Last checked at 5 Sep 2019 07:00
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) |
| ||||
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) |
| ||||
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 |
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John Kearon, Chief Executive Officer |
| |
James Geddes, Chief Financial Officer |
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Canaccord Genuity Limited | Tel: +44 (0)20 7523 8000 | |
Simon Bridges | ||