REG - AssetCo PLC - Discontinuance of Annual Bonus Plan and LTIP

AssetcoAnnouncement

05/07/2022 08:00

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RNS Number : 3361R  AssetCo PLC  05 July 2022

5 July 2022

LE1: 213800LFMHKVNT27GV45

 

AssetCo plc ("AssetCo" or the "Company")

Discontinuance of the Company's Annual Bonus

and Long Term Incentive Plan ("LTIP")

 

On 29 September 2021 the Company announced that the Remuneration Committee was
conducting an ongoing review of the quantum, terms and form of the LTIP in
respect of periods beyond the first performance period (being the period from
8 January 2021 to 30 September 2021) (the "First Performance Period").

After concluding its review and after consultation with advisers and
Shareholders, the Remuneration Committee has recommended, and the Board is in
agreement, that the LTIP should be cancelled in respect of periods beyond the
First Performance Period.  The Company will take time to consult with its
advisers and Shareholders in terms of appropriate schemes/arrangements to
replace the LTIP and will make an announcement in due course.

The number of ordinary shares of 10p each in the Company ("Ordinary Shares")
the subject of awards granted to participants under the LTIP ("Participants")
in respect of the First Performance Period was determined to be 993,315
Ordinary Shares, with the first tranche of one third, amounting to 331,100
Ordinary Shares due for release to Participants in December 2021, with the
balance of two thirds, amounting to 662,205 Ordinary Shares, being released
over a five year deferral period subject to the terms of the LTIP (the
"Deferral Period").  To date, by virtue of corporate and market events, no
Ordinary Shares have been released to Participants.

As a consequence of the cancellation of the LTIP the Remuneration Committee
has accelerated the release to Participants of the Ordinary Shares which were
due to be released to them over the Deferral Period (the "Deferred Ordinary
Shares") subject to the lock-in arrangements detailed below.  Further, the
Remuneration Committee has determined that the Participant's entitlements will
be settled net of their National Insurance Contributions and Pay as you Earn
obligations which will be paid by the Company, on behalf of the Participants,
with a commensurate reduction in the number of Ordinary Shares issued to
Participants.  As a result, the net total of Ordinary Shares today issued to
Participants was 518,909 Ordinary Shares of which 345,935 were Deferred
Ordinary Shares.  This represents a significant reduction in the dilution to
Shareholders which would have resulted in the event that the total of 993,315
Ordinary Shares had been issued to Participants.

Of the Ordinary Shares today issued the following were issued to Directors:

 Name                         Number of Ordinary Shares
 Martin Gilbert (Director)    160,920
 Peter McKellar (Director)    126,029
 Campbell Fleming (Director)  61,685

The Participants have entered into lock-in arrangements with the Company
whereby they will be restricted from disposing of Deferred Ordinary Shares.
 These arrangements also replicate, in respect of Deferred Ordinary Shares,
the provisions in the rules of the LTIP which relate to recovery and
Participants ceasing to be employed by any member of the AssetCo group.
These lock-in arrangements fall away on the same basis that Ordinary Shares
would have otherwise been released to Participants over the Deferral Period.

Formal notifications in respect of the PDMRs are set out below in accordance
with the requirements of the Market Abuse Regulation.

Admission and Total Voting Rights

Application has been made to the London Stock Exchange for the 518,909 new
Ordinary Shares to be admitted to trading on AIM ("Admission") and it is
expected that Admission will become effective and trading will commence on or
around 8.00 a.m. on 8 July 2022.

Following Admission, AssetCo's issued share capital will consist of 14,918,229
Ordinary Shares with one voting right each. AssetCo does not hold any Ordinary
Shares in treasury. Therefore, the total number of Ordinary Shares and voting
rights in AssetCo is 14,918,229. With effect from Admission, this figure may
be used by shareholders in AssetCo as the denominator for the calculations by
which they will determine if they are required to notify their interest in, or
a change to their interest in, the share capital of AssetCo under the FCA's
Disclosure Guidance and Transparency Rules.

