Fulcrum Utility Services Ltd Management Incentive Scheme (2668L)

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RNS Number : 2668L

Fulcrum Utility Services Ltd

21 December 2018

21 December 2018

FULCRUM UTILITY SERVICES LIMITED

("Fulcrum" or the "Company")

Management Incentive Scheme

The Company announces that it has granted share options to Martin Harrison, Fulcrum's Chief Executive Officer. As previously announced, the scheme intends to align the incentives of key management with the Company's long-term growth strategy through the issuance of growth share scheme shares ("GSS Shares") in Fulcrum Group Holdings Limited, a subsidiary of the Company.

GSS Shares have been awarded:

 
 Name              Position                      Total number of GSS Shares 
                                                  awarded 
                   Director - Chief Executive 
 Martin Harrison    Officer                      659,615 
 

Vesting conditions

There are two vesting points in the scheme and each of these have different vesting criteria:

-- Phase 1 - in order for 60% of the GSS Shares to vest, Fulcrum must achieve a share price that averages at least 100 pence over a period of 20 consecutive days and a holding period of two years following the grant must have completed.

-- Phase 2 - in order for the remaining 40% of the GSS Shares to vest, Fulcrum must achieve a share price that averages at least 130 pence over a period of 20 consecutive days and a holding period of three years following the grant must have completed.

The GSS Shares have a nominal value of GBP0.00001 pence per share and carry a put option allowing the participants to sell their shares to the Company at nominal value on achieving the share price performance hurdle and fulfilling the holding period criteria. The GSS Shares may also be converted into new ordinary shares in the Company, subject to achievement of the same performance criteria. Any cash value received shall be determined by the Company's share price at the point of conversion.

Martin Harrison's total beneficial interest in the Company, including his wife's shares, is 3,425,787 Ordinary Shares.

Template for notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                        Martin Harrison 
     --------------------------  -------------------------------------------- 
 2    Reason for the notification 
     ------------------------------------------------------------------------ 
 a)   Position/status             Director - Chief Executive Officer 
     --------------------------  -------------------------------------------- 
 b)   Initial notification        Initial 
       / amendment 
     --------------------------  -------------------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ------------------------------------------------------------------------ 
 a)   Name                        Fulcrum Utility Services Limited 
     --------------------------  -------------------------------------------- 
 b)   LEI                         213800UOG45CW6KZY620 
     --------------------------  -------------------------------------------- 
 4    Details of the transaction(s): section to be repeated 
       for (i) each type of instrument; (ii) each type of transaction; 
       (iii) each date; and (iv) each place where transactions 
       have been conducted 
     ------------------------------------------------------------------------ 
 a)   Description of the          Growth share scheme shares in subsidiary 
       financial instrument,       of Fulcrum Utility Services Limited, 
       type of instrument          which may be convertible into new 
                                   ordinary shares in Fulcrum Utility 
       Identification code         Services Limited. 
 
                                   ISIN: KYG368851047 
     --------------------------  -------------------------------------------- 
 b)   Nature of the transaction   Grant of growth share scheme shares 
                                   in subsidiary of Fulcrum Utility 
                                   Services Limited, which may be convertible 
                                   into new ordinary shares in Fulcrum 
                                   Utility Services Limited. 
     --------------------------  -------------------------------------------- 
 c)   Price(s) and volume(s)       Price(s)      Volume(s) 
                                    GBP0.00001    659,615 
                                                 ---------- 
     --------------------------  -------------------------------------------- 
 d)   Aggregated information 
       - Aggregated volume          N/A 
       - Price 
     --------------------------  -------------------------------------------- 
 e)   Date of the transaction     20 December 2018 
     --------------------------  -------------------------------------------- 
 f)   Place of the transaction    Outside a trading venue 
     --------------------------  -------------------------------------------- 
 

Enquiries:

 
 
                                                          [phone] 
                                                          4102 
Fulcrum Utility Services Limited                          [phone] 
 Hazel Griffiths (Chief Financial Officer)                4150 
 Craig Baugh (Director of Sales and Marketing) 
 
 Cenkos Securities plc (Nominated adviser and broker)     [phone] 
 Max Hartley (Nomad) / Nick Searle (Sales)                8900 
 
 Camarco (Financial PR advisers) 
 Ginny Pulbrook / Tom Huddart                             [phone] 
 

Notes to Editors:

Fulcrum is a multi-utility infrastructure and services provider based in Sheffield, UK. The Company's primary business is the provision of utility infrastructure services to the residential, commercial and industrial markets throughout the mainland UK. These range from the design, installation or alteration of utility services for single site properties to large complex multi-site projects. Through its subsidiaries, Fulcrum Pipelines Limited and Fulcrum Electricity Assets Limited, Fulcrum is also licensed as an Independent Gas Transporter and Independent Distribution Network Operator, owning and operating gas and electrical assets that connect properties to the main UK gas and electricity networks. Fulcrum is also a meter asset manager, owning and operating meter assets across mainland UK.

In 2018, Fulcrum acquired the Dunamis Group, an electrical infrastructure services company, creating one of the UK's leading gas and electrical infrastructure services groups.

http://www.fulcrum.co.uk/

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December 21, 2018 05:00 ET (10:00 GMT)