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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Dic Ent Regs | LSE:DEKE | London | Ordinary Share | COM SHS USD0.001 (REG S) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 33.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:2882F DIC Entertainment Holdings, Inc. 08 October 2007 8 October 2007 The information contained herein is restricted and is not for publication, release or distribution in or into the United States of America, Canada, Australia, New Zealand, the Republic of Ireland, South Africa or Japan or to any national, resident or citizen of the United States of America, Canada, Australia or Japan. DIC Entertainment, Inc. ("DIC Entertainment" or the "Company") DIC Entertainment announces that following a unanimous recommendation from the Board's Remuneration Committee, and after consulting external advisors, including outside legal counsel and compensation consultants, the Board has adopted a new compensation plan for senior management. In light of the current Company share price performance, the Board believes the proposed plan is necessary to retain and incentivize key management as the Company continues to execute on its strategic plan. The compensation plan has two elements: (a) As previously announced, an increase of 2,000,000 shares to the option pool has been presented to shareholders for a vote at the upcoming AGM on 19th October 2007. Assuming shareholders' approval, it is anticipated that the Board will grant such stock option shares to members of management and the Board with an exercise price at the fair market value of the underlying shares on the date of grant. Details of any specific grants to Directors shall be reported by the Company when they occur. (b) The Board has also adopted a Retention and Transaction Incentive Plan (the " Plan") that provides for certain bonus payments upon certain changes in the majority ownership of the Company which result in liquidity for the shareholders, including a merger or sale of existing shares in either case resulting in a change of control of the Company. The plan provides for an aggregate payment of 5.15% of the aggregate consideration from any such transaction to select members of management. Bonuses will be triggered only if such a transaction occurs prior to 31st December 2009. All payments under the Plan shall be reduced by the value of any stock options held by such individuals. Therefore, no individual shall be entitled to benefit from both stock options and participation in the Plan. Specifically, Jeffrey Edell, the Company's President and Chief Operating Officer, will be entitled to receive a bonus under the Plan equal to 3.5% of the aggregate consideration from any such transaction. The balance of the bonus pool (equal to 1.65% of the aggregate consideration from any such transaction) has been allocated to other employees. Chairman and Chief Executive Andy Heyward (who is not participating in the Plan) said, "The Board believes that this compensation plan is necessary to introduce a robust compensation and incentivisation framework for the business designed to reward achievement, retain the service of key executives and ensure continuity of operations." For further information please contact: Simon Forrest, Investor Relations, DIC Tel: +44 (0) 7885 317746 Craig Breheny, Ash Spiegelberg, Brunswick Tel: +44 (0) 20 7404 5959 This information is provided by RNS The company news service from the London Stock Exchange END MSCILFFLIFLDIID
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