Fulcrum Utility Services Ltd Management Incentive Scheme (2668L)
December 21 2018 - 4:00AM
UK Regulatory
TIDMFCRM
RNS Number : 2668L
Fulcrum Utility Services Ltd
21 December 2018
21 December 2018
FULCRUM UTILITY SERVICES LIMITED
("Fulcrum" or the "Company")
Management Incentive Scheme
The Company announces that it has granted share options to
Martin Harrison, Fulcrum's Chief Executive Officer. As previously
announced, the scheme intends to align the incentives of key
management with the Company's long-term growth strategy through the
issuance of growth share scheme shares ("GSS Shares") in Fulcrum
Group Holdings Limited, a subsidiary of the Company.
GSS Shares have been awarded:
Name Position Total number of GSS Shares
awarded
Director - Chief Executive
Martin Harrison Officer 659,615
Vesting conditions
There are two vesting points in the scheme and each of these
have different vesting criteria:
-- Phase 1 - in order for 60% of the GSS Shares to vest, Fulcrum
must achieve a share price that averages at least 100 pence over a
period of 20 consecutive days and a holding period of two years
following the grant must have completed.
-- Phase 2 - in order for the remaining 40% of the GSS Shares to
vest, Fulcrum must achieve a share price that averages at least 130
pence over a period of 20 consecutive days and a holding period of
three years following the grant must have completed.
The GSS Shares have a nominal value of GBP0.00001 pence per
share and carry a put option allowing the participants to sell
their shares to the Company at nominal value on achieving the share
price performance hurdle and fulfilling the holding period
criteria. The GSS Shares may also be converted into new ordinary
shares in the Company, subject to achievement of the same
performance criteria. Any cash value received shall be determined
by the Company's share price at the point of conversion.
Martin Harrison's total beneficial interest in the Company,
including his wife's shares, is 3,425,787 Ordinary Shares.
Template for notification and public disclosure of transactions
by persons discharging managerial responsibilities and persons
closely associated with them
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Martin Harrison
-------------------------- --------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------
a) Position/status Director - Chief Executive Officer
-------------------------- --------------------------------------------
b) Initial notification Initial
/ amendment
-------------------------- --------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------
a) Name Fulcrum Utility Services Limited
-------------------------- --------------------------------------------
b) LEI 213800UOG45CW6KZY620
-------------------------- --------------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
------------------------------------------------------------------------
a) Description of the Growth share scheme shares in subsidiary
financial instrument, of Fulcrum Utility Services Limited,
type of instrument which may be convertible into new
ordinary shares in Fulcrum Utility
Identification code Services Limited.
ISIN: KYG368851047
-------------------------- --------------------------------------------
b) Nature of the transaction Grant of growth share scheme shares
in subsidiary of Fulcrum Utility
Services Limited, which may be convertible
into new ordinary shares in Fulcrum
Utility Services Limited.
-------------------------- --------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP0.00001 659,615
----------
-------------------------- --------------------------------------------
d) Aggregated information
- Aggregated volume N/A
- Price
-------------------------- --------------------------------------------
e) Date of the transaction 20 December 2018
-------------------------- --------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------- --------------------------------------------
Enquiries:
+44 (0)114 280
4102
Fulcrum Utility Services Limited +44 (0)114 280
Hazel Griffiths (Chief Financial Officer) 4150
Craig Baugh (Director of Sales and Marketing)
Cenkos Securities plc (Nominated adviser and broker) +44 (0)20 7397
Max Hartley (Nomad) / Nick Searle (Sales) 8900
Camarco (Financial PR advisers)
Ginny Pulbrook / Tom Huddart +44(0)203 757 4992
Notes to Editors:
Fulcrum is a multi-utility infrastructure and services provider
based in Sheffield, UK. The Company's primary business is the
provision of utility infrastructure services to the residential,
commercial and industrial markets throughout the mainland UK. These
range from the design, installation or alteration of utility
services for single site properties to large complex multi-site
projects. Through its subsidiaries, Fulcrum Pipelines Limited and
Fulcrum Electricity Assets Limited, Fulcrum is also licensed as an
Independent Gas Transporter and Independent Distribution Network
Operator, owning and operating gas and electrical assets that
connect properties to the main UK gas and electricity networks.
Fulcrum is also a meter asset manager, owning and operating meter
assets across mainland UK.
In 2018, Fulcrum acquired the Dunamis Group, an electrical
infrastructure services company, creating one of the UK's leading
gas and electrical infrastructure services groups.
http://www.fulcrum.co.uk/
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London Stock Exchange. RNS is approved by the Financial Conduct
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Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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