Servelec Group plc Clarification on Servelec Remuneration Policy (8343B)
April 06 2017 - 10:31AM
UK Regulatory
TIDMSERV
RNS Number : 8343B
Servelec Group plc
06 April 2017
6 April 2017
Servelec Group PLC
("Servelec" or the "Group")
Clarification on Servelec Remuneration Policy
Servelec Group plc wishes to provide additional clarification on
the Remuneration Policy detailed in its Annual Report and Accounts
in order to guide shareholders on what their vote refers to in
respect of resolution three at the forthcoming Annual General
Meeting.
As referenced in the Remuneration Report on p60 of the Group's
Annual Report and Accounts, the Remuneration Policy on p62 of the
Annual Report and Accounts should say:
1. in the row headed "Long-Term Incentive Plan (LTIP)" and in
the column headed "Potential remuneration", and in place of the
first sentence:
"The Remuneration Committee would in normal circumstances expect
to award LTIPs annually at a 100% of base salary with a maximum of
200% (rising to 300% in exceptional circumstances)."; and
2. in the row headed "Long-Term Incentive Plan (LTIP)" and in
the column headed "Potential remuneration", and in place of the
first sentence:
"The Remuneration Committee intends to award LTIP's of 150% of
base salary to the Executive Directors in the six weeks following
the results announcement in line with the scheme rules."
As such, it is proposed to amend resolution three at the
forthcoming Annual General Meeting to reflect this change in
meaning. Going forward, the Remuneration Policy will ensure that
the incentive structure continues to support the objective of
building on the growth in shareholder value that has already been
achieved since IPO. This 150% is below the maximum permitted award
of 200% under the plan rules but was not stated specifically in the
previously approved Remuneration Policy.
Annual General Meeting
The Group's Annual General Meeting will take place on Wednesday
26 April 2016 at 9.30am, at the offices of Investec, 2 Gresham
Street, London, EC2V 7QN. The chairmen of the Board's committees
will be present to answer questions put to them by shareholders.
The Notice of the Annual General Meeting is available on the
Group's website at
https://www.servelec-group.com/investor-relations/shareholder-information/
<ENDS>
For further enquiries, please contact:
Servelec Group plc
Alan Stubbs, Chief Executive Officer
Mike Cane, Chief Financial Officer
Pamela Weeks, Head of Corporate +44 (0) 1246
Communications and PR 437 400
Investec Bank plc
Patrick Robb/Dominic Emery/Sebastian +44 (0) 207
Lawrence/Matt Lewis 597 5097
Tulchan Group +44 (0) 20
James Macey-White/Matt Low 7353 4200
Notes to Editors:
Servelec Group plc is a UK-headquartered technology group, with
significant intellectual property, providing software, hardware and
services predominantly to the UK health and social care, oil &
gas, nuclear, power, water, utilities and broadcast sectors.
Servelec has two operating divisions; Servelec HSC and Servelec
Automation:
- Servelec HSC specialises in the design, development and
implementation of Electronic Patient Record (EPR) and Patient
Administration Systems (PAS), Social Care Case Management software
and early Years education software within secondary care and social
care and education in local government settings and is a market
leader in the Mental Health, Community Health and Social Care
sectors in England.
- Servelec Automation provides complex, mission-critical control
systems to large blue-chip companies mainly in the UK, focusing on
the oil & gas, nuclear, power, water, utilities and broadcast
industries. Servelec Automation also provides services from
consultancy through to design, implementation, delivery,
installation and on-going customer support and maintenance.
This information is provided by RNS
The company news service from the London Stock Exchange
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