REG - Checkit PLC - Surrender and grant of options and PDMR dealings

CheckitAnnouncement

10/07/2024 07:00

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RNS Number : 7599V  Checkit PLC  10 July 2024

Checkit plc

("Checkit" or the "Group")

Surrender of Existing Options

Grant of options and PDMR dealings

Checkit plc (AIM: CKT), the automated monitoring platform for operational
leaders announces that, on 8 July 2024, Kit Kyte, Chief Executive Officer,
surrendered for nominal consideration 1,500,000 options over ordinary shares
of 5 pence each ("Ordinary Shares") granted on 25 March 2022 under the Checkit
plc 2020 Enterprise Management Incentive Plan (the "Plan"). On the same day,
Mr Kyte was granted options over 4,000,000 Ordinary Shares under the Plan.

This surrender and grant of options and the terms of the Plan were determined
by Checkit's Remuneration Committee following extensive consultation with the
Group's significant shareholders.

The options are subject to the achievement of performance targets and will
vest in four increasing tranches. The vesting date for the first tranche of
options will be 10 business days after the publication of the audited
consolidated accounts of the Group for the Financial Year ending 31 January
2026 ("FY26") or, in the Board's absolute discretion, 10 business days after
the publication of the interim accounts for the Group to 31 July 2026. The
vesting date for the other tranches shall follow the same pattern as the first
tranche. Each tranche shall only vest subject to 'Rule of 40 Targets', 'L/EBIT
Targets' and 'Share Price Targets' being met as follows:

 Vesting period  Number of Ordinary Shares subject to option  Rule of 40 Target  L/EBIT Target  Share Price Target*
 2026            400,000                                      10 per cent.       (£2.5m)        55 pence
 2027            800,000                                      20 per cent.       (£0.9m)        70 pence
 2028            1,200,000                                    30 per cent.       £0.9m          85 pence
 2029            1,600,000                                    40 per cent.       £3.7m          100 pence

*average closing price of an Ordinary Share over a six-month period

The Rule of 40 metric is used commonly in SaaS companies to measure
performance by reference to both profits and growth and is calculated by
adding the ARR Growth % to the L/EBITDA Margin %.

The options shall lapse (if not exercised) by 30 November 2029.

Following this award, Mr Kyte holds outstanding options over a total of
5,750,000 Ordinary Shares. 500,000 options were issued on 9 January 2023 with
an exercise price of 23p and 1,250,000 options were issued on 12 March 2024
with an exercise price of 20p.

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

 Keith Daley (Non-executive Chair and Chairman of Remuneration Committee)

 Kit Kyte (Chief Executive Officer)

 Greg Price (Chief Financial and Operations Officer)

 Singer Capital Markets (Nominated Adviser & Broker)                          +44 (0) 20 7496 3000

 Shaun Dobson / James Fischer

 Tavistock (Financial PR)                                                     +44 (0) 20 7920 3150

 Lulu Bridges / Katie Hopkins / Simon Hudson

 

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

 a)  Name:                                     Christopher 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:  Ordinary Shares of 5 pence each

     Identification code:                      ISIN GB00B0C5RG72
 b)  Nature of the transaction:                Surrender of options over Ordinary Shares of 5 pence

 c)  Price(s) and volume(s):                   Price(s)                     Nil

     Volume(s)                                                              1,500,000

 d)  Aggregated information                    N/A single transaction

     -     Aggregated volume

     -     Price

 e)  Date of the Transaction:                  8 July 2024

 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:  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 5 pence per Ordinary Share

     Volume(s)                                                             4,000,000

 d)  Aggregated information                    N/A single transaction

     -     Aggregated volume

     -     Price

 e)  Date of the Transaction:                  8 July 2024

 f)  Place of the Transaction:                 Outside a trading venue

 

 

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