Getting it right could make millions for its founder and co directors
British mobile payments firm Monitise has re-jigged its directors’ share incentive scheme putting them in line for millions in potential payouts as the company heads into 2013 – the year it has set itself to make a profit or at least break even.
In September last year [2012] the company’s preliminary year-end results showed a loss of £14.5 million, despite revenues of about the same amount, though its order book is growing fast and is now said to be worth £78 million over the next five years, six times its size in June 2010.
Meanwhile the next twelve months should prove pivotal as Monitise predicts revenues will rise to around £68 million, yielding a profit for the first time.
It’s also expected to be the year when Monitise moves off of AIM and on to the London Stock Exchange’s main market.
In anticipation of fruits to come, meanwhile, the firm’s board has just voted through changes to Monitise’s share incentive plan, spurring its directors to go for gold.
It means CEO and founder Alastair Lukies will be rewarded with an extra twelve million share options, at an exercise price of 1 pence, if he can can get the price up to 55 pence by December 2015. The shares currently stand at 34 pence, though during 2012 it had been as high as 40 pence.
Chief commercial officer Lee Cameron and his operating counterpart Michael keyworth will similarly benefit from 4,000 new share options each.
If sold at 55 pence or higher, the shares could alone net former rugby professional Lukies a further £6 million-plus, on top of the proceeds from the 15 million option shares he already owns.
Monitise, a spin-off from UK systems house Morse, includes card issuer Visa and Norway’s state bank as major shareholders.
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