Mon 24 Dec 2012
The Company has been informed that Phillip Wale, Chief Executive, and Philip Tansey, Chief Financial Officer, have offered to surrender one quarter of the share awards granted to them under the Company’s Performance Share Plan on 1 June and 26 June 2012 respectively.
The shares being surrendered will be used as part of a larger plan to further incentivise other senior staff and increasingly align achievement targets throughout the firm.
Their offer has been accepted by the Company’s Remuneration Committee and the shares have today been surrendered. As a result, the awards have been amended as follows.
- Mr Wale’s award is reduced from 6,750,000 shares to 5,062,500 shares
- Mr Tansey’s award is reduced from 3,135,000 shares to 2,351,250 shares
An amount of up to one-third of each award will vest in each of 2015, 2016 and 2017 if Panmure Gordon achieves the following pre-tax profit levels in the financial years ending 31 December 2013, 2014, 2015:
Number of shares to vest
|Financial year||Pre-tax profit||
|2013||Less than £3m||0||0|
|2013||£3m – £4.5m||562,500||221,250|
|2013||£4.5m – £6m||1,125,000||502,500|
|2013||More than £6m||1,687,500||783,750|
|2014||Less than £4.5m||0||0|
|2014||£4.5m – £6m||562,500||221,250|
|2014||£6m – £7.5m||1,125,000||502,500|
|2014||More than £7.5m||1,687,500||783,750|
|2015||Less than £6m||0||0|
|2015||£6m – £7.5m||562,500||221,250|
|2015||£7.5m – £9m||1,125,000||502,500|
|2015||More than £9m||1,687,500||783,750|
Phillip Wale’s beneficial holding in the Company’s shares is 85,000 ordinary shares, representing 0.055% of the Company’s issued share capital.
Philip Tansey’s beneficial holding in the Company’s shares is 80,000 ordinary shares, representing 0.052% of the Company’s issued share capital. In addition Mr Tansey has an option over 400,000 shares at an exercise price of 4p held in the Panmure Gordon & Co. plc No 2 Employee Benefit Trust which are currently exercisable and over which he is able to exercise voting rights, which when aggregated with his existing holding represents 0.311% of the Company’s issued share capital. He also holds an award under the Performance Share Plan in respect of a further 320,000 shares which will automatically vest in equal quarters on 31 March 2013, 2014, 2015 and 2016, subject to continued employment with a group company.