Management Long Term Incentive Plan
TLA Worldwide plc (AIM: TLA) (“TLA” or the “Company”), the athlete representation and sports marketing business has today announced that as set out in the Company’s Admission Document, issued on 2 December 2011, stated that the Company would establish a management long-term incentive plan (“the Plan”). The Company is pleased to announce that the implementation of the Plan has now been finalised.
Under the terms of the Plan as implemented, new, subordinated, shares will be issued in a subsidiary company; TLA Acquisitions Limited (“the Subsidiary”) and these new shares will be subscribed for by the members of the plan. Shareholders should note that, the commercial substance of this structure, as set out below, will remain the same as presented in the Company’s Admission Document.
The members of the Plan (namely M. Principe, B. Campbell and D. Mighty) have now been invited to participate in the Plan. At the end of the performance period on 8 December 2016 (“Performance Period”) and subject to certain exceptions, the subordinated ordinary shares in the Subsidiary will be exchanged for shares in the Company, subject to the performance criteria set out below and the number of shares will be determined at that point in time.
The number of shares in the Company that may be exchanged for shares in the Subsidiary cannot be determined at this point in time as that number will depend on performance under the plan against the three-month average share price achieving a minimum price of 40 pence and a maximum share price of 60 pence. However, the maximum dilution set out in the Admission Document was 12.5% of the fully diluted shares in issue at admission. After the acquisition of Peter E Greenberg & Associates, the maximum dilution is now 11.2%.