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Listed IFA grants directors extra share options

Listed IFA grants directors extra share options

Listed advisory firm AFH has granted a new raft of share options to its directors.

A statement from the board explained an aggregate of 315,000 options to subscribe for new ordinary shares of 10 pence each has been divided into 35,000 options, granted to the non-executive directors, along with 280,000 options to be granted to the executive directors before the end of February.

The non-executive options have an exercise price of 171.5 pence per share, equivalent to the closing mid-market price on 26 January, vesting on the third anniversary of the grant date.

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These options are not subject to performance conditions.

Meanwhile, the options for executive directors will be under a growth share scheme that the company is currently putting in place.

These will be granted once it receives HM Revenue & Customs approval - expected by the end of February.

The growth share scheme options will vest on the third anniversary of the grant date and are subject to performance conditions.

The options issued and to be issued to the directors are detailed below:

Name

Number of Options granted / to be granted

Type of grant

Total number of Options held following grant

Per cent of current issued share capital

John Wheatley

(Non-executive chairman)

 

15,000

Unapproved share options

58,585

0.24%

Sue Lewis

(Non-executive director)

 

10,000

Unapproved share options

35,000

0.15%

Mark Chambers

(Non-executive director)

 

10,000

Unapproved share options

10,000

0.04%

Alan Hudson

(Chief executive)

 

100,000

Growth Share Scheme

250,000

1.04%

Paul Wright

(Chief financial officer)

 

60,000

Growth Share Scheme

310,000

1.29%

Austin Broad

(Executive director)

60,000

Growth Share Scheme

146,420

0.61%

Alexis James

(Executive director)

 

60,000

Growth Share Scheme

161,420

0.67%

Total

315,000

-

971,425

4.04%

 

Following the grant of the options, the total number of options outstanding to subscribe for new ordinary shares in the company will be 2,159,007 - representing 8.98 per cent current issued share capital of which 971,425 - representing 4.04 per cent of the company’s current issued share capital held by existing directors of AFH.

At the start of this week, AFH revealed total revenue for the full year up by 40 per cent to £21m - from £15m in 2014 - with the second half being boosted by acquisitions made during the year.

Earlier in the month, the firm raised £6.37m through the placing of new shares to help fund more acquisitions.

Chief executive Alan Hudson welcomed its new shareholders – including the River and Mercantile UK Micro Cap Investment Company and Octopus Investments – and thanked its existing shareholders for their “continued support”.

peter.walker@ft.com