City Briefs: WANdisco, Augean
Sheffield-based listed software business WANdisco has signed contracts valued at around $1m. (£770,0000)
The contract renewals are with a large US financial institution in partnership with the Oracle Big Data Appliance, and with a global hi-tech company.
Both companies are existing WANdisco customers and the contracts include renewal and expansion of usage for WANdisco’s Fusion technology.
David Richards, chief executive officer and chairman of WANdisco, said: “We continue to execute against our objectives and it’s pleasing to see customers continue to commit to and expand the use our unique technology in partnership with Blue Chips such as Oracle.
“There is a real need for data consistency and data availability across the world – our Fusion technology is at the heart of that trend – and the momentum we are seeing with both partners and customers reflects this.”
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Wetherby-headquartered waste management group Augean said its long-term incentive plan (Cash LTIP) vested yesterday – 2 December.
The Cash LTIP was introduced in August 2018 to retain and motivate key employees during an uncertain period for the Group, following its receipt of multi-million pound HMRC landfill tax assessments.
The incentive plan involves Augean’s management team sharing in the incremental value generated from a base share price of 35 pence, subject to an overall cap on total payments of £7m.
One criteria for the Cash LTIP to vest in full is an average closing share price for the preceding 90 days of at least 140 pence per share. The closing share price on 2 December 2019 was 179.5 pence, with the average closing price for the 90 days being 141 pence.
Payments will therefore be made in December 2019 to recipients of awards totalling £7m, of which £3.164m will be paid to Jim Meredith (executive chairman) and £1.029m to Mark Fryer (group finance director).
The balance of the £7m will be paid to other senior and key managers within the Group.
The payment will be made in December from the Group’s cash balance, which was approximately £28m at the end of November 2019.
