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K3 Business Technology Group

K3 Bus Tech Grp PLC - Long Term Incentive Plan

RNS Number : 2458F
K3 Business Technology Group PLC
13 November 2020
 

 

AIM: KBT

K3 Business Technology Group plc

 

("K3", "Company" or "Group")

 

Long Term Incentive Plan Option Scheme

 

The Remuneration Committee of the K3 Board ("RemCo") has today granted 1,800,000 new options to certain Persons Discharging Managerial Responsibilities ("PDMRs") ("LTIP Options").  These grants have been made under the terms of a new K3 Long Term Incentive Plan (the "LTIP") and together amount to approximately 4.2% of the Company's current non-diluted issued share capital.  All of the LTIP Options are exercisable at a price of 25p per share, being nominal value.

 

The LTIP Options awarded to PDMRs of the Group are as follows:

 

Name

LTIP Options awarded

Adalsteinn Valdimarsson

500,000

Robert Price

300,000

Tom Crawford

300,000

Sjoerd Starren

175,000

Andrew Payne

175,000

Chrissie Humphrey

175,000

Carole Gilkes

175,000

 

The LTIP Options are subject to performance conditions based on the achievement of certain 60 day Volume Weighted Average Price ('VWAP') thresholds of K3 ordinary shares measured between the third and fourth anniversary of the date of option grant. The 60 day VWAP measurement will be applied to any consecutive 60 trading days during the 12 month testing period.

 

The performance targets and associated vesting of the LTIP Options for each of the above PDMRs are:

·          25% vest at VWAP of 200p;

·          50% vest at VWAP of 225p; and

·          100% vest at VWAP of 250p,

with a straight line vesting between these thresholds.

 

Subject to meeting the above performance targets, the LTIP Options may be exercised as follows:

·    50% on or after the fourth anniversary of the date of grant

·    50% on or after the fifth anniversary of the date of grant.

 

The LTIP Options will remain exercisable until the seventh anniversary of the original date of grant, at which point they will lapse.

 

For those PDMRs who were also granted awards under the Company's 2018 LTIP scheme, it was a condition of the award of the above LTIP Options that those participants waived and released their option awards under that 2018 scheme (being a total of 1,890,000 option shares waived).

 

 Enquiries:

 K3 Business Technology Group plc

Adalsteinn Valdimarsson, CEO

Rob Price, CFO

T: 0161 876 4498

finnCap Limited (NOMAD & Broker)

 

Julian Blunt/James Thompson (Corporate Finance)

Richard Chambers (Corporate Broking)

 

T: 020 7220 0500

KTZ Communications

Katie Tzouliadis

Dan Mahoney

T: 020 3178 6378

 

 

1.

Details of Persons Discharging Managerial Responsibilities "PDMR" / person closely associated with them ('PCA')

a)

Name

Adalsteinn Valdimarsson

2.

Reason for notification

b)

Position / status

Chief Executive Officer

c)

Initial notification / amendment

Initial Notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

b)

Name

K3 Business Technology Group plc

c)

LEI

213800QOJ9OF2AV81748

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

 Identification code 

Options over ordinary shares of 25p each

 GB00B00P6061

b)

Nature of the transaction

Award of Options under the K3 LTIP

c)

Price(s) and volume(s)

 500,000 Options awarded

d)

Aggregated information

Aggregated volume Price

n/a

e)

Date of the transaction

12 November 2020

f)

Place of the transaction

Outside a trading venue

 

 

1.

Details of Persons Discharging Managerial Responsibilities "PDMR" / person closely associated with them ('PCA')

a)

Name

Robert Price

2.

Reason for notification

b)

Position / status

Chief Financial Officer

c)

Initial notification / amendment

Initial Notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

b)

Name

K3 Business Technology Group plc

c)

LEI

213800QOJ9OF2AV81748

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

 Identification code 

Options over ordinary shares of 25p each

 GB00B00P6061

b)

Nature of the transaction

Award of Options under the K3 LTIP

c)

Price(s) and volume(s)

 300,000 Options awarded

d)

Aggregated information

Aggregated volume Price

n/a

e)

Date of the transaction

12 November 2020

f)

Place of the transaction

Outside a trading venue

 

 

1.

