Released: 26/08/2008
com:20080826:RnsZ9460B
.
RNS Number : 9460B
Spiritel PLC
26 August 2008
26 August 2008
SPIRITEL PLC
("SpiriTel", "the Company" or "the Group")
ADOPTION OF NEW LONG TERM INCENTIVE PLAN
Cancellation of all existing options arrangements for participating executive
directors and senior managers
The Board of SpiriTel plc (AIM:STP) announces that, following the recommendation
of the Company's remuneration committee (the 'Remuneration Committee') and the
guidance of its remuneration advisers, Halliwell Consulting, the Board has
approved and introduced a new Long Term Incentive Plan ('LTIP') for the
executive directors and certain senior managers ("the Participants") of the
Company.
The new LTIP replaces all existing share option arrangements for the
Participants and as a result, their collective outstanding options over a total
of 47,845,939 ordinary shares in SpiriTel, representing 8.6% of the current
issued ordinary share capital, will be cancelled immediately.
Upon demanding levels of shareholder value being realised, the management team
will be entitled to receive an amount equivalent to a maximum of 16% of the
aggregate of the issued equity and convertible equity value.
Commenting on the award, Lord St John of Bletso, Chairman of SpiriTel's
Remuneration Committee said: "The Board concluded that the existing remuneration
structures no longer appropriately incentivised SpiriTel's executive directors
and senior managers, whom the Board believes are the key creators of long-term
shareholder value. Accordingly, the Board has today implemented a plan which we
believe aligns the interests of the senior management team as closely as
possible with those of the Company's shareholders."
For further information please visit www.SpiriTelplc.com or contact:
SpiriTel plc Tavistock Communications Daniel Stewart & Co.
Alastair Mills Simon Hudson Simon Leathers
Chief Executive Clemmie Carr Stewart Dick
Tel: +44 20 7160 0100 Tel: +44 20 7920 3150 Tel: 020 7776 6550
Notes to Editors
SpiriTel is a fully integrated business communications group which enables its
customers to take advantage of the opportunities created by rapidly changing
telecoms markets as the migration to Internet Protocol (IP) based services
accelerates. The Group is a consolidator of the highly fragmented UK telecoms
reseller market and is building a substantial customer base and scale through
selective acquisitions. We are organised into two divisions: SpiriTel
Technologies, which focuses on IP networking and wholesale voice services; and
SpiriTel Business, which provides a full range of voice and data services
directly to our Business customers.
SpiriTel offers fixed and mobile voice and data communications solutions
including Voice over IP (VoIP), data networking, telephone systems and ISP
services to a rapidly expanding customer base. We are a leader in the provision
of new, but proven, Voice over IP (VoIP) solutions that are firmly based on the
old-fashioned service values which run throughout the Group.
This information is provided by RNS
The company news service from the London Stock Exchange
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