Grant of Options
02/05/2024 07:00
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RNS Number : 9032M Nexteq PLC 02 May 2024
2 May 2024
Nexteq plc
("Nexteq" or the "Group")
Grant of Options
Nexteq (AIM: NXQ), a leading technology solutions provider to customers in
selected industrial markets, announces today that, under the Nexteq plc 2022
Long Term Incentive Plan, the Board has granted options ("Options") over
ordinary shares of 0.1 pence each in the capital of the Company ("Ordinary
Shares") consisting of 597,791 Performance Share Awards and 68,896 Restricted
Share Awards to persons discharging managerial responsibilities ("PDMRs") in
the business.
Vesting of the Performance Share Awards is subject to performance conditions
as follows:
1. The vesting of 70 per cent. of such awards (the "EPS Part") would be
dependent on the Company's adjusted earnings per share performance for the
financial year ending 31 December 2026 ("EPS 2026").
2.
- No portion of the EPS Part can performance vest unless EPS 2026 is
at least $0.209 for which one quarter of the EPS Part would performance vest
rising on a straight line basis to full performance vesting of the EPS Part
for EPS 2026 of $0.275 or more.
3. The vesting of 30 per cent. of such awards (the "TSR Part") would be
dependent on the Company's total shareholder return ("TSR") performance over a
three-year period commencing on the grant of the awards.
4.
- No portion of the TSR Part can performance vest unless the
Company's TSR performance equated to a compound annual growth rate ("CAGR") of
5% for which one quarter of the TSR Part would performance vest rising on a
straight line basis to full performance vesting of the TSR Part for the
Company's TSR performance equating to a CAGR of 15% or higher. Three month
averaging periods prior to the start and end of the measurement period would
be used in relation to the TSR calculations.
The Restricted Share Awards vest over a three-year period and there are no
performance conditions attached. All Options are exercisable at the Company's
nominal value of 0.1 pence per Ordinary Share.
Details of the options granted to PDMRs are as follows:
Name Title Number of Performance Share Awards Number of Restricted Share Awards Total number of Options held following this Grant
Jon Jayal Group CEO 200,864 - 570,629
Johan Olivier Group CFO 149,502 - 524,716
Duncan Faithfull EVP, Gaming Business Leader and CCO 69,767 34,884 448,647
Simon Jones EVP, Densitron CEO 68,023 34,012 452,288
Mandy Halsey Group HR Director 109,635 - 210,306
Following the Grant, there are a total of 3,019,387 Options outstanding,
representing approximately 4.5% of the current issued share capital of the
Company.
Further detail is set out in the PDMR disclosure table below.
Nexteq plc Tel: +44 (0)1223 892 696
Jon Jayal, Chief Executive Officer
Johan Olivier, Chief Financial Officer
Nominated Adviser and Broker: Tel: +44 (0) 20 7220 0500
Cavendish Capital Markets Ltd
Matt Goode / Simon Hicks (Corporate Finance)
Tim Redfern / Harriet Ward (ECM)
Joint Broker:
Canaccord Genuity Limited Tel: +44 (0) 20 7523 8000
Simon Bridges / Andrew Potts
Financial PR: Tel: +44 (0)20 3405 0205
Alma Strategic Communications
Hilary Buchanan / Kieran Breheny
About Nexteq
Nexteq (AIM: NXQ) is a strategic technology solutions provider to customers in
selected industrial markets. Its innovative technology enables the
manufacturers of global electronic equipment to outsource the design,
development and supply of non-core aspects of their product offering. By
outsourcing elements of their technology stack to Nexteq, customers can focus
their product development effort on the most critical drivers of their
business' success.
Our solutions are delivered through a global sales team and leverage the
Group's electronic hardware, software, display and mechanical engineering
expertise. Our Taiwan operation is at the heart of Asian supply networks and
facilitates cost effective manufacturing and strategic supply chain
management.
The Group operates in six countries and services over 500 customers across 47
countries.
Nexteq operates two distinct brands: Quixant, a specialised computer platforms
provider, and Densitron, leaders in human machine interface technology, each
with dedicated sales, account management and product innovation teams. Founded
in 2005, and later floating on the London Stock Exchange's AIM stock market as
Quixant plc, the Group rebranded to Nexteq in 2023.
Further information on Nexteq and its divisions can be found at
www.nexteqplc.com (http://www.nexteqplc.com) .
1. Details of the person discharging managerial responsibilities/person closely
associated
a) Name: Jon Jayal
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: Nexteq plc
b) LEI: 2138003VERSWQP561X71
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: Options over Ordinary shares of 0.1p
Identification code: GB00B99PCP71
b) Nature of the transaction: Award of nominal value options over Ordinary Shares as part of the Nexteq plc
Long Term Incentive Plan 2022. The potential vesting of the award after three
years is subject to the achievement of performance conditions assessed at the
end of a three-year period. There is no price payable on the grant or vesting
of the option. On exercise, the option price of £0.001 per share is payable.
