REG - GETECH Group plc - Board Changes & Grant of Share Options

GetechAnnouncement

07/02/2024 07:00

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RNS Number : 2480C  GETECH Group plc  07 February 2024

07 FEBRUARY 2024

 

Getech Group plc

("Getech" or the "Company")

Board Changes and Grant of Share Options

 

Getech (AIM: GTC), a world-leading locator of subsurface resources, makes the
following announcement concerning changes to Board membership and a Grant of
Options.

Board Changes

Getech is pleased to confirm the following previously announced changes to the
Board:

·    Michael Covington, currently Acting Chairman, shall become the
Chairman with immediate effect.

·    Richard Bennett, currently Acting CEO, shall become the CEO with
immediate effect.

Additionally, Dr Stuart Paton has notified the Company that he will not be
standing for re-election at the next AGM and, after 12 years of service, shall
retire from the Board on 31 March 2024. Getech has commenced a recruitment
process to appoint a new independent non-executive director and shall update
the market in due course.

The newly confirmed appointments reaffirm Getech's commitment to focus on the
development of the company's Globe geoscience platform and to utilise
artificial intelligence and machine learning technologies to help exploration
for the subsurface resources that are vital to the energy transition including
geothermal, natural hydrogen and critical minerals such as copper and lithium.

Grant of Options

On 6 February 2024, Getech has granted share options in respect of a total of
6,450,000 ordinary shares in the Company to the executive team and senior
leadership team under the approved share option scheme (the "Options").

The Options include the following awards to directors and PDMRs:

 Name               Position  Number of Options
 Richard Bennett    CEO       1,700,000
 Andrew Darbyshire  CFO       900,000
 Chris Jepps        COO       900,000

 

The Options all have the following terms:

·    The Option exercise price 8.0p (the volume weighted average closing
price of the Company's ordinary shares since 22 January 2024, the date of the
most recent RNS release)

·    The Option term is 5 years, with 50% vesting after 2 years and 50%
vesting after 3 years

·    The vesting of the Options is subject to achieving a one-month volume
weighted average closing price in excess of 24p during the term of the option.

 

Alongside the grant of the Options, all previously awarded employee share
options outstanding have been cancelled, with the exception of 198,440 options
that remain outstanding from those granted on 15 March 2023.

The Company's renumeration report will be subject to a shareholder vote at the
next AGM, in accordance with the principles of the QCA Corporate Governance
Code for Small and Mid-size Companies.

Michael Covington, Chairman "Firstly, I would like to express the sincere
thanks of the Board and employees to Dr Stuart Paton for his long-term and
passionate commitment to the development of the business and wish him every
success.

I am very pleased to become Chairman at this exciting time of considerable
change and opportunity for Getech. The energy transition is already creating
new markets for Getech and requirements for highly sustainable exploration in
our traditional energy markets.

I believe the Getech team is strongly aligned with shareholder interests and
motivated to drive growth and value creation."

 

For further information, please contact:

 Getech Group plc

 Richard Bennett, CEO                                        Tel:  0113 322 2200

 Cavendish Capital Markets Limited

 Neil McDonald / Pete Lynch (Corporate Finance)              Tel:  0207 397 8900

 Michael Johnson / Dale Bellis (Sales)

 Novella Communications                                      Tel: 0203 151 7008
 Tim Robertson / Claire de Groot / Safia Colebrook
 getech@novella-comms.com (mailto:getech@novella-comms.com)

 

Notes to editors:

 

Getech Group plc (AIM: GTC) applies its world-leading geoscience data and
unique geospatial software products to accelerate the energy transition by
locating, developing and operating geoenergy and green hydrogen projects.

 

For further information, please visit www.getech.com (http://www.getech.com/)
.

 

 

 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a)  Name                                                         Richard Bennett
 2   Reason for the notification
 a)  Position/status                                              CEO
 b)  Initial notification/Amendment                               Initial notification
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         Getech Group plc
 b)  LEI                                                          213800L36BCDMGT89738
 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  Options over Ordinary Shares of 0.25p each

GB00B0HZVP95
     Identification code
 b)  Nature of the transaction                                    Grant of Options under the Approved Share Option Scheme
 c)  Price(s) and volume(s)                                       Price(s)  Volume(s)
                                                                  1.        8p        1,700,000
 d)  Aggregated information

- Aggregated volume
     - Price
 e)  Date of the transaction                                      6 February 2024
 f)  Place of the transaction                                     Outside a trading venue

d)

Aggregated information

 -  Aggregated volume
 -  Price

 

e)

Date of the transaction

6 February 2024

f)

Place of the transaction

Outside a trading venue

 

 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a)  Name                                                         Andrew Darbyshire
 2   Reason for the notification
 a)  Position/status                                              CFO
 b)  Initial notification/Amendment                               Initial notification
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         Getech Group plc
 b)  LEI                                                          213800L36BCDMGT89738
 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  Options over Ordinary Shares of 0.25p each

GB00B0HZVP95
     Identification code
 b)  Nature of the transaction                                    Grant of Options under the Approved Share Option Scheme
 c)  Price(s) and volume(s)                                       Price(s)  Volume(s)
                                                                  1.        8p        900,000
 d)  Aggregated information

- Aggregated volume
     - Price
 e)  Date of the transaction                                      6 February 2024
 f)  Place of the transaction                                     Outside a trading venue

d)

Aggregated information

 -  Aggregated volume
 -  Price

 

e)

Date of the transaction

6 February 2024

f)

Place of the transaction

Outside a trading venue

 

 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a)  Name                                                         Christopher Jepps
 2   Reason for the notification
 a)  Position/status                                              COO
 b)  Initial notification/Amendment                               Initial notification
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         Getech Group plc
 b)  LEI                                                          213800L36BCDMGT89738
 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  Options over Ordinary Shares of 0.25p each

GB00B0HZVP95
     Identification code
 b)  Nature of the transaction                                    Grant of Options under the Approved Share Option Scheme
 c)  Price(s) and volume(s)                                       Price(s)  Volume(s)
                                                                  1.        8p        900,000
 d)  Aggregated information

- Aggregated volume
     - Price
 e)  Date of the transaction                                      6 February 2024
 f)  Place of the transaction                                     Outside a trading venue

d)

Aggregated information

 -  Aggregated volume
 -  Price

 

e)

Date of the transaction

6 February 2024

f)

Place of the transaction

Outside a trading venue

 

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