REG - IDOX PLC - Adoption of New LTIP and Grant of Options

IdoxAnnouncement

18/10/2023 07:00

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RNS Number : 4459Q  IDOX PLC  18 October 2023

18 October 2023

Idox plc

 

('Idox' or the 'Group' or the 'Company')

 

Adoption of New LTIP and Grant of Options

 

ldox plc (AIM: IDOX), a leading supplier of specialist information management
software and solutions to the public and asset-intensive sectors, announces
that on 1 September 2023 it adopted a new long-term incentive plan ("LTIP"),
with share option awards to be made to key members of Idox's management team
including certain of its persons discharging managerial responsibilities
("PDMRs").

 

The new LTIP has been established following consultation with certain major
shareholders of the Group and external advisors. Potential awards and
performance criteria have been benchmarked against share incentive schemes for
other AIM quoted companies.

 

The Group's Remuneration Committee (the "Committee") granted these awards on
17 October 2023, with an effective grant date of 1 November 2022 ("Grant
Date"), to encourage long-term value creation for the Company's shareholders,
and so that the individuals identified as key people to lead the business into
the future are appropriately incentivised in a manner that aligns with the
interests of the Group's stakeholders. The new LTIP will supersede the
existing LTIP established in 2019.

 

Pursuant to the LTIP, the Company granted nil-cost options over the following
ordinary shares:

-     1,711,213 ordinary shares to David Meaden

-     1,283,409 ordinary shares to Anoop Kang

-     1,344,524 ordinary shares to Jonathan Legdon

-     763,934 ordinary shares to Ruth Paterson

 

The share option awards under the LTIP will ordinarily vest three years after
the Grant Date (the "Performance Period") subject to the grantee's continued
service and achievement of the necessary performance criteria, and are
exercisable for seven years thereafter.

 

The performance criteria that apply to the awards are set out below.  Once
the first threshold has been exceeded, options will vest on a straight-line
basis between the target thresholds.

 

·    The vesting of up to 50 per cent of the award is subject to the
Company's absolute total shareholder return ("TSR") performance over the
Performance Period.

 

 Annual TSR growth rate  % of options vesting (of those subject to the TSR criteria)
 5.0%                    8.3%
 10.0%                   33.3%
 17.3%                   100.0%

 

·    The vesting of up to 25 per cent of the award is subject to the
achievement of adjusted diluted earnings per share ("EPS") growth over the
Performance Period. The EPS for the base year ended 31 October 2022 was 2.44p.

 

 Annual EPS growth rate  % of options vesting (of those subject to the EPS criteria)
 4.5%                    8.3%
 8.05%                   33.3%
 12.0%                   100.0%

 

 

·    The vesting of up to 25 per cent of the award is subject to the
Company's revenue performance over the Performance Period. Revenue for the
base year ended 31 October 2022 was £66.2m.

 

 Annual revenue growth rate  % of options vesting (of those subject to the Revenue criteria)
 6.6%                        8.3%
 10.0%                       33.3%
 15.0%                       100.0%

 

 

The Committee will review the performance conditions at periodic intervals to
ensure they remain appropriate. As a result of any such review, the Committee
will retain discretion to amend the conditions where appropriate having regard
to overall Company performance and wider stakeholder experience.

 

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

 

Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them.

 1    Details of the person discharging managerial responsibilities / person closely
      associated
 a)   Name                                                         1.    David Meaden

                                                                   2.    Anoop Kang

                                                                   3.    Jonathan Legdon

                                                                   4.    Ruth Paterson
 2    Reason for the notification
 a)   Position/status                                              1.    CEO

                                                                   2.    CFO

                                                                   3.    COO

                                                                   4.    CLCO
 b)   Initial notification /Amendment                              Initial Notification

 3    Details of the issuer, emission allowance market participant, auction
      platform, auctioneer or auction monitor
 a)   Name                                                         Idox plc

 b)   LEI                                                          213800Z3FE6PWVSUGE70
 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 1 pence each ("Ordinary Shares")

      Identification code                                          GB0002998192
 b)   Nature of the transaction                                    Conditional Grant of Nil Cost Share Options

 c)   Price(s) and volume(s)                                       Price (s)  Volume(s)
                                                                   1.  Nil        1,711,213
                                                                   2.  Nil        1,283,409
                                                                   3.  Nil        1,344,524
                                                                   4.  nil        763,934
 d)   Aggregated information

      - Aggregated volume

      - Price                                                      n/a

 e)   Date of the transaction                                      17 October 2023

 f)   Place of the transaction                                     Outside a trading venue

d)

 

Aggregated information

- Aggregated volume

- Price

 

 

n/a

 

e)

 

Date of the transaction

 

17 October 2023

f)

 

Place of the transaction

 

Outside a trading venue

 

-Ends-

Enquiries:

 Idox plc                              +44 (0) 870 333 7101
 Chris Stone, Non-Executive Chairman

 David Meaden, Chief Executive

 Anoop Kang, Chief Financial Officer

 Peel Hunt LLP (NOMAD and Broker)      +44 (0) 20 7418 8900
 Paul Gillam

 Michael Burke

 James Smith

 MHP Group                             +44 (0) 203 128 8276
 Reg Hoare                              idox@mhpgroup.com

Ollie Hoare

Matthew Taylor

 

About Idox plc For more information see www.idoxplc.com
(http://www.idoxplc.com/) @Idoxgroup

 

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