Over 50 key accounts will share circa £3 million in a share windfall as a result of its new business performance in 2005. This is the first of four share giveaways planned over a four year period.
All appointed representative firms (ARs) which wrote in excess of £200,000 total commissions in 2005 will share in the allocation for 2005. The same qualification levels will apply for 2006, although the percentage of shares allocated to members has risen to 4 per cent of the PTFS stock.
Current valuations and results would indicate the shares to be worth circa £17 million. On projection and growth forecasts, the next three years could see the value exceed £50 million.
Martin Wilson, PTFS Chairman, commented: “It has always been our ambition to share the company with our members and staff. It’s just another way of adding value to our members who add value to our company. We believe we are a reasonably well run business, with no debt burden and are financially strong. In addition we have an 11-year track record of treating our customers fairly.
“The shares we are allocating to members are real shares (transparent) and the value comes from real trading facts. We are happy to share the success of our company with our friends who are our members and staff.”
Rob Jupp, one of the members earmarked to benefit from the windfall, commented: “This is absolutely great news for our business. We were previously directly authorised and joined PTFS as an AR last year, mainly because the proposition and the people were superb. The share deal is the icing on the cake and provides us with a real incentive to continue to grow the business”
Mike Allison, managing director of PTFS, added: “We believe we have a strong proposition in the marketplace and the share incentive scheme adds to that considerably, especially given that, except for voting rights, the shares are effectively the same as everyone else holds. These shares will add real value to the beneficiaries. This is not a deal designed to entice ARs in with hollow promises and is built on the success and track record of a financially strong network.”
