REG - System1 Group PLC - Directorate Change

System1Announcement

26/06/2020 07:00

RNS Number : 1515R
  
System1 Group PLC
  
26 June 2020
  
 

 
 
System1 Group PLC (AIM: SYS1)
("System1", or "the Company", or "the Group")
 
26 June 2020
 
Appointment of new executive director 
 
System1 Group plc (AIM: SYS1) today announces that it has appointed Stefan Barden to the board of directors of the Company as an executive director with immediate effect. From November 2018, Stefan has been an adviser to the board of directors on strategy and technology, and has recently taken on the executive role of chief operating officer to assist the Company through its next phase of development.  He will return to the advisory role when this is complete, expected to be in around a year. 
 
Stefan has over 20 years of General Manager, Managing Director and CEO experience after graduating from McKinsey Management Consultancy and Unilever's fast track managment development programme.  These include CEO of Northern Foods, CEO Heinz UK and Ireland, as well more latterly CEO of  the internet business Wiggle which he took from £140m to £360m in sales in 3 years. Semi-retired, he also supports several CEOs, often founders, in developing high growth businesses. System1 is one of these companies.
 
Details in respect of Stefan Barden, as required pursuant to Rule 17 and Schedule 2(g) of the AIM Rules for Companies, are as set out below.
 
Additional Information
 
Stefan Barden, age 57, is currently or has been a director of the following companies within the past five years:
 




Current Directorships


Previous directorships




Victus Advisory Limited


Two11 Limited




 


Mapil Midco 1 Ltd




 


Mapil Midco 2 Ltd




 


Mapil TopCo Ltd




 


Wiggle Ltd




 


Mapil Bidco Limited




 


Ensco 503 Ltd




 


Decade Europe Ltd




 


Hotlines Europe Ltd




 


Chain Reaction Cycles Ltd




 


Chain Reaction Cycles Retail Ltd




 
Stefan Barden owns 716,062 ordinary shares in System1, representing 5.7% of the Company's voting share capital. In addition, on 18 April 2019 he received an  equity award, comprising 300,000 zero cost stock options, which were approved at the Company's 2019 annual general meeting. They comprise three tranches of 100,000 options each, with the following performance conditions:
 
100,000 zero-priced stock options
·    Vest: when audited Gross Profit in any financial year exceeds £45m, subject to the Company's share price exceeding £5.00 per share for a 30 day consecutive period prior to the lapse date;
·    Lapse: on 30 July 2024.
 
100,000 zero-priced stock options
·    Vest: when audited Gross Profit in any financial year exceeds £68m, subject to the Company's share price exceeding £7.50 per share for a 30 day consecutive period prior to the lapse date;
·    Lapse: on 30 July 2029.
 
100,000 zero-priced stock options
·    Vest: when audited Gross Profit in any financial year exceeds £90m subject to share price exceeding £10.00 per share for a 30 day consecutive period prior to the lapse date;
·    Lapses: on 30 July 2032.
 
There are no further disclosures required in accordance with AIM Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies. 
 
For further information, please contact:




System1 Group PLC


Tel: +44 (0)20 7043 1000


 




John Kearon, Chief Executive Officer


 


 




Chris Willford, Chief Financial Officer


 


 




 


 


 




Canaccord Genuity Limited


Tel: +44 (0)20 7523 8000




Simon Bridges / Andrew Potts


 




 
The Company can be found at www.system1group.com.
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
 
 


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