c) Price(s) and volume(s): Price(s) Volume(s)
0.1p 200,864
d) Aggregated information: See 4 (c)
· Aggregated volume:
· Price:
e) Date of the transaction: 30 April 2024
f) Place of the transaction: Off market transaction
d)
Aggregated information:
· Aggregated volume:
· Price:
See 4 (c)
e)
Date of the transaction:
30 April 2024
f)
Place of the transaction:
Off market transaction
1. Details of the person discharging managerial responsibilities/person closely
associated
a) Name: Johan Olivier
2. Reason for the notification
a) Position/status: Chief Financial Officer
b) Initial notification/Amendment: Initial Notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name: Nexteq plc
b) LEI: 2138003VERSWQP561X71
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: Options over Ordinary shares of 0.1p
Identification code: GB00B99PCP71
b) Nature of the transaction: Award of nominal value options over Ordinary Shares as part of the Nexteq plc
Long Term Incentive Plan 2022. The potential vesting of the award after three
years is subject to the achievement of performance conditions assessed at the
end of a three-year period. There is no price payable on the grant or vesting
of the option. On exercise, the option price of £0.001 per share is payable.
c) Price(s) and volume(s): Price(s) Volume(s)
0.1p 149,502
d) Aggregated information: See 4 (c)
· Aggregated volume:
· Price:
e) Date of the transaction: 30 April 2024
f) Place of the transaction: Off market transaction
d)
Aggregated information:
· Aggregated volume:
· Price:
See 4 (c)
e)
Date of the transaction:
30 April 2024
f)
Place of the transaction:
Off market transaction
1. Details of the person discharging managerial responsibilities/person closely
associated
a) Name: Duncan Faithfull
2. Reason for the notification
a) Position/status: EVP, Gaming Business Leader and CCO
b) Initial notification/Amendment: Initial Notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name: Nexteq plc
b) LEI: 2138003VERSWQP561X71
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: Options over Ordinary shares of 0.1p
Identification code: GB00B99PCP71
b) Nature of the transaction: 1) Performance share award: Award of nominal value options over Ordinary
Shares as part of the Nexteq plc Long Term Incentive Plan 2022. The potential
vesting of the award after three years is subject to the achievement of
performance conditions assessed at the end of a three-year period. There is no
price payable on the grant or vesting of the option. On exercise, the option
price of £0.001 per share is payable.
2) Restricted shares award: Grant of nil cost restricted share award
over Ordinary Shares under the Nexteq plc Long Term Incentive Plan 2022. The
vesting of the award after three years is not subject to performance
conditions. On exercise, the option price of £0.001 per share is payable.
c) Price(s) and volume(s): Price(s) Volume(s)
1) Performance share award 0.1p 69,767
2) Restricted share award 0.1p 34,884
d) Aggregated information: See 4 (c)
· Aggregated volume:
· Price:
e) Date of the transaction: 30 April 2024
f) Place of the transaction: Off market transaction
d)
Aggregated information:
· Aggregated volume:
· Price:
See 4 (c)
e)
Date of the transaction:
30 April 2024
f)
Place of the transaction:
Off market transaction
1. Details of the person discharging managerial responsibilities/person closely
associated
a) Name: Simon Jones
2. Reason for the notification
a) Position/status: EVP, Densitron CEO
b) Initial notification/Amendment: Initial Notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name: Nexteq plc
b) LEI: 2138003VERSWQP561X71
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: Options over Ordinary shares of 0.1p
Identification code: GB00B99PCP71
b) Nature of the transaction: 1) Performance share award: Award of nominal value options over Ordinary
Shares as part of the Nexteq plc Long Term Incentive Plan 2022. The potential
vesting of the award after three years is subject to the achievement of
performance conditions assessed at the end of a three-year period. There is no
price payable on the grant or vesting of the option. On exercise, the option
price of £0.001 per share is payable.
2) Restricted share award: Grant of nil cost restricted share award over
Ordinary Shares under the Nexteq plc Long Term Incentive Plan 2022. The
vesting of the award after three years is not subject to performance
conditions. On exercise, the option price of £0.001 per share is payable.
c) Price(s) and volume(s): Price(s) Volume(s)
1) Performance share award 0.1p 68,023
2)Restricted share award 0.1p 34,012
d) Aggregated information: See 4 (c)
· Aggregated volume:
· Price:
e) Date of the transaction: 30 April 2024
f) Place of the transaction: Off market transaction
d)
Aggregated information:
· Aggregated volume:
· Price:
See 4 (c)
e)
Date of the transaction:
30 April 2024
f)
Place of the transaction:
Off market transaction
1. Details of the person discharging managerial responsibilities/person closely
associated
a) Name: Mandy Halsey
2. Reason for the notification
a) Position/status: Group HR Director
b) Initial notification/Amendment: Initial Notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name: Nexteq plc
b) LEI: 2138003VERSWQP561X71
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: Options over Ordinary shares of 0.1p
Identification code: GB00B99PCP71
b) Nature of the transaction: 1) Award of nominal value options over Ordinary Shares as part of the
Nexteq plc Long Term Incentive Plan 2022. The potential vesting of the award
after three years is subject to the achievement of performance conditions
assessed at the end of a three-year period. There is no price payable on the
grant or vesting of the option. On exercise, the option price of £0.001 per
share is payable.
c) Price(s) and volume(s): Price(s) Volume(s)
0.1p 109,635
d) Aggregated information: See 4 (c)
· Aggregated volume:
· Price:
e) Date of the transaction: 30 April 2024
f) Place of the transaction: Off market transaction
d)
Aggregated information:
· Aggregated volume:
· Price:
See 4 (c)
e)
Date of the transaction:
30 April 2024
f)
Place of the transaction:
Off market transaction
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