Amendment to Performance Share Plan
14/12/2022 10:45
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RNS Number : 6814J DX (Group) PLC 14 December 2022
AIM: DX.
DX (Group) plc
("DX" or "the Group" or "the Company")
Company Performance Share Plan
DX, the provider of delivery solutions, including parcel freight, secure
courier and logistics services, reports an amendment ("Amendment") to the
Performance Condition of the Company's Performance Share Plan ("PSP"), which
was established in December 2017 for directors and certain senior management
of the Company ("Participants").
The Amendment introduces a further testing date of 21 December 2023, with the
objective of retaining and fairly rewarding the 36 Participants, who are
currently employed by the Group, in the PSP for a further year. The current
third and final testing date for the PSP is on 21 December 2022 and the
Amendment therefore extends the Performance Condition and adds a further
measurement date in twelve months' time.
In light of the close proximity of the date of restoration of the Company's
ordinary shares to trading on 19 October 2022 and the third testing date for
the PSP under the plan on 21 December 2022, the Amendment creates additional
time for the continued strong trading by the Group and its positive outlook to
be recognised in a fair market price.
The Amendment also provides the further benefit of enabling DX to defer the
implementation of a replacement Long Term Incentive Plan for a year and will
help to retain and motivate the senior managers in the PSP.
A majority of shareholders of the Company's issued share capital, were
consulted with respect to the Amendment.
Related party transaction
Under the AIM Rules for Companies, the Amendment to the PSP in relation to
David Mulligan, Paul Ibbetson, Martin Illidge, Michael Sherry, and Kevin
Galligan is classified as a Related Party Transaction. Accordingly, Mark
Hammond, Mike Russell and Jon Kempster as Independent Directors consider,
having consulted with finnCap, the Company's Nominated Adviser, that the terms
of the Amendment are fair and reasonable insofar as its shareholders are
concerned.
Enquiries:
DX (Group) plc T: 020 3178 6378 (c/o KTZ
Jon Kempster, Senior Independent Non-executive Director Communications)
Mike Russell, Independent Non-executive Director
finnCap (Nominated Adviser & Joint Broker to DX) T: 020 7220 0500
Matt Goode/Simon Hicks (Corporate Finance)
Andrew Burdis/Charlotte Sutcliffe (ECM)
Liberum (Joint Broker to DX) T: 020 3100 2000
Nick How/William Hall
KTZ Communications T: 020 3178 6378
Katie Tzouliadis
Dan Mahoney
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