REG - JTC PLC - Grant and Vesting of EIP Share Awards

JTCAnnouncement

25/07/2024 07:00

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RNS Number : 7358X  JTC PLC  25 July 2024

25 July 2024

 

 

JTC PLC

(the "Company" and together with its subsidiaries "JTC" or the "Group")

 

Grant and Vesting of EIP Share Awards

 

JTC, the global provider of fund, corporate and private client services has
today granted a total of 4,748,909 awards over ordinary shares
of £0.01 each in the Company, amounting to c. £50m in value, to all
eligible current permanent Group employees, excluding the Executive Directors,
under the Employee Incentive Plan (the "EIP").

Shared ownership has been a cornerstone of JTC's culture for the past 26
years, dating back to the establishment of the first JTC Employee Benefit
Trust in 1998, making all our employees 'owners' of the business. The EIP,
following in the footsteps of its predecessor schemes, aims to recognize and
reward long-term performance throughout the entire Group. This alignment of
employees' and shareholders' interests is closely tied to multi-year business
plans.

Following the successful delivery of the Company's 'Galaxy Era' business plan,
resulting in a doubling of the size of the business, benchmarked against its
2020 performance, achieved by the end of 2023, two years ahead of plan, and in
a quadrupling of the size of the Group since listing in 2018, the Renumeration
Committee has approved the grant of an award of shares under the EIP to 1,755
eligible current permanent employees of the Group (the 'Galaxy Era EIP Share
Award').

The Galaxy Era EIP Award is the second award granted since the EIP was adopted
in 2018, the first award having been granted in July 2021. Employees'
individual awards are determined according to a points system based on
seniority, length of service and individual performance. A summary of the
principal terms of the EIP is set out at appendix 1 to the AGM circular issued
on 22 April 2021.

Each Galaxy Era EIP Award is separated into two tranches: 50% being an
'upfront' award which vests at grant and 50% a deferred award in the form of a
conditional right to receive shares on the first anniversary of grant, subject
to the achievement of the applicable performance conditions.

The Galaxy Era EIP Awards will be satisfied by the transfer of existing
Ordinary Shares held by JTC PLC Employee Benefit Trust (the "EBT") to each
participant. As such, this granting of shares under the EIP is non-dilutive to
the existing shareholders of the Group. The transfer of existing Ordinary
Shares from the EBT to all current Group employees will take place on 25 July
2024.

The full charge of c.£50m will be reflected in the Group's profit and loss
account as staff costs but will be treated as a non-underlying item and will
have no cash impact on the Group.

Further options or share awards made at the discretion of the Renumeration
Committee following the date of this announcement are subject to the dilution
limits applicable to the Company's Share Plans, which excludes shares
purchased or subscribed for at market value by the EBT.

Nigel Le Quesne, CEO of JTC, commented:

"I am delighted that the hard work and commitment to client service excellence
of our people has resulted in a shared ownership award for all our c. 1,800
employee-owners globally, in recognition of their successful delivery of our
Galaxy era business plan, in which they doubled the size of the Group in just
three years. Our commitment to shared ownership aligns the interests of our
people, our wider shareholder base, our clients and other stakeholders and has
already energised the business in this first year of our Cosmos era."

 

 

The following notifications are intended to satisfy the Company's obligations
under Article 19 of the Market Abuse Regulations.

 

 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a)  Name:                                     1.   Iain Johns

                                               2.   Richard Ingle

 2   Reason for the notification
 a)  Position/Status:                          1.   Group Head of Private Client Services and PDMR

                                               2.   Chief Risk Officer and PDMR

 b)  Initial Notification/Amendment:           Initial Notification
 3   Details of the issuer, emission allowance market participation, auction
     platform, auctioneer or auction monitor
 a)  Name:                                     JTC PLC
 b)  LEI:                                      213800DVUG4KLF2ASK33
 4.  Details of 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 £0.01 each

 
     Identification code:

                                               JE00BF4X3P53
 b)  Nature of the transaction:                Grant and vest of share awards under the JTC PLC Employee Share Plan
 c)  Price(s) and volume(s):                   Price(s)                             Volume(s)
     Nil                                                                            1.   11,114

                                                                                    2.   6,402
 d)  Aggregated volume:                        N/A

     Price:
 e)  Date of the Transaction:                  25 July 2024
 f)  Place of the Transaction:                 Outside trading venue

 

 

 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a)  Name:                                     1.   Iain Johns

                                               2.   Richard Ingle

 2   Reason for the notification
 a)  Position/Status:                          1.   Group Head of Private Client Services and PDMR

                                               2.   Chief Risk Officer and PDMR

 b)  Initial Notification/Amendment:           Initial Notification
 3   Details of the issuer, emission allowance market participation, auction
     platform, auctioneer or auction monitor
 a)  Name:                                     JTC PLC
 b)  LEI:                                      213800DVUG4KLF2ASK33
 4.  Details of 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 £0.01 each

 
     Identification code:

                                               JE00BF4X3P53
 b)  Nature of the transaction:                Grant of conditional share awards under the JTC PLC Employee Incentive Plan
 c)  Price(s) and volume(s):                   Price(s)                                Volume(s)
     Nil                                                                               1.   11,114

                                                                                       2.   6,403

 d)  Aggregated volume:                        N/A

     Price:
 e)  Date of the Transaction:                  25 July 2024
 f)  Place of the Transaction:                 Outside trading venue

 

 

Enquiries:

 

JTC PLC
                        +44 (0) 1534 700 000

Nigel Le Quesne, Chief Executive Officer

Martin Fotheringham, Chief Financial Officer

David Vieira, Chief Communications Officer

 

Camarco
                       +44 (0) 20 3757 4980

Geoffrey Pelham-Lane
 

Sam Morris

 

About JTC

 

JTC is a publicly listed, global professional services business with deep
expertise in fund, corporate and private client services. Every JTC person is
an owner of the business and this fundamental part of our culture aligns us
with the best interests of all of our stakeholders. Our purpose is to maximise
potential and our success is built on service excellence, long-term
relationships and technology capabilities that drive efficiency and add value.

 

www.jtcgroup.com

 

 

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