REG - Learning Technol.Grp - Grant of options, director dealing and PDMRs

Learning TechnologiesAnnouncement

31/12/2021 07:00

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RNS Number : 1158X  Learning Technologies Group PLC  31 December 2021

31 December 2021

 

Learning Technologies Group plc

("LTG", the "Group")

(AIM: LTG)

 

Grant of options, director dealing and PDMRs

 

Pursuant to the adoption of a new long term incentive plan ("LTIP"), the
Company confirms the grant of share options with an option price of £0.00375
per share (the "Awards") to the following executive directors and PDMRs:

 

Executive Directors:

Jonathan Satchell, Chief Executive: 6,000,000

Kath Kearney-Croft, Chief Financial Officer: 3,000,000

Piers Lea, Chief Strategy Officer: 3,000,000

 

PDMRs:

Claire Walsh, Head of Legal and Company Secretary: 1,500,000

Nick Bowyer, Chief Operating Officer: 2,000,000

 

The grant of the Awards is conditional on each recipient waiving and
forfeiting all of their existing share options in the Company.

 

The Awards will vest: 50% on the fourth anniversary of the grant date and 50%
on the fifth anniversary of the grant date; and in each case subject to the
satisfaction of challenging performance conditions, which are summarised
below. All awards are subject to a holding period which will end on the fifth
anniversary of the grant date.

 

66.67% of the Award Shares will be subject to the following TSR performance
conditions:

 

 Equivalent CAGR of TSR of the Company over the Performance Period  % of Award Shares subject to the TSR Performance Condition capable of Vesting

                                                                    (i.e. expressed as a percentage of 66.67% of the total number of Shares
                                                                    originally subject to the Award)
 Less than 10% p.a.                                                 0%
 10% p.a.                                                           0%
 Between 10% p.a. and 20% p.a.                                      Straight-line Vesting between 0% and 50%
 20% p.a.                                                           50%
 Between 20% p.a. and 25% p.a.                                      Straight-line Vesting between 50% and 100%
 25% p.a. or more                                                   100%

 

33.3% of the Award Shares will be subject to the following EPS Performance
Conditions:

 Equivalent CAGR of EPS during the Performance Period  % of Award Shares subject to the EPS Performance Condition capable of Vesting

                                                       (i.e. expressed as a percentage of 33.33% of the total number of Shares
                                                       originally subject to the Award)
 Less than 10% p.a.                                    0%
 10% p.a.                                              0%
 Between 10% p.a. and 20% p.a.                         Straight-line Vesting between 0% and 50%
 20% p.a.                                              50%
 Between 20% p.a. and 25% p.a.                         Straight-line Vesting between 50% and 100%
 25% p.a. or more                                      100%

 

The Company's Remuneration Committee consulted with leading shareholders on
the LTIP awards and performance conditions.

 

 Enquiries:

 Learning Technologies Group plc                         +44 (0)20 7402 1554

 Jonathan Satchell, Chief Executive

 Kath Kearney-Croft, Chief Financial Officer

 Numis Securities Limited (NOMAD and Corporate Broker)   +44 (0)20 7260 1000

 Stuart Skinner, Nick Westlake, Ben Stoop

 Goldman Sachs International (Joint Corporate Broker)    +44 (0)20 7774 1000

 Bertie Whitehead, Adam Laikin

 FTI Consulting (Public Relations Adviser)               +44 (0)20 3727 1000

 Rob Mindell, Jamie Ricketts, Jamille Smith

 

 

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