case studies
Creating an employee incentive programme
Our client is in the process of developing and engineering its
own high-tech medical product, and had recently received external
financial backing. The client wished to incentivise its key staff
and management going forward, particularly as the product moved
closer to production. After discussing the issues with our client,
it became apparent that there were going to be four categories of
management and employees to be incentivised, mainly based in the UK
but some with an overseas element as well. Key to the whole project
was working with the external funders, as well as internal
management, to achieve a solution that worked for all.
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Advising a major retail client on lease renewal tax advice
Our client wished to extend the term of its
lease on premises in central London and was keen to minimise the
stamp duty land tax (‘SDLT’) payable on the grant of the new
lease. We looked at different ways of structuring the lease
renewal with our client. Additional complexities centred
around interaction of the old stamp duty rules and SDLT legislation
on leases, as the original lease had been granted prior to 1st
December 2003.
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Enterprise Management Incentive Share Options (EMIs) for an
engineering client
An engineering client wanted to set up
an Enterprise Management Incentive share option scheme (EMI) for
key employees; one tranche of which involved a reasonably
straightforward right to acquire shares out of an employee benefit
trust, whilst the other presented complex drafting and structuring
issues. Particular issues included the number of shares
subject to the EMI options which would be linked to net proceeds on
a future exit (subject to variable financial conditions, including
level of net proceeds achieved); and was in three tiers (again
subject to variable financial conditions including levels of
marketing capitalisation).
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