REG - System1 Group PLC - Grant of Options

System1Announcement

05/09/2019 07:05

RNS Number : 2704L
System1 Group PLC
05 September 2019
 


 
 



Press Release


5 September 2019



 
System1 Group PLC (AIM: SYS1)
("System1", or "the Company")
 
Grant of Options
 
Following approval by shareholders at the 2019 annual general meeting to amend certain of the terms of the System1 Group PLC Long Term Incentive Plan (the "LTIP"), the Company announces that it has granted awards under the LTIP. Full details of the amendments to the LTIP can be found in the 2019 Notice of AGM.
 
The share options are nil cost and will vest subject to achieving stretching performance conditions, as follows:
a)   Maximum vesting requires gross profit in any financial year ending 31 March prior to 12 August 2024 of at least £77.1m, and minimum vesting requires gross profit of at least £39.5m; and
b)   In addition, there are profit after tax and share price underpins
 
The awards comprise nil cost options and conditional shares over 1,058,135 shares, of which options over 198,400 shares were granted to each of John Kearon and James Geddes. In the case of James Geddes, the option award replaces options awarded to him in March 2017 under the LTIP (John Kearon did not previously participate in the LTIP).
 
The maximum potential dilution arising from options awarded under the LTIP remains below the upper limit under the rules of the plan (8.5% of the Company's issued share capital as at 1 January 2017 - 13,226,775 shares).
 
 
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


John Kearon




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)




Nil cost


198,400 Options








d)


Aggregated information
-     Aggregated volume
-     Aggregated price
-     Aggregated total


 
N/A




e)


Date of the transaction


4 September 2019 (UK)




f)


Place of the transaction


Outside a trading venue



 
 



1.


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




a)


Name


James Geddes




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)




Nil cost


198,400 Options








d)


Aggregated information
-     Aggregated volume
-     Aggregated price
-     Aggregated total


 
N/A




e)


Date of the transaction


4 September 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







 




This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
DSHSSFFWLFUSEIU