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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Vanco | LSE:VAN | London | Ordinary Share | GB0030998677 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:4914T Vanco PLC 30 April 2008 RNS Number: Vanco plc 30 April 2008 Vanco plc (the "Company") Proposed termination of share scheme The Company has today despatched a circular to shareholders convening an extraordinary general meeting on 16 May 2008 to approve the termination of the Vanco Group Employee Incentive Scheme ("Share Scheme") by means of a reduction of share capital and cancellation of share premium account of Vanco Group Limited, a sub-holding company within the group. The reduction and cancellation requires the approval of the High Court and a hearing has been set for 21 May 2008. The Share Scheme was put in place shortly before the Company's admission to the Official List of the London Stock Exchange in November 2001. Under the Share Scheme, nil paid convertible deferred ordinary shares in Vanco Group Limited ("VGL Shares") have been issued to employees at a subscription price that has been determined by reference to the market value of the VGL Shares by an independent share valuation expert. Some VGL Shares have been transferred by the Vanco Group Employee Benefit Trust to employees fully paid, at an acquisition price that has been determined in a similar manner. The VGL Shares become exchangeable for ordinary shares in the Company ("Vanco Shares") dependent on the continuous employment of the individual and, in certain cases, the achievement of performance criteria. On vesting, the individual employee is obliged to pay the subscription price for the VGL Shares (or the acquisition price in the case of fully paid shares) which are then exchanged for new Vanco Shares at a pre-determined ratio of 0.433968 Vanco Shares for each VGL Share. Following the drop over the last few months in the market price of Vanco Shares, a large number of employees in the Vanco Group are now in a position where the subscription price (or acquisition price) they are obliged to pay for their VGL Shares under the terms of the Share Scheme is far greater than the value of Vanco Shares they would receive on vesting. The incentivisation and motivation of Vanco staff, at a time when the Vanco share price is low, is, in the opinion of the Directors, critical to the future success of the Company. The Directors believe that this situation could have a very detrimental impact on staff morale, which could in turn have a negative impact on the business as a whole. Having looked at other alternatives, the Directors believe that it would be in the best interests of the Company to cancel all the VGL Shares by means of a reduction of capital approved by the High Court. This would result in no future vestings of VGL Shares under the Share Scheme. As a result, the VGL Shares in the Share Scheme would be cancelled, the employees' obligation to pay the subscription price or acquisition price for the VGL Shares would not apply (and would not therefore be received by VGL) and the new Vanco Shares that would have been allotted to employees on vesting would no longer be available (thus reducing dilution). In the interests of staff motivation it is the intention of the company to introduce alternative incentive arrangements in due course subject to shareholder approval. Copies of the circular to shareholders, notice of meeting and proxy card will be available for inspection shortly at the Document Viewing Facility of the UK Listing Authority, which is situated at: The Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS. Copies of the circular may also be obtained from the Company's registered office: Units 1&2, Great West Plaza, Riverbank Way, Brentford, Middlesex TW8 9RE. It is also available on the Company's web site. Steve Dyde - Company Secretary T - 0208 636 1700 This information is provided by RNS The company news service from the London Stock Exchange END MSCBUGDSDUXGGIG
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