REG - IQE PLC - Long Term Incentive Plan (LTIP) Award

IqeAnnouncement

29/11/2023 16:00

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RNS Number : 0970V  IQE PLC  29 November 2023

IQE plc

 

 

Cardiff, UK

29 November 2023

 

Long Term Incentive Plan (LTIP) Award

 

IQE plc (AIM:  IQE, "IQE" or the "Group"), the leading supplier of compound
semiconductor wafer products and advanced material solutions to the global
semiconductor industry, announces that on 29 November 2023, following
discussions with a number of the Company's major institutional shareholders,
IQE's Board of Directors has approved a recommendation made by the
Remuneration Committee, to grant IQE's Chief Executive Officer, Americo Lemos,
an award of 2,875,000 share options over ordinary shares of 1 pence each in
the Company ("Award") at nil cost, pursuant to IQE's Long Term Incentive Plan.
The Award is subject to a three-year performance period to 31 December 2025
(the "Performance Period") and is subject to a two-year hold period following
vesting.

Vesting of the Award is determined by the Company's Total Shareholder Return
("TSR"). TSR will be measured at the end of the Performance Period and will be
calculated based on the Company's volume weighted average price (plus any
dividends paid during the Performance Period) over the 3-month period starting
on 1 October 2025 and ending on 31 December 2025 (the "3M VWAP"). If the 3M
VWAP is between 40p and 60p, between 25% and 60% of the Award will vest on a
straight-line basis. There will be no further vesting unless the 3M VWAP is at
least 70p, which would result in the Award vesting in full. None of the Award
will vest if the 3M VWAP is below 40p.

This announcement is made in accordance with Article 19 of the EU Market Abuse
Regulation 596/2014 (as incorporated into UK domestic law by the European
Union (Withdrawal) Act 2018).

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 ("PDMR") /
     person closely associated with them ("PCA")
 a)  Name                                     Americo Lemos
 2.  Reason for the notification
 a)  Position / status                        Chief Executive Officer
 b)  Initial notification / amendment         Initial notification

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

 b)  Legal Entity Identifier                  213800Y33WHD3ESJJP16

 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  Ordinary shares of 1 pence each in the Company

GB0009619924

 b)  Nature of the transaction                Award of options

 c)  Price(s) and volume(s)                   Price  Volume
                                              Nil    2,875,000
 d)  Aggregated information

     ·       Aggregated volume

     ·       Aggregated price
 e)  Date of the transaction(s)
 f)  Place of the transaction                 Off-market

d)

Aggregated information

·       Aggregated volume

·       Aggregated price

e)

Date of the transaction(s)

f)

Place of the transaction

Off-market

 

 

Contacts:

 

IQE plc

+44 (0) 29 2083 9400

Americo Lemos

Neil Rummings

Amy Barlow

 

Peel Hunt (Nomad and Joint Broker)

+44 (0) 20 7418 8900

Paul Gillam

Richard Chambers

James Smith

 

Numis (Joint Broker)

+44 (0) 20 7260 1000

Simon Willis

Hugo Rubinstein

Iqra Amin

 

Headland Consultancy (Financial PR)
+ 44 (0) 20 38054822

Andy Rivett-Carnac: +44 (0) 7968 997 365

Chloe Francklin: +44 (0)78 3497 4624

ABOUT IQE

http://iqep.com
(https://www.globenewswire.com/Tracker?data=yZf7NKp1JKLALUCxlBuC8wkLnLAqoe5-kjjIlkMIDci9q9W0x_02bwZV-eorSbpLXZxy4zi3xHh-O4FM8nWjeg==)

 

 

IQE is the leading global supplier of advanced compound semiconductor wafers
and materials solutions that enable a diverse range of applications across:

 

·    Smart Connected Devices

·    Communications Infrastructure

·    Automotive and Industrial

·    Aerospace and Security

 

As a scaled global epitaxy wafer manufacturer, IQE is uniquely positioned in
this market which has high barriers to entry. IQE supplies the global market
and is enabling customers to innovate at chip and OEM level. By leveraging the
Group's intellectual property portfolio including know-how and patents, it
produces epitaxy wafers of superior quality, yield and unit economics.

IQE is headquartered in Cardiff UK, with employees across eight manufacturing
locations in the UK, US and Taiwan, and is listed on the AIM Stock Exchange in
London.

 

 

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