Curtis Banks Group PLC Chairman's incentive plan (2436C)
07 Octubre 2022 - 11:36AM
UK Regulatory
TIDMCBP
RNS Number : 2436C
Curtis Banks Group PLC
07 October 2022
Curtis Banks Group plc
("Curtis Banks" or the "Company")
Chairman's incentive plan
Curtis Banks (AIM: CBP), one of the UK's leading SIPP providers,
has agreed an incentive plan for the Company's Chairman, David
Barral.
Following consultation with certain of the Company's major
shareholders, holding a majority in aggregate of the Company's
issued share capital, the board of directors of Curtis Banks has
structured an incentive plan for Mr Barral, who joined the board in
May, which will reward him for delivering shareholder value in
specific circumstances. Mr Barral has a strong track record in
strategic leadership, transformation and operational experience
within the sector.
Mr Barral will be paid a cash sum of GBP3 million in the event
that, on or before 26 May 2024, the closing price of the Company's
shares averages 450 pence or more over a period of at least 90
consecutive days, including holidays, but excluding certain other
time periods. The incentive payment will also be payable if a
change of control of the Company, or asset sale (which represents
at least 75% of the inherent value of Curtis Banks) occurs on or
before 26 May 2024; in such circumstances, the payment will range
between 0.8% and 1% of the value achieved, subject to a minimum of
GBP1.25 million and a maximum of GBP3 million (the "Award") being
payable. The Award is subject to other terms and conditions
customary for an arrangement of this nature.
Mr Barral has taken on the role as executive Chairman on an
interim basis, while the search for a new Chief Executive is
underway. He will become non-executive again when a new Chief
Executive is appointed, although this will have no impact on the
Award. In accordance with the QCA Corporate Governance Code, Mr
Barral will not be considered to be "independent" in light of the
Award.
Under the AIM Rules for Companies, the arrangement with Mr
Barral is a "Related Party Transaction". Accordingly, the Company's
directors, other than Mr Barral, consider, having consulted with
Peel Hunt, the Company's Nominated Adviser, that the terms of the
Award are fair and reasonable insofar as the shareholders of the
Company are concerned.
For more information, please contact:
Curtis Banks Group plc via Instinctif Partners
David Barral - Executive Chairman
Dan Cowland - Chief Financial Officer
Peel Hunt LLP (Nominated Adviser & Joint
Broker)
James Britton
Paul Shackleton +44 (0) 20 7418 8900
Singer Capital Markets Limited (Joint
Broker)
Mark Taylor
Rachel Hayes +44 (0) 20 7496 3000
Instinctif Partners (Financial PR) curtisbanks@instinctif.com
Tim Linacre +44 (0) 20 7457 2020
Victoria Hayns
Joe Quinlan
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END
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October 07, 2022 12:36 ET (16:36 GMT)
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