Directors’ report: Other information
Equity incentive schemes
The Company operates four equity incentive schemes. Further details of these and 2008 grants are set out in the directors’ remuneration report. The schemes are as follows:
| Scheme | Abbreviated name | Eligible participants |
|---|---|---|
| The International Personal Finance plc Incentive Plan | The Incentive Plan | Executive directors and the most senior managers |
| The International Personal Finance plc Performance Share Plan | The Performance Share Plan | Senior managers |
| The International Personal Finance plc Exchange Share Scheme 2007 | The Exchange Scheme | Executive directors and senior managers who held options under the Provident Financial Executive Share Option Scheme 2006 |
| The International Personal Finance plc Employee Savings-Related Share Option Scheme | The SAYE Scheme | Executive directors and UK employees |
Details of awards made in 2008 are as follows:
| Scheme | Date of grant | Number of shares | Exercise price (if any) | Normal exercise / vesting date |
|---|---|---|---|---|
| Incentive Plan | 10 Mar 2008 | To be determined* | £nil | 16 Jul 2010** |
| Incentive Plan | 22 Oct 2008 | To be determined* | £nil | 16 Jul 2010** |
| Performance Share Plan | 10 Mar 2008 | 526,874 | £nil | 16 Jul 2010** |
| Performance Share Plan | 31 Jul 2008 | 282,286 | £nil | 16 Jul 2010** |
| SAYE Scheme | 02 Apr 2008 | 296,957 | 188p | 01 Jun 2011-01 Jun 2015*** |
Details of outstanding awards are as follows:
| Scheme | Awards exercised / vested | Awards outstanding at 31 Dec 2008 | Exercise price (if any) | Normal exercise / vesting date | Awards exercised / vested from 1 Jan to 16 Mar 2009 |
|---|---|---|---|---|---|
| Incentive Plan | None | To be determined* | £nil | 16 Jul 2010** | None |
| Performance Share Plan | None | 1,951,129 | £nil | 16 Jul 2010** | None |
| Exchange Scheme | 7,754 | 357,626 | £nil | 01 Jun 2009 / 07 Jun 2009 | None |
| SAYE Scheme | None | 288,278 | 188p | 01 Jun 2011-01 Jun 2015*** | None |
*The number of shares comprised in the awards will be calculated at the conclusion of the performance period on 16 July 2010.
**Half of the shares that vest are not released for a further year.
***Vesting dates vary depending on whether the employee chose a three, five or seven year savings contract.
Authority to purchase shares
The Company had authority to purchase up to 25,721,700 of its own shares up until the earlier of the conclusion of the next AGM and 13 May 2009. No shares were purchased pursuant to this authority. Any ordinary shares so purchased may be cancelled or held in treasury. A further authority for the Company to purchase its own shares will be sought from shareholders at the AGM.