REG - Merit Group PLC - Performance Share Plan

MeritAnnouncement

17/11/2021 15:15

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RNS Number : 7193S  Merit Group PLC  17 November 2021

17 November 2021

 

Merit Group plc

 

("Merit", the "Company" or the "Group")

 

New Performance Share Plan

 

Merit Group plc (AIM: MRIT), the data and intelligence business, today
announces that it intends to introduce a new Performance Share Plan ("PSP").
Under the PSP, options ("Options") over ordinary shares of 28 pence each in
the Company ("Ordinary Shares") may be granted to employees of the Group
(including executive directors) at the discretion of the Remuneration
Committee. The Company intends to grant Options as detailed below ("Proposed
Options"). The performance criteria for vesting of the Proposed Options is the
share price of the Company increasing by 100% from the closing price on the
day prior to approval of the intention to grant the Proposed Options by the
board of directors of the Company ("Starting Share Price").

 

The performance period for the Proposed Options will be three years, and
except in regards to a change of control of the Company and in the case of
good leavers, no Proposed Options may be exercised prior to the expiry of the
performance period. The cost to Directors of the total number of Ordinary
Shares issued on exercise of the Proposed Options, if the performance
criterion is met, will be nil. In principle the number of Ordinary Shares to
be granted to each employee under the PSP will not in value terms (based on
the Starting Share Price) exceed 175 per cent. of the Director's base salary.
The Company intends to establish an Employee Benefit Trust which the Company
will commit to fund so that it can buy Ordinary Shares in the market to
satisfy the exercise of the Proposed Options.

 

Each participating Director will commit to invest a minimum of 10% of the
value of any Ordinary Shares subject to their Proposed Option (based on the
Starting Share Price) in Ordinary Shares prior to vesting, and to be still
holding those Ordinary Shares at the time of vesting of the Proposed Option.

 

 

 Director        Position                 Starting Share Price  Number of PSP Options proposed to be granted
 David Beck      Chief Executive Officer  50.5 pence            762,376
 Philip Machray  Chief Financial Officer  50.5 pence            658,415

 

For further information, please contact:

 

 Merit Group plc                                         020 7593 5500

 Mark Smith - Non-Executive Chairman

 David Beck - CEO

 www.meritgroupplc.com (http://www.meritgroupplc.com/)

 Canaccord Genuity Limited (Nomad and Broker)            020 7523 8150

 Bobbie Hilliam

 Georgina McCooke

 

 

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