Watchstone Group PLC Board Appointment and Resignation (6358A)

TIDMWTG

RNS Number : 6358A

Watchstone Group PLC

02 January 2018

2 January 2018

Watchstone Group plc

("Watchstone" or the "Company" or the "Group")

Board Appointment and Resignation

Further to its announcement of 27 June 2017, Watchstone Group plc (LON:WTG) announces the appointment to the Board of Stefan Borson as Group Chief Executive Officer succeeding Indro Mukerjee who has resigned from the Board with effect from 31 December 2017.

Following these changes, the Board now comprises, Richard Rose (Non-executive Chairman), Mr Borson (Group Chief Executive Officer), Mark Williams (Group Finance Director), Lord Howard (Senior Non-executive Director) and David Young (Non-executive Director).

As part of his incentivisation, Mr Borson has relinquished all his rights and entitlements under the management incentive and retention plan ("Plan") announced on 21 March 2016 to which he was entitled to up to 2.25% of any growth in value of each division of the Group above a hurdle (as adjusted for cash invested or generated from 1 January 2016).

Mr Mukerjee's rights and entitlements under the Plan shall cease on 31 May 2018, following which Mr Williams shall be the sole remaining participant. To date, no payments have been made under the Plan to any participant and it is not expected that disposals triggering payments will be made prior to 31 May 2018.

As a replacement to Mr Borson's rights and entitlements under the Plan and subject to the conditions of the scheme, Mr Borson will be entitled to cash bonuses of up to 5.43% of any future distributions to shareholders in excess of a cumulative GBP46.04m (being approximately GBP1 per ordinary share) ("Distribution Incentive Scheme"). Certain cash bonuses paid to Mr Borson between 1 January 2018 and the date of such distribution(s) shall be deducted from any payments due to him under the Distribution Incentive Scheme. As previously detailed, it will not be possible for the Board or a Court to sanction the distribution of assets or cash whilst the litigation in respect of the disposal of the Professional Services Divisions remains active.

Schedule 2 (g) of the AIM Rules for Companies Details

Stefan Leon Borson (42)

 
 Current                         Historic (past 5 years) 
------------------------------  ------------------------------ 
 Watchstone Group plc (Company   Redbus Group Limited 
  Secretary)                      Redbus Media Group Limited 
  Navseeker, Inc                  Redbus Digital Media Limited 
  Hubio, Inc                      Redbus Retail Advertising 
                                  Limited 
                                  Redbus Retail Services 
                                  Limited 
                                  Redbus Outdoor Holdings 
                                  Limited 
                                  Redbus Outdoor (Malls) 
                                  Limited 
                                  Redbus Media Limited 
                                  Redbus Outdoor Limited 
                                  Redbus Productions Limited 
                                  Redbus Television Limited 
                                  Redbus On Demand Limited 
                                  Polygram Limited 
                                  Polygram Pictures Limited 
                                  Polygram Group Limited 
                                  Heath Street Limited 
------------------------------  ------------------------------ 
 

Mr Borson holds 300,000 ordinary shares in the Company and options over 50,000 ordinary shares in the Company at an exercise price of GBP15.00 per ordinary share. There is no further information required to be disclosed in respect of Mr Borson pursuant to Schedule 2 (g) of the AIM Rules for Companies.

For further information:

 
 Watchstone Group plc                 Tel: [phone] 
 
   Peel Hunt LLP, Nominated Adviser     Tel: [phone] 
   and Broker                           8900 
 Dan Webster 
 

Notes:

Stefan Borson, a qualified solicitor, has more than twenty years' experience working in and advising both listed and high growth private companies in consumer facing and technology sectors.

Stefan spent seven years with Investec plc in its Investment Banking division and has held Board positions in a broad range of roles from Chief Executive Officer (Redbus Media Group) to Corporate Development & Investment Director (Clerkenwell Ventures plc) as well as a number of non-executive directorships.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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January 02, 2018 02:00 ET (07:00 GMT)