Details of Persons Discharging Managerial Responsibilities "PDMR" / person closely associated with them ('PCA')

a)

Name

Tom Crawford

2.

Reason for notification

b)

Position / status

Non-executive Chairman

c)

Initial notification / amendment

Initial Notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

b)

Name

K3 Business Technology Group plc

c)

LEI

213800QOJ9OF2AV81748

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

 Identification code 

Options over ordinary shares of 25p each

 GB00B00P6061

b)

Nature of the transaction

Award of Options under the K3 LTIP

c)

Price(s) and volume(s)

 300,000 Options awarded

d)

Aggregated information

Aggregated volume Price

n/a

e)

Date of the transaction

12 November 2020

f)

Place of the transaction

Outside a trading venue

 

 

1.

Details of Persons Discharging Managerial Responsibilities "PDMR" / person closely associated with them ('PCA')

a)

Name

Sjoerd Starren

2.

Reason for notification

b)

Position / status

Chief Delivery Officer

c)

Initial notification / amendment

Initial Notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

b)

Name

K3 Business Technology Group plc

c)

LEI

213800QOJ9OF2AV81748

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

 Identification code

Options over ordinary shares of 25p each

 GB00B00P6061

b)

Nature of the transaction

Award of Options under the K3 LTIP

c)

Price(s) and volume(s)

 175,000 Options awarded

d)

Aggregated information

Aggregated volume Price

n/a

e)

Date of the transaction

12 November 2020

f)

Place of the transaction

Outside a trading venue

 

 

1.

Details of Persons Discharging Managerial Responsibilities "PDMR" / person closely associated with them ('PCA')

a)

Name

Andrew Payne

2.

Reason for notification

b)

Position / status

Chief Technology Officer

c)

Initial notification / amendment

Initial Notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

b)

Name

K3 Business Technology Group plc

c)

LEI

213800QOJ9OF2AV81748

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

 Identification code 

Options over ordinary shares of 25p each

 GB00B00P6061

b)

Nature of the transaction

Award of Options under the K3 LTIP

c)

Price(s) and volume(s)

 175,000 Options awarded

d)

Aggregated information

Aggregated volume Price

n/a

e)

Date of the transaction

12 November 2020

f)

Place of the transaction

Outside a trading venue

 

 

1.

Details of Persons Discharging Managerial Responsibilities "PDMR" / person closely associated with them ('PCA')

a)

Name

Chrissie Humphrey

2.

Reason for notification

b)

Position / status

HR Director

c)

Initial notification / amendment

Initial Notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

b)

Name

K3 Business Technology Group plc

c)

LEI

213800QOJ9OF2AV81748

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

 Identification code 

Options over ordinary shares of 25p each

 GB00B00P6061

b)

Nature of the transaction

Award of Options under the K3 LTIP

c)

Price(s) and volume(s)

 175,000 Options awarded

d)

Aggregated information

Aggregated volume Price

n/a

e)

Date of the transaction

12 November 2020

f)

Place of the transaction

Outside a trading venue

 

 

1.

Details of Persons Discharging Managerial Responsibilities "PDMR" / person closely associated with them ('PCA')

a)

Name

Carole Gilkes

2.

Reason for notification

b)

Position / status

Chief Customer Officer

c)

Initial notification / amendment

Initial Notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

b)

Name

K3 Business Technology Group plc

c)

LEI

213800QOJ9OF2AV81748

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

 Identification code 

Options over ordinary shares of 25p each

 GB00B00P6061

b)

Nature of the transaction

Award of Options under the K3 LTIP

c)

Price(s) and volume(s)

 175,000 Options awarded

d)

Aggregated information

Aggregated volume Price

n/a

e)

Date of the transaction

12 November 2020

f)

Place of the transaction

Outside a trading venue

 

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