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LONDON - Mercia Asset Management (LON:MERCM) PLC (AIM:MERC), a regionally focused private capital asset manager, has awarded long-term incentive plan options over 7,028,572 new ordinary shares to its two executive directors, according to a press release statement issued Wednesday.
The options were granted on July 15 under the company’s 2024 Employee Share Plan. Chief Executive Officer Mark Payton received 3,869,388 options, while Chief Financial Officer Martin Glanfield was awarded 3,159,184 options.
These LTIP options will be exercisable in three equal tranches on the third, fourth, and fifth anniversary of the grant date, subject to performance conditions. The vesting is tied to specific targets including achieving EBITDA of at least £10 million for the financial year ending March 31, 2027, reaching assets under management of at least £3 billion, and delivering total shareholder return of 20% or above.
Additionally, Mercia granted options over 3,830,000 ordinary shares to senior employees at an exercise price of £0.33 per share, including 450,000 options to Group General Counsel and Company Secretary Sarah Williams.
Following these grants, Mercia now has 10,858,572 unvested options under its Employee Share Plan and 27,721,154 vested and unvested options under its 2014 Share Plan and Save As You Earn Plan, representing 8.65% of the company’s existing issued share capital.
The company currently manages approximately £2.0 billion in assets.
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