Source - RNS
RNS Number : 4940K
Impax Asset Management Group plc
11 April 2018
 

Impax Asset Management Group plc ("Impax" or the "Company")

Share Incentive Plan

 

 

Impax is pleased to announce that it has launched an HMRC approved Share Incentive Plan ("SIP") to all eligible employees.

 

The purpose of the SIP is to provide UK employees with the opportunity to acquire ordinary shares of 1 pence each in the Company ("Shares") in a tax-effective way and to thereby further align interests of employees with the Company.

 

Employees may choose to make deductions from their pre-tax salary which will be used to purchase Shares ("Partnership Shares") on the open market as soon as practicable.  Employees may authorise deductions of up to £150 per month or make periodic lump sum contributions.  The total deductions cannot exceed £1,800 in any tax year (or 10% of salary if lower).

 

The SIP is operated through a trust (the "Trust") which is administered by an independent trustee (the "Trustee").

 

For every Partnership Share purchased by a participating employee (a "Participant"), the Company will award the Participant one Matching Share which the Trust will purchase on the open market at the same time as the Partnership Shares, using funds provided by Impax.

 

Participants immediately become the beneficial owners of the Partnership and Matching Shares, however the Shares are initially held in the Trust.  A Participant may instruct the Trustee to sell their Partnership Shares or transfer them into their own name, but a Matching Share will be forfeited if the Participant takes the corresponding Partnership Share out of the Trust within three years of the acquisition date.

 

If a Participant ceases to be employed by the Company or one of its subsidiaries, the Participant must sell any remaining Shares held in the Trust or transfer them into their own name.  Any Matching Shares awarded in the previous three years will however be forfeited unless the Participant has left employment in certain special circumstances.

 

Participants may instruct the Trustee how to exercise their voting rights over Shares held for them.  In the absence of such instruction the Trustee shall not exercise voting rights. In addition, the Trustee will not exercise any voting rights in relation to any Shares held by the Trust which have not been allocated to Participants.

 

The Partnership and Matching Shares will rank for dividends alongside other Shares.  The Trustee shall waive dividends declared in respect of Shares held by the Trust which have not been allocated to Participants.

 

Directors and Applicable Employees (as defined by the AIM Rules for Companies) will be prohibited from joining the SIP, and from changing or cancelling their participation, in a close period.

 

LEI number:  213800AJDNW4S2B7E680

Enquiries:

Ian Simm

Chief Executive                                                                                   Tel: +44 (0) 20 3912 3000 (switchboard)

Impax Asset Management Group plc

7th floor, 30 Panton Street

London SW1Y 4AJ                                                             

                                                                

www.impaxam.com

 

Anne Gilding                                                                                         Tel: +44 (0) 20 3912 3000 (switchboard)

Head of Brand & Communications                                                 Tel: +44 (0) 20 3912 3126 (direct)

Impax Asset Management Group plc                                              Tel: +44 (0) 7881 249612 (mobile)

7th floor, 30 Panton Street

London SW1Y 4AJ                                                       

www.impaxam.com                                                                           Email: [email protected]

 

 

Guy Wiehahn                                                                                       Tel: +44 (0) 20 7418 8893
Nominated Adviser and Broker
Peel Hunt LLP

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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