REG - IG Design Group PLC - Cancellation of Value Creation Scheme (“VCS”)

IG DesignAnnouncement

28/06/2022 09:00

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RNS Number : 3729Q  IG Design Group PLC  28 June 2022

28 June 2022

IG Design Group plc

 

('Design Group' or the 'Company')

 

Cancellation of Value Creation Scheme ("VCS")

 

IG Design Group plc announces the cancellation of the VCS which was granted in
early 2021. Following a review of the scheme, the Remuneration Committee of
the Company believe the grants made under the VCS no longer align the
interests of employees and shareholders.

 

Under the VCS rules, any material changes to the VCS requires the consent of
participants holding awards which together represent more than 50 per cent. of
all outstanding award values.  Following consultation with participants, this
minimum requirement has been achieved allowing the cancellation of the VCS to
occur.

 

The VCS awards were intended to allow participants to share, in total, in up
to 12.5 per cent. of the value created for shareholders over a 3 year period
(the "VCS Pool"). The cancelled PDMR awards, expressed as a percentage of the
VCS Pool, are set out below:

 

Giles Willits 12.5%

Lance Burn 7.5%

 

The Remuneration Committee will look to put in place a more appropriate
incentive scheme moving forward. The Company will inform the market of the new
scheme at the relevant time.

 

 

 IG Design Group plc                             Tel: +44 (0)1525 887310
 Stewart Gilliland, Interim Executive Chairman

 Lance Burn, Interim Chief Operating Officer

 Paul Bal, Chief Financial Officer

 Canaccord Genuity Limited (NOMAD and Broker)    Tel: +44 (0)20 7523 8000

 Bobbie Hilliam - NOMAD

 Alex Aylen - Sales

 Alma PR                                         Tel: +44 (0)20 3405 0205

 Susie Hudson

 Sam Modlin

For further information, please contact:

 1    Details of the person discharging managerial responsibilities / person closely
      associated
 a)   Name                                                         Giles Willits
 2    Reason for the notification
 a)   Position/status                                              Executive Director
 b)   Initial notification /Amendment                              Amendment

 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                         IG Design Group plc
 b)   LEI                                                          213800J8I5XDZ3JU8496
 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 5 pence each

      Identification code                                          ISIN: GB0004526900

 b)   Nature of the transaction                                    Cancellation of grant of awards under the IG Design Value Creation Scheme
 c)   Price(s) and volume(s)                                       Price     No. of shares
                                                                   Nil-cost  Such number of Shares as equals 12.5% of the VCS Pool
 d)   Aggregated information

      - Aggregated  volume                                          N/a

      - Price
 e)   Date of the transaction                                      28 June 2022
 f)   Place of the transaction                                     Outside a trading venue

d)

Aggregated information

- Aggregated  volume

- Price

 

 N/a

 

e)

Date of the transaction

28 June 2022

f)

Place of the transaction

Outside a trading venue

 

 

 

 1    Details of the person discharging managerial responsibilities / person closely
      associated
 a)   Name                                                         Lance Burn
 2    Reason for the notification
 a)   Position/status                                              Executive Director
 b)   Initial notification /Amendment                              Amendment

 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                         IG Design Group plc
 b)   LEI                                                          213800J8I5XDZ3JU8496
 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 5 pence each

      Identification code                                          ISIN: GB0004526900

 b)   Nature of the transaction                                    Cancellation of grant of awards under the IG Design Value Creation Scheme
 c)   Price(s) and volume(s)                                       Price     No. of shares
                                                                   Nil-cost  Such number of Shares as equals 7.5% of the VCS Pool
 d)   Aggregated information

      - Aggregated  volume                                          N/a

      - Price
 e)   Date of the transaction                                      28 June 2022
 f)   Place of the transaction                                     Outside a trading venue

d)

Aggregated information

- Aggregated  volume

- Price

 

 N/a

 

e)

Date of the transaction

28 June 2022

f)

Place of the transaction

Outside a trading venue

 

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