Last checked at 30 Jul 2018 09:29
30 July 2018
Alpha Financial Markets Consulting plc
('Alpha FMC' or the 'Company' or the 'Group')
Employee Incentive Plan
and grant of awards
Alpha FMC (AIM: AFM), a leading global provider of specialist consultancy services to the Asset and Wealth Management industry announces that further to the details included in the Company's AIM Admission Document, the Company has now established an Employee Incentive Plan ('EIP') and has made a grant of staff incentive awards.
At the time of Admission, the Board set out its intention to establish an EIP in order to grant to a broad base of the Group's employees share options or share awards over a small number of shares individually. The Group has now implemented an EIP which is structured in three parts to most appropriately account for local tax, legal and regulatory rules in the key jurisdictions in which the Group operates. These three elements comprise: (i) a USA Restricted Stock Unit ('RSU') plan, (ii) a French RSU plan under a French qualifying free share plan and (iii) in the Group's other jurisdictions, being the UK, Switzerland, Luxembourg, the Netherlands and Singapore, share options under the Group's existing plan established prior to Admission.
The EIP RSU plans are structured on a consistent basis with the equivalent RSU plans within the Group's existing Management Incentive Plan ('MIP') with minor alterations to accommodate an employee plan.
Further to the establishment of the EIP, on 26 July 2018, the Company granted a total of 155,471 awards to employees by way of EIP share options and RSU awards. In addition, the Company also granted 114,898 MIP awards to recent senior joiners or recent senior promotions globally, comprising UK Joint Share Ownership Plan ('JSOP') awards and MIP share options.
Consistent with previous MIP awards, these JSOP Shares and MIP share options (i) have a nominal or nil consideration, (ii) will vest after three to five years, (iii) have a 10 year term, and (iv) are subject to certain individual or Group performance conditions. The EIP employee awards also have nil consideration and include time-vesting and performance conditional awards and all vest between four and five years from grant date.
On 26 July 2018, the Company also bought back 375,764 ordinary shares of 0.075 pence each in the Company ('Ordinary Shares') from prior employees ('Reclaimed Shares') for nominal value. Of the Reclaimed Shares, 75,000 Ordinary Shares are held in Treasury, 259,709 Ordinary Shares will be cancelled and the remaining Ordinary Shares used to satisfy the above JSOP awards. No new Ordinary Shares have been issued by the Company.
Following the JSOP Share and share option award grants the Company will have 3,209,494 outstanding share options and JSOP Shares in total, representing approximately 3.15 per cent. of the issued share capital of the Company. Within this total, 2,886,773 MIP options or JSOP Share awards are outstanding.
Further options or share awards made at the discretion of the Company following the date of this announcement are subject to a maximum of 3,395,000 MIP options or share awards in total until after the FY19 results announcement, as set out in the AIM Admission Document.
In accordance with the Financial Conduct Authority's Disclosure and Transparency Rules, following the above the Company has 101,974,874 Ordinary Shares in issue, 75,000 of which are held in Treasury. The total number of voting rights in the Company is 101,483,819.
The above figure of 101,483,819 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
Enquiries:
Alpha Financial Markets Consulting plc | +44 (0)20 7796 9300 |
Euan Fraser, Global Chief Executive Officer John Paton, Chief Financial Officer | |
Temple Bar Advisory | |
Alex Child-Villiers | +44 (0)7795 425 580 |
William Barker | +44 (0)7827 960 151 |
Sam Livingstone | +44 (0)7769 655 437 |
Grant Thornton UK LLP (Nominated Adviser) | +44 (0)20 7383 5100 |
Philip Secrett Richard Tonthat Harrison Clarke | |
Berenberg (Broker) | +44 (0)20 3207 7800 |
Chris Bowman Toby Flaux Laure Fine |
About Alpha FMC:
Alpha FMC is a leading global provider of specialist consultancy services to the asset and wealth management industry. With over 300 consultants and contractors across nine offices spanning the UK, Europe, the US and Asia, Alpha FMC has the largest dedicated team in the industry. Alpha FMC has provided consultancy services to over 200 clients, including 17 of the 20 largest global asset managers by AUM and a range of other buy-side firms.