LOSS-MAKING CCTV business IndigoVision is to reward senior management with up to 20 per cent of its shares after an updated long-term incentive plan won the backing of shareholders at a meeting in Edinburgh yesterday.
Despite just over 9% of shareholders opposing the plan, the resolution was passed on a show of hands after 90.5% of investors gave it their backing via a proxy vote ahead of the meeting taking place.
It comes after a sustained period of poor financial performance at the firm, which in the year to December 2017 saw revenues slide from $45.9 million to $42.3m while a pre-tax profit of $100,000 turned into a loss of $2.8m.
Writing in the accounts chairman George Elliott said the firm’s “financial performance in 2017 and indeed, prior years, has not been acceptable and IndigoVision is not achieving its full potential”.
The firm’s chief executive Pedro Simoes, chief financial officer Chris Lea and chief operating officer Paul Theasby all stand to benefit from the new incentive plan, which will be awarded depending on the firm’s performance during the 2021 financial year.
For the plan to kick in the company’s earnings per share must be at least $0.20 in 2021 while for the whole pool to be handed out the figure must be at least $1. Any shares awarded will have to be held for at least a year before being sold, with a portion having to be held until the end of 2024.
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