The value of agencies IMO is closely related to the quality and commercial effectiveness of their people. Traditionally the smart people often have left established businesses to set up on their own - and some have succeeded spectacularly.
So keeping these key people on board and motivated is a good move.
The RNS explains that the cost of the scheme is low compared to the overall uplift in shareholder value if and when the vesting level is reached (75p).
There is still a figure north of £80m for "intangibles" shown on the consolidated balance sheet - which is higher than the total (book) equity value of £73m. From one point of view the business is still under-capitalised.
If the award protects our "intangibles" then it seems a reasonable price to pay.
As ever just opinion and interested to know what others think. DYOR.
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