Last checked at 27 Nov 2018 07:00
27 November 2018
SysGroup plc
("SysGroup" or the "Company" or the "Group")
Grant of EMI Share Options and LTIP amendment
SysGroup PLC (AIM:SYS), the managed IT services and cloud hosting provider is pleased to announce that it has launched an employee Share Option Scheme and has granted EMI options ("Options") over a total of 624,000 ordinary shares of 1 pence in the Company ("Ordinary Shares") to 52 eligible employees ("Employee Options").
To be eligible employees have to have been employed by the Group for a minimum of six months at the date of the grant.
The Employee Options have an exercise price of 42.5p per share (being the closing mid-market share price on 26 November 2018, the latest possible date prior to the date of grant), vest three years from the date of grant and once vested are exercisable at any time up to ten years after the date of grant, subject to performance conditions ensuring the employee remains in continuous employment of the Group for a three year period.
Long Term Incentive Plan ("LTIP")
In June 2018 the Company implemented a new LTIP. The EPS threshold ("EPS Threshold") set for the LTIP was based on an initial adjusted EPS of 4.18p. The remuneration committee have undertaken a further review of the adjustments underpinning the EPS Threshold following which the initial EPS will now be set at 2.3p to take into account fair value adjustments which were initially omitted from the calculation. This methodology will be applied going forwards in assessing whether any award will vest under the LTIP. Under the terms of the LTIP, awards will normally lapse unless adjusted EPS growth on the initial EPS over the period of the three year vesting period of the award is at least 10 per cent. CAGR.
Adam Binks, Chief Executive Officer, commented:
"I am delighted to be able to implement a Share Option Scheme that allows our team to benefit from the future growth of the Company, assists us with retaining and attracting high calibre individuals and further aligns their interests with those of our shareholders"
For further information please contact:
SysGroup plc Adam Binks, CEO Martin Audcent, CFO
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Tel: 0151 559 1777
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Shore Capital (Nomad and Broker) Edward Mansfield / Anita Ghanekar / Daniel Bush
| Tel: 020 7408 4090 |
Alma PR (Financial PR) Josh Royston / Helena Bogle
| Tel: 020 3405 0206 |
About SysGroup
SysGroup is a leading provider of Managed IT Services, Cloud Hosting, and expert IT Consultancy. The Group delivers solutions that enable clients to understand and benefit from industry leading technologies and advanced hosting capabilities. SysGroup focuses on a customer's strategic and operational requirements - enabling clients to free up resources, grow their core business and avoid the distractions and complexity of delivering IT services.
The Group has offices in Liverpool, Coventry, London and Telford.
For more information, visit http://www.sysgroupplc.com