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Share Name Share Symbol Market Type Share ISIN Share Description
Amigo Holdings Plc LSE:AMGO London Ordinary Share GB00BFFK8T45 ORD 0.25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.57 3.56% 16.57 15.90 16.28 16.93 15.65 15.65 11,637,963 16:35:04
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Nonequity Investment Instruments 294.2 -37.9 -5.7 - 79

Amigo Holdings PLC Grant of Long Term Incentive Plan

26/02/2021 10:33am

UK Regulatory (RNS & others)


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RNS Number : 5049Q

Amigo Holdings PLC

26 February 2021

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

FOR IMMEDIATE RELEASE

26 February 2021

Amigo Holdings PLC ("Amigo" or the "Company")

Grant of Long Term Incentive Plan ("LTIP")

Amigo Holdings PLC (LSE: AMGO), a leading provider of guarantor loans in the UK, announces that on 26 February 2021, awards comprising nil-cost options over 2,500,000 ordinary shares of 0.25 pence each in the Company ("Shares") were granted to senior managers under the Amigo Holdings PLC 2019 Long Term Incentive Plan (the "Awards"). The allocation of the Awards are as follows:

 
 Senior manager    Role                                Award 
 Shaminder Rai     Chief Transformation Officer    1,500,000 
                  ------------------------------  ---------- 
 Nicholas Beal     Chief Restructuring Officer     1,000,000 
                  ------------------------------  ---------- 
 Total                                             2,500,000 
                                                  ---------- 
 

The vesting of the Awards is conditional on meeting performance conditions measured over a three-year period as described below and also, for Mr Rai, will be subject to his successful authorisation under the Senior Manager Regime by the FCA. There is a further holding period of two years following the vesting of the Awards.

Performance conditions

The Awards shall be subject to the following Performance Conditions, and determined by the Board by reference to the weightings and vesting schedule also shown below:

 
             Performance                 Applicable                 Performance                Weighting                Vesting 
               Condition                    terms                      target                    (% of                 schedule 
                                                                      over the                   award)               (% vesting, 
                                                                     applicable                                        threshold 
                                                                    Performance                                         - max) 
                                                                       Period 
            EPS growth                  Statutory