Northbridge Industrial Services PLC Changes to Share Option Plans (3600E)

TIDMNBI

RNS Number : 3600E

Northbridge Industrial Services PLC

05 May 2017

5 May 2017

Northbridge Industrial Services Plc

("Northbridge" or the "Group")

Changes to share option plans

Northbridge Industrial Services Plc today announces two new share option plans. A new tax-favoured Schedule 4 CSOP share option plan and a new unapproved share option plan were approved by the Board of Directors on 3 May 2017. These plans replace the previous schemes which closed to new option awards in 2016.

As a result of the significant fall in the Company's share price over the last couple of years, the current share price is well below the exercise price of many of the outstanding awards made prior to 2016. The Remuneration Committee believe that this fall is due to adverse market conditions and has decided to extend the life of all options granted between 2006 and 2014 to give option holders more time to exercise their options.

It was agreed that the lives of the outstanding options granted would be extended as follows:

 
 Option grant   Extension 
  year           period 
 2006-2010      5 years 
 2011           4 years 
 2012           3 years 
 2013           2 years 
 2014           1 year 
 

As the new schemes have now been set up and to avoid making changes to the previous schemes, all of the outstanding options granted under the previous schemes will be surrendered and replaced by options granted under the new schemes with same terms as the surrendered options.

Directors' options

The following options have been granted to Directors in the new schemes to replace the options held in the previous schemes. The only changes to the options relate to the extension of the options granted between 2006 and 2014 as detailed above.

 
 
                                           Number                    Exercise 
                                            of options  Exercise        Price 
Director        Scheme                      Granted      period           (p) 
                Unapproved Share Options                05/05/17 
Eric Hook        Scheme                    118,659       - 30/05/21    100.64 
                Unapproved Share Options                05/05/17 
Eric Hook        Scheme                    102,746       - 02/04/22    146.96 
                Unapproved Share Options                05/05/17 
Eric Hook        Scheme                    41,098        - 09/04/23    150.86 
                Unapproved Share Options                05/05/17 
Eric Hook        Scheme                    41,098        - 20/04/24    149.88 
                Unapproved Share Options                05/05/17 
Eric Hook        Scheme                    120,000       - 30/09/25    186.00 
                Unapproved Share Options                05/05/17 
Eric Hook        Scheme                    75,000        - 21/04/25    237.00 
                Unapproved Share Options                05/05/17 
Eric Hook        Scheme                    60,000        - 18/04/25    281.50 
                Unapproved Share Options                05/05/17 
Eric Hook        Scheme                    48,000        - 18/04/25    327.50 
                Unapproved Share Options                05/05/17 
Eric Hook        Scheme                    50,000        - 10/04/25    453.50 
                Unapproved Share Options                17/04/18 
Eric Hook        Scheme                    50,000        - 17/04/25    377.50 
                Unapproved Share Options                10/05/19 
Eric Hook        Scheme                    100,000       - 10/05/26     89.50 
                Unapproved Share Options                05/05/17 
Ian Gardner      Scheme                    20,000        - 18/04/25    281.50 
                Unapproved Share Options                05/05/17 
Ian Gardner      Scheme                    16,000        - 18/04/25    327.50 
                Unapproved Share Options                05/05/17 
Ian Gardner      Scheme                    20,000        - 10/04/25    453.50 
                Unapproved Share Options                17/04/18 
Ian Gardner      Scheme                    20,000        - 17/04/25    377.50 
                Unapproved Share Options                10/05/19 
Ian Gardner      Scheme                    20,000        - 10/05/26     89.50 
                Unapproved Share Options                05/05/17 
Iwan Phillips    Scheme                    10,000        - 18/04/25    281.50 
                Unapproved Share Options                05/05/17 
Iwan Phillips    Scheme                    8,000         - 18/04/25    327.50 
                Schedule 4 CSOP Share                   05/05/17 
Iwan Phillips    Options Scheme            4,102         - 10/04/25    453.50 
                Unapproved Share Options                05/05/17 
Iwan Phillips    Scheme                    3,898         - 10/04/25    453.50 
                Unapproved Share Options                17/04/18 
Iwan Phillips    Scheme                    6,981         - 17/04/25    377.50 
                Schedule 4 CSOP Share                   17/04/18 
Iwan Phillips    Options Scheme            3,019         - 17/04/25    377.50 
                Unapproved Share Options                10/05/19 
Iwan Phillips    Scheme                    20,000        - 10/05/26     89.50 
 

The Director's share options held before and after the changes explained above are summarised as follows:

 
 
                                                            Number of 
                                           Number of         options 
                                            options prior    after the 
Director        Scheme                      to the changes   changes 
                Unapproved Share Options 
Eric Hook        Scheme                            799,986     806,601 
                Schedule 4 CSOP Share 
Eric Hook        Options Scheme                      6,615           0 
                Unapproved Share Options 
Ian Gardner      Scheme                             96,000      96,000 
                Unapproved Share Options 
Iwan Phillips    Scheme                             48,879      48,879 
                Schedule 4 CSOP Share 
Iwan Phillips    Options Scheme                      7,121       7,121 
 
 

-Ends-

For further information

Northbridge Industrial Services Plc 01283 531645

Eric Hook, Chief Executive Officer

Iwan Phillips, Finance Director

   Stockdale Securities Limited (Bookrunner, Nominated Adviser and Broker)   020 7601 6100 

Robert Finlay / Antonio Bossi / Henry Willcocks

Buchanan Communications 020 7466 5000

Charles Ryland / Stephanie Watson/ Catriona Flint

About Northbridge:

Northbridge Industrial Services plc hires and sells specialist industrial equipment. With offices or agents in the UK, USA, Dubai, Belgium, Germany, France, Australia, New Zealand, Singapore, China, Brazil and South Korea, Northbridge has a global customer base. This includes utility companies, the oil and gas sector, shipping, banking, mining, construction and the public sector. The product range includes loadbanks, transformers and oil tools. Northbridge was admitted to AIM in 2006 since when it has grown by providing a high level of service, responsiveness and flexibility to customers, by the acquisition of companies in the UK, Dubai, Australia, Belgium, New Zealand and Singapore and through investing further in those acquired companies to make them more successful. Northbridge continues to seek suitable businesses for acquisition across the world.

This information is provided by RNS

The company news service from the London Stock Exchange

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May 05, 2017 08:54 ET (12:54 GMT)