For further information, please contact:

 AssetCo plc                                                 Numis Securities Limited

                                                             Nominated adviser and joint broker

 Campbell Fleming, CEO                                       Stephen Westgate / Charles Farquhar / Giles Rolls

 Peter McKellar, Deputy Chairman                             Tel: +44 (0) 20 7260 1000

 James Thorneley, Head of Communications

 Tel: +44 (0) 7958 005141

 Panmure Gordon (UK) Limited                                 Maitland/AMO

 Joint broker                                                Neil Bennett

 Charles Leigh-Pemberton / Atholl Tweedie / Gabriel Hamlyn   Rachel Cohen

 Tel: +44 (0) 20 7886 2906                                   Tel: +44 (0) 20 7379 55151

For further details, visit the website, www.assetco.com
(http://www.assetco.com)

Ticker: AIM: ASTO.L

 

 

 

 1    Details of the person discharging managerial responsibilities / person closely

    associated

 a)   Name                                                         Martin Gilbert

 2    Reason for the notification

 a)   Position/status                                              PDMR

 b)   Initial notification /Amendment                              Initial notification

 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                         AssetCo plc

 b)   LEI                                                          213800LFMHKVNTZ7GV45

 4    Details of the transaction(s): section to be repeated for (i) each type of

    instrument; (ii) each type of transaction; (iii) each date; and (iv) each
      place where transactions have been conducted
 a)   Description of the financial instrument, type of instrument  Ordinary shares of £0.10 each

      Identification code                                          GB00B42VYZ16

 b)   Nature of the transaction                                    Grant of Shares under an LTIP

 c)   Price(s) and volume(s)

                                                                                     Price(s)          Volume(s)
                                                                                     £0                160,920

 d)   Aggregated information

      - Aggregated volume                                          160,920

      - Price                                                      £0

 e)   Date of the transaction                                      4 July 2022

 f)   Place of the transaction                                     Outside of a trading venue

 

 

 

 1    Details of the person discharging managerial responsibilities / person closely

    associated

 a)   Name                                                         Peter McKellar

 2    Reason for the notification

 a)   Position/status                                              PDMR

 b)   Initial notification /Amendment                              Initial notification

 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                         AssetCo plc

 b)   LEI                                                          213800LFMHKVNTZ7GV45

 4    Details of the transaction(s): section to be repeated for (i) each type of

    instrument; (ii) each type of transaction; (iii) each date; and (iv) each
      place where transactions have been conducted
 a)   Description of the financial instrument, type of instrument  Ordinary shares of £0.10 each

      Identification code                                          GB00B42VYZ16

 b)   Nature of the transaction                                    Grant of Shares under an LTIP

 c)   Price(s) and volume(s)

                                                                                     Price(s)          Volume(s)
                                                                                     £0                126,029

 d)   Aggregated information

      - Aggregated volume                                          126,029

      - Price                                                      £0

 e)   Date of the transaction                                      4 July 2022

 f)   Place of the transaction                                     Outside of a trading venue

 

 

 

 1    Details of the person discharging managerial responsibilities / person closely

    associated

 a)   Name                                                         Campbell Fleming

 2    Reason for the notification

 a)   Position/status                                              PDMR

 b)   Initial notification /Amendment                              Initial notification

 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                         AssetCo plc

 b)   LEI                                                          213800LFMHKVNTZ7GV45

 4    Details of the transaction(s): section to be repeated for (i) each type of

    instrument; (ii) each type of transaction; (iii) each date; and (iv) each
      place where transactions have been conducted
 a)   Description of the financial instrument, type of instrument  Ordinary shares of £0.10 each

      Identification code                                          GB00B42VYZ16

 b)   Nature of the transaction                                    Grant of Shares under an LTIP

 c)   Price(s) and volume(s)

                                                                                     Price(s)          Volume(s)
                                                                                     £0                61,685

 d)   Aggregated information

      - Aggregated volume                                          61,685

      - Price                                                      £0

 e)   Date of the transaction                                      4 July 2022

 f)   Place of the transaction                                     Outside of a trading venue

 

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