Employee share scheme nets huge gains
Directors and employees of Verrus, a mobile payment technology provider, have seen themselves £10 million richer after a sale of the company to PayPoint for £33 million.
The sale triggered the exercise of options under a tax-efficient employee share scheme which was designed and implemented by The RM2 Partnership. The sale price received for these shares was almost 20 times the exercise price.
David Newlands, Chairman of PayPoint plc, said: "Verrus is an important acquisition for PayPoint and a key development in our strategy of broadening our payment services capability. Strong demand for PayByPhone, interesting cross-over opportunities with our existing client base for a new payment channel and opportunities to extend the Verrus application to other services make Verrus a powerful addition to PayPoint's payment service offering. We are delighted to welcome Verrus' employees to PayPoint."
For more information on an employee share scheme, please contact one of our associates on 020 8949 5522.