18 Apr 2019 07:00
Press Release | 18 April 2019 |
System1 Group PLC (AIM: SYS1)
("System1", or "the Company")
Grant of Options
Following consultation with its major shareholders, the Company announces that it has granted awards under an equity incentive plan to Stefan Barden, an advisor to the Board and PDMR, subject to approval by shareholders at the Company's next Annual General Meeting. In the event the approval is not obtained, the awards will lapse.
The awards comprise zero priced options over 300,000 shares (approximately 2.4% of the Company's voting share capital), and are split into three equal tranches. They are designed to vest only if a significant step-change in gross profit is achieved; being growth rates of approximately 100%, 200% and 300% for each of the three tranches respectively.
Performance Conditions
100,000 zero-priced stock options ("Tranche One Options")
· Vest: when the Company's audited Gross Profit in any financial year exceeds £45m, subject to the Company's share price exceeding £5.00 per share for a 30 day consecutive period prior to the lapse date;
· Lapse date: 30 July 2024;
100,000 zero-priced stock options ("Tranche Two Options")
· Vest: when the Company's audited Gross Profit in any financial year exceeds £68m, subject to the Company's share price exceeding £7.50 per share for a 30 day consecutive period prior to the lapse date;
· Lapse date: 30 July 2029;
100,000 zero-priced stock options ("Tranche Three Options")
· Vest: when the Company's audited Gross Profit in any financial year exceeds £90m, subject to the Company's share price exceeding £10.00 per share over a 30 day consecutive period prior to the lapse date;
· Lapse date: 30 July 2032.
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 | Stefan Barden | ||||
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) |
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d) | Aggregated information - Aggregated volume - Aggregated price - Aggregated total |
N/A | ||||
e) | Date of the transaction | 17 April 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 |
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James Geddes, Chief Financial Officer |
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Canaccord Genuity Limited | Tel: +44 (0)20 7523 8000 | |
Simon Bridges / Emma Gabriel | ||
System1 Group (SYS1)