23 Oct 2018 07:00
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Ideagen PLC
("Ideagen," "the Company" or the "Group'')
2018 Long Term Incentive Plan awards
Ideagen PLC (AIM: IDEA), a leading supplier of Information Management software to highly regulated industries, announces the award of 1,200,000 share options over the Company's ordinary shares of 1p each ("Ordinary Shares") to Ben Dorks, Chief Executive Officer, under the Company's 2018 Long Term Incentive Plan ("2018 LTIP").
On 23 March 2017, the Company made awards to certain directors of share options pursuant to the terms of the 2017 Long Term Incentive Plan ("2017 LTIP").
These share options were issued with the principal aim, which has now been achieved, of becoming fully exercisable on the Company achieving a share price of 136 pence, which represented a doubling of the share price from the 68 pence condition set in the previous Long Term Incentive Plan.
The principles underpinning the 2018 LTIP are similar to the 2017 LTIP insofar as the awards will be subject to the following challenging performance criteria: one half become eligible to vest on the Company's share price reaching 196 pence over 30 consecutive business days with the remainder becoming eligible to vest on the Company's share price reaching 259 pence over 30 consecutive business days.
Options issued pursuant to the 2018 LTIP will not vest until the third anniversary of the grant date. Thereafter, any Ordinary Shares issued in respect of the exercise of any of these options cannot be sold until the fourth anniversary of the grant date except to meet the taxation costs arising on the exercise of those options. They are also subject to continued service throughout as well as the aforementioned achievement of specific performance targets relating to the Company's share price. These options each have an exercise price of 1 penny per Ordinary Share.
Following the award of these options, there are now 9,283,333 options over Ordinary Shares in issue representing 4.2% of the issued share capital of the Company.
Enquiries:
Ideagen plc | 01629 699100 |
David Hornsby, Executive Chairman Ben Dorks, Chief Executive Officer | |
Graeme Spenceley, Finance Director | |
finnCap Limited | 020 7220 0500 |
Stuart Andrews/Henrik Persson/James Thompson (Nomad) | |
Alice Lane (ECM) | |
About Ideagen plc
Ideagen is a UK-headquartered, global technology company quoted on the London Stock Exchange AIM market (Ticker: IDEA.L).
The Group provides software and services to organisations operating within highly regulated industries such as aviation, banking and finance and life science, with its main operational premises spread throughout the UK, EU, US, Middle East and SE Asia.
With an excellent portfolio of software products including Q-Pulse, Coruson, Pentana Audit, Pentana Performance and PleaseReview, Ideagen helps its clients reduce costs, improve operational efficiency, strengthen compliance and oversight and anticipate and manage every detail of risk.
Currently, more than 3,700 organisations use Ideagen's products including seven of the top 10 UK accounting firms, all of the top aerospace and defence companies and 75% of the world's leading pharmaceutical firms.
Ideagen's diverse and varied customer base includes many well-known, global brands such as British Airways, Aggreko, BAE, Ryanair, US Navy, KLM, BBVA, Bank of New York, Commerzbank, Meggitt, Heineken, Johnson Matthey, Haeco Group and European Central Bank. As well as this, Ideagen counts 180 hospitals across the UK and US amongst its client base.
For further information please visit www.ideagen.com.
1. | Details of the person discharging managerial responsibilities/person closely associated | |
a) | Name: | Ben Dorks |
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: | Ideagen plc |
b) | LEI: | 213800KS1MLITOVNYC85 |
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: Identification code: | Ordinary shares of 1 penny each
GB00B0CM0C50 |
b) | Nature of the transaction: | Award of share options |
c) | Price(s) and volume(s): | 1,200,000 options over ordinary shares of 1 pence each awarded
|
d) | Aggregated information: · Aggregated volume: · Price: | 1,200,000 options over ordinary shares of 1 pence each awarded
|
e) | Date of the transaction: | 22 October 2018 |
f) | Place of the transaction: | Off market transaction |