Last checked at 28 Jun 2022 09:00
28 June 2022
IG Design Group plc
('Design Group' or the 'Company')
Cancellation of Value Creation Scheme ("VCS")
IG Design Group plc announces the cancellation of the VCS which was granted in early 2021. Following a review of the scheme, the Remuneration Committee of the Company believe the grants made under the VCS no longer align the interests of employees and shareholders.
Under the VCS rules, any material changes to the VCS requires the consent of participants holding awards which together represent more than 50 per cent. of all outstanding award values. Following consultation with participants, this minimum requirement has been achieved allowing the cancellation of the VCS to occur.
The VCS awards were intended to allow participants to share, in total, in up to 12.5 per cent. of the value created for shareholders over a 3 year period (the "VCS Pool"). The cancelled PDMR awards, expressed as a percentage of the VCS Pool, are set out below:
Giles Willits 12.5%
Lance Burn 7.5%
The Remuneration Committee will look to put in place a more appropriate incentive scheme moving forward. The Company will inform the market of the new scheme at the relevant time.
IG Design Group plc Stewart Gilliland, Interim Executive Chairman Lance Burn, Interim Chief Operating Officer Paul Bal, Chief Financial Officer
| Tel: +44 (0)1525 887310 |
Canaccord Genuity Limited (NOMAD and Broker) Bobbie Hilliam - NOMAD Alex Aylen - Sales
| Tel: +44 (0)20 7523 8000 |
Alma PR Susie Hudson Sam Modlin
| Tel: +44 (0)20 3405 0205 |
For further information, please contact:
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Giles Willits | ||||
2 | Reason for the notification | |||||
a) | Position/status | Executive Director | ||||
b)
| Initial notification /Amendment | Amendment | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | IG Design Group plc | ||||
b) | LEI | 213800J8I5XDZ3JU8496 | ||||
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 5 pence each ISIN: GB0004526900
| ||||
b) | Nature of the transaction | Cancellation of grant of awards under the IG Design Value Creation Scheme | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
N/a
| ||||
e) | Date of the transaction | 28 June 2022 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Lance Burn | ||||
2 | Reason for the notification | |||||
a) | Position/status | Executive Director | ||||
b)
| Initial notification /Amendment | Amendment | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | IG Design Group plc | ||||
b) | LEI | 213800J8I5XDZ3JU8496 | ||||
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 5 pence each ISIN: GB0004526900
| ||||
b) | Nature of the transaction | Cancellation of grant of awards under the IG Design Value Creation Scheme | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
N/a
| ||||
e) | Date of the transaction | 28 June 2022 | ||||
f) | Place of the transaction | Outside a trading venue | ||||