REG - Checkit PLC - Grant of options and PDMR dealings

CheckitAnnouncement

10/01/2023 07:00

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RNS Number : 1601M  Checkit PLC  10 January 2023

10 January 2023

 

 

Checkit plc

("Checkit" or the "Group")

Grant of options and PDMR dealings

Checkit plc (AIM:CKT) announces that, on 9 January 2023, it granted options
over ordinary shares of 5 pence each ("Ordinary Shares") to certain PDMRs and
employees to subscribe for, in aggregate, up to 2,310,653 Ordinary Shares
under the Group's existing EMI, CSOP and US Options Schemes (the "Options").

1,205,653 Options granted under the EMI Options Scheme were granted to four
individuals with 30 -month vesting periods. The vesting period has been
reduced by six months for these individuals (two of whom are PDMRs) to reflect
the fact that these awards were due to have been made to them significantly
earlier. It was, however, not possible to make these awards earlier due to the
Group not meeting the EMI balance sheet and total EMI options cap requirements
at the time, which now no longer prevent Checkit from awarding the Options.
500,000 Options were granted under the EMI Options Scheme with 36 - month
vesting periods to one PDMR.

Furthermore, 605,000 Options pursuant to the EMI, CSOP, and US Options Schemes
were granted to 34 individuals with three-year vesting periods.

All Options granted under the EMI, and US Options Schemes are subject to an
EBITDA performance condition. Options can only be exercised if the Group:

i.      is EBITDA breakeven or positive at the date of exercise; and

ii.     has been EBITDA breakeven or positive on average over the six
months prior to the date of exercise.

The Options shall expire on the tenth anniversary of the date of grant.

Following the above awards, the total options outstanding are 7,730,653
(equivalent to 7.16% of Company's issued share capital).

PDMR Dealings

Included within the above, Options granted to certain PDMRs of the Group are
as follows:

 Name              Title                                 Options granted  Vesting     period      Total Options held
 Kit Kyte          Chief Executive Officer               500,000          36 months               2,452,500*
 Gregory Price     Chief Financial Officer               845,653          30 months               945,653
 David Cottingham  Chief Product and Technology Officer  210,000          30 months               210,000

 

*Kit Kyte holds 2,000,000 unapproved EMI Options and 452,500 EMI Options.

The notification below, made in accordance with the requirements of the UK
Market Abuse Regulation, provides further detail.

 

Enquiries:

 Checkit plc                                                                      +44 (0)1223 643313
 www.checkit.net
 John Wilson (Senior Independent Director, Chairman of Remuneration Committee)
 Kit Kyte (Chief Executive Officer)
 Greg Price (Chief Financial Officer)

 Singer Capital Markets (Nominated Adviser & Broker)                              +44 (0) 20 7496 3000
 Shaun Dobson / Harry Gooden / George Tzimas (Investment Banking)

 

 1   Details of the person discharging managerial responsibilities/person closely
     associated

 a)  Name:                                      Gregory Price
 2   Reason for the notification

 a)  Position/Status:                          Chief Financial Officer (PDMR)

 b)  Initial Notification/Amendment:           Initial Notification

 3   Details of the issuer, emission allowance market participation, auction
     platform, auctioneer or auction monitor

 a)  Name:                                     Checkit Plc

 b)  LEI:                                      213800556WJOWQNT2R68
 4.  Details of 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:  Options over Ordinary Shares of 5 pence each

     Identification code:                      ISIN GB00B0C5RG72
 b)  Nature of the transaction:                Grant of options over Ordinary Shares

 c)  Price(s) and volume(s):                   Price(s)                    Exercisable at 23 pence per Ordinary Share

     Volume(s)                                                             845,653

 d)  Aggregated information                    N/A - single transaction

     -     Aggregated volume

     -     Price

 e)  Date of the Transaction:                   9 January 2023

 f)  Place of the Transaction:                 Outside a trading venue

 

 

 1   Details of the person discharging managerial responsibilities/person closely
     associated

 a)  Name:                                     David Cottingham

 2   Reason for the notification

 a)  Position/Status:                          Chief Product and Technology Officer (PDMR)

 b)  Initial Notification/Amendment:           Initial Notification

 3   Details of the issuer, emission allowance market participation, auction
     platform, auctioneer or auction monitor

 a)  Name:                                     Checkit Plc

 b)  LEI:                                      213800556WJOWQNT2R68
 4.  Details of 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:  Options over Ordinary Shares of 5 pence each

     Identification code:                      ISIN GB00B0C5RG72
 b)  Nature of the transaction:                Grant of options over Ordinary Shares

 c)  Price(s) and volume(s):                   Price(s)                    Exercisable at 23 pence per Ordinary Share

     Volume(s)                                                             210,000

 d)  Aggregated information                    N/A - single transaction

     -     Aggregated volume

     -     Price

 e)  Date of the Transaction:                   9 January 2023

 f)  Place of the Transaction:                 Outside a trading venue

 

 1   Details of the person discharging managerial responsibilities/person closely
     associated

 a)  Name:                                     Kit Kyte

 2   Reason for the notification

 a)  Position/Status:                          Chief Executive Officer (PDMR)

 b)  Initial Notification/Amendment:           Initial Notification

 3   Details of the issuer, emission allowance market participation, auction
     platform, auctioneer or auction monitor

 a)  Name:                                     Checkit Plc

 b)  LEI:                                      213800556WJOWQNT2R68
 4.  Details of 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:  Options over Ordinary Shares of 5 pence each

     Identification code:                      ISIN GB00B0C5RG72
 b)  Nature of the transaction:                Grant of options over Ordinary Shares

 c)  Price(s) and volume(s):                   Price(s)                    Exercisable at 23 pence per Ordinary Share

     Volume(s)                                                             500,000

 d)  Aggregated information                    N/A - single transaction

     -     Aggregated volume

     -     Price

 e)  Date of the Transaction:                   9 January 2023

 f)  Place of the Transaction:                 Outside a trading venue

 

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