REG - System1 Group PLC - Grant of Options

System1Announcement

18/04/2019 07:05

RNS Number : 5556W
System1 Group PLC
18 April 2019
 


 
 



Press Release


18 April 2019



 
System1 Group PLC (AIM: SYS1)
("System1", or "the Company")
 
Grant of Options
 
Following consultation with its major shareholders, the Company announces that it has granted awards under an equity incentive plan to Stefan Barden, an advisor to the Board and PDMR, subject to approval by shareholders at the Company's next Annual General Meeting.  In the event the approval is not obtained, the awards will lapse.
 
The awards comprise zero priced options over 300,000 shares (approximately 2.4% of the Company's voting share capital), and are split into three equal tranches. They are designed to vest only if a significant step-change in gross profit is achieved; being growth rates of approximately 100%, 200% and 300% for each of the three tranches respectively.  
 
Performance Conditions
100,000 zero-priced stock options ("Tranche One Options")
·    Vest: when the Company's 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 date: 30 July 2024;
100,000 zero-priced stock options ("Tranche Two Options")
·    Vest: when the Company's 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 date: 30 July 2029;
100,000 zero-priced stock options ("Tranche Three Options")
·    Vest: when the Company's audited Gross Profit in any financial year exceeds £90m, subject to the Company's share price exceeding £10.00 per share over a 30 day consecutive period prior to the lapse date;
·    Lapse date: 30 July 2032.
 
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them  
 



1.


Details of PDMR / person closely associated with them ("PCA")




a)


Name


Stefan Barden




2.


Reason for the notification




a)


Position / status


PDMR 




b)


Initial notification / amendment


Initial notification




3.


Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor




a)


Name


System1 Group PLC




b)


Legal Entity Identifier


213800TDLR42C3Q9ZB74




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


Options over ordinary shares




b)


Nature of the transaction


Granting of LTIP Awards




c)


Price(s) and volume(s)





Price(s)


Volume(s)




Zero cost


300,000 Options








d)


Aggregated information
-     Aggregated volume
-     Aggregated price
-     Aggregated total


 
N/A




e)


Date of the transaction


17 April 2019 (UK)




f)


Place of the transaction


Outside a trading venue



 
 
The Company can be found at www.system1group.com.
 
For further information, please contact:



System1 Group PLC


Tel: +44 (0)20 7043 1000


 




John Kearon, Chief Executive Officer






 




James Geddes, Chief Financial Officer






 




Canaccord Genuity Limited


Tel: +44 (0)20 7523 8000




Simon Bridges / Emma Gabriel







 




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