criteria are met:

- Complete vesting of the options would take place with the achievement of an average share price of 40p (based on mid market prices derived from the Stock Exchange Daily Official List) for any rolling 30 day period between the 2(nd) anniversary and the 3(rd) anniversary after the date of the award.

- A 50% vesting of these option awards would take place with the achievement of an average share price (on the same basis and during the same period as noted above) of 35p.

Once vested, the options will be able to be exercised, subject to certain conditions, up until the 10(th) anniversary after the date of the award.

Further to the announcement made on 17 December 2010, and in order to also align his interests with those of the shareholders, a separate share option arrangement has been entered into with Steve Broughton, the Chairman, under which he has been awarded 2,000,000 options with the same performance criteria, vesting conditions & exercise price as the other awards made today under the 2011 USOP. This award, which represents the total number of options held by Mr Broughton, has also been made after consultation with major shareholders.

For further information, please contact:

 
 Ai Claims Solutions plc 
 Robert Newton                0844 571 3108 
 Christopher Baker            0844 571 3108 
 
 Shore Capital & Corporate 
  Ltd 
 Dru Danford / Stephane 
  Auton                       0207 408 4090 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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