Gear4music (Holdings) PLC New Long-Term Incentive Plan (1183H)
November 13 2018 - 1:01AM
UK Regulatory
TIDMG4M
RNS Number : 1183H
Gear4music (Holdings) PLC
13 November 2018
13 November 2018
Gear4music (Holdings) plc
New Long-Term Incentive Plan
The Board of Gear4music (Holdings) plc ('Gear4music, the
'Company', or the 'Group'), the largest UK based online retailer of
musical instruments and music equipment, today announces a new
long-term management incentive plan (the 'Plan') to incentivise
senior employees in a manner that aligns with the interests of the
Company's shareholders.
The Plan involves the issue of 210,000 'B' Ordinary shares in
Gear4music Limited, a subsidiary of the Company. These 'B' shares
vest from 2021-26 and can be exchanged on a one-for-one basis for
new ordinary Company shares subject to meeting specified criteria,
including reaching a specified target share price for 75% of the
award, and pre-determined revenue and profitability targets for
25%.
Financial year ending: Share Price hurdle Maximum nos. of shares
(being the average vesting (including
closing mid-price 25% performance related
in the 30-day period shares)
following announcement
of preliminary results)
31 March 2021 GBP13 27,300
-------------------------- -------------------------
31 March 2022 GBP16 29,400
-------------------------- -------------------------
31 March 2023 GBP20 33,600
-------------------------- -------------------------
31 March 2024 GBP24 35,700
-------------------------- -------------------------
31 March 2025 GBP29 39,900
-------------------------- -------------------------
31 March 2026 GBP35 44,100
-------------------------- -------------------------
Certain of the Company's directors are participating in the Plan
as detailed below, along with members of the Group's senior
management team.
Name Position Number of shares
Andrew Wass Chief Executive Officer 45,000
-------------------------- -----------------
Gareth Bevan Chief Commercial Officer 52,500
-------------------------- -----------------
Chris Scott Chief Financial Officer 45,000
-------------------------- -----------------
The 'B' shares are non-voting, non-dividend restricted shares.
The initial subscription cost is paid by way of a cash bonus.
Further details will be set out in the Annual Report and
Accounts.
Ken Ford, the Company's Non-Executive Chairman and Remuneration
Committee Chairman, commented "We wish to retain and incentivise
key employees and to ensure that the interests of those individuals
are closely aligned to the interests of our shareholders. The
Company has enjoyed great success since coming to market, and has
ambitions for long-term, sustained growth and this scheme reflects
this by encouraging management to invest in future growth. The
Company has introduced the Plan to play a central role in the
achievement of these aims and demonstrates Andrew, Gareth, Chris
and the other senior management's commitment to and belief in the
long-term success of the Group."
- Ends -
Enquiries:
Gear4music
Andrew Wass, Chief Executive Officer
Chris Scott, Chief Financial Officer +44 20 3865 9668
Panmure Gordon
(Joint Financial Adviser, Joint Broker,
and Nominated Adviser)
Dominic Morley - Investment Banking
Erik Anderson - Corporate Broking +44 20 7886 2500
Peel Hunt
(Joint Financial Adviser and Joint Broker)
Adrian Trimmings
George Sellar +44 20 7418 8900
Alma PR (Financial PR) Josh Royston/Rebecca +44 20 3865 9668
Sanders-Hewett/Helena Bogle Gear4Music@almapr.co.uk
About Gear4music.com
Operating from a Head Office in York, and Distribution Centres
and showrooms in York, Sweden and Germany, the Group sells
own-brand musical instruments and music equipment alongside premium
third-party brands including Fender, Yamaha and Roland, to
customers ranging from beginners to musical enthusiasts and
professionals, in the UK, Europe and, more recently, into the Rest
of the World.
Having developed its own e-commerce platform, with multilingual,
multicurrency and fully responsive design websites delivering to
over 190 countries, the Group has rapidly expanded its database and
continues to build its overseas presence.
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END
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