REG - TruFin PLC TruFin PLC - Grant of Share Awards under LTIP

TrufinAnnouncement

28/07/2023 07:00

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RNS Number : 4811H  TruFin PLC  28 July 2023

28 July 2023

TruFin plc

("TruFin" or the "Company")

Grant of share awards under Long Term Incentive Plan

As referred to in TruFin's announcement on 22 June 2023, the Company announces
that it has now adopted a new Long Term Incentive plan (the "LTIP"). The LTIP
has been implemented to appropriately incentivise key individuals over the
long term, driving retention and performance.

 

The Company's intention is to operate the LTIP as a four-year programme of
awards, with awards vesting in four tranches from 31 December 2023 and each
anniversary of that date until 31 December 2026.

 

Therefore, on 27 July 2023, the Company awarded the first three tranches of
awards under the LTIP. These are in the form of options over a total of
3,116,667 Ordinary Shares (the "Options") to the Chief Executive Officer and
other senior employees.

 

The Options will vest in three tranches from 31 December 2023 and the
anniversaries of that date up to and including 31 December 2025. Save for the
first tranche of Options that vest on 31 December 2023, vesting of the Options
granted to James van den Bergh (CEO) and James Hussey (CFO) are subject to
performance criteria set by the Remuneration Committee of the Company based on
a share price performance metric. In addition to this metric, Options granted
to subsidiary company CEOs are subject to subsidiary company financial
performance metrics. The Options expire 10 years post grant date.

 

The Company's intention is to grant the fourth tranche of options in early
2024, following the announcement of the Company's results for the 2023
financial year, subject to the same performance metrics as the second and
third tranches of the Options but with a vesting date of 31 December 2026 (the
"Tranche 4 Options").

 

Details of the grants of Options and the proposed grant of Tranche 4 Options
to PDMRs are set out below:

 

 Name                 Position                 Options granted                Tranche 4 Options (not yet granted)
                      Tranche 1                         Tranche 2  Tranche 3  Tranche 4
 James van den Bergh  Chief Executive Officer  300,000  300,000    300,000    300,000
 James Hussey         Chief Financial Officer  225,000  225,000    225,000    225,000

 

These awards are intended to align the incentives of the CEO, CFO and other
senior employees with the Company's performance and outcomes for shareholders
over the long term and to provide effective and attractive levels of reward to
retain individuals who are key to the future success of the Company, based on
delivering strong performance in a fair and proportionate manner.

 

Vesting will also normally be dependent on the continued employment of the
participant within the Company's group. The awards are subject to market
standard leaver, malus and clawback provisions.

 

The total four-year programme of awards comprising the Options and the Tranche
4 Options are intended to be up to 4,200,000 Ordinary Shares, representing 4.0
per cent. of the Company's current issued share capital. Following the grant
of the four tranches, there will be total options outstanding over a total of
10,634,675 Ordinary Shares in the Company, representing 10.0 per cent. of the
Company's current issued share capital.

 

The following notifications are intended to satisfy the Company's obligations
under Article 19 of the UK Market Abuse Regulation.

 

 1.  Details of the person discharging managerial responsibilities / person closely
     associated
 a)  Name                                                         James van den Bergh

                                                                  James Hussey
 2.  Reason for the Notification
 a)  Position/status                                              Chief Executive Officer

                                                                  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                                                         TruFin Plc
 b)  LEI                                                          213800C2QPZFECSRZ964
 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  Ordinary Shares
     Identification code                                          ISIN: JE00BYVWJZ03
 b)  Nature of the transaction                                    Grant of options
 c)  Price(s) and volume(s)                                       Price                        Volume
     Nil                                                                                       900,000
     Nil                                                                                       675,000
 d)  Aggregated information:                                      Single transaction as in 4c) above

     Aggregated volume                                           1,575,000

     Price                                                       Nil
 e)  Date of the transaction                                      27 July 2023
 f)  Place of the transaction                                     Outside a trading venue

 

 

 

Enquiries:

 TruFin plc                                                        0203 743 1340

James van den Bergh, Chief Executive Officer
0777 922 9508

Kam Bansil, Investor Relations

 Liberum Capital Limited (Nominated Adviser and Corporate broker)    0203 100 2000

Chris Clarke

Edward Thomas

 Cara Murphy

About TruFin plc:

TruFin plc is the holding company of an operating group comprising four
growth-focused technology businesses operating in niche markets: early payment
provision, invoice finance, IFA finance and mobile games publishing. The
Company was admitted to AIM in February 2018 and trades under the ticker
symbol: TRU. More information is available on the Company website:
www.TruFin.com
(https://gbr01.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.trufin.com%2F&data=05%7C01%7Cannie.styler%40trufin.com%7Cbaa78452ac0a47f8945108da28fa43e7%7C67937f35ec6246869ff319b660f3fd22%7C0%7C0%7C637867352602970809%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=KlrhCWwTxueK%2BL9vIsnyHiMNFfDmDQOWUnAQeFSgNQc%3D&reserved=0)
.

 

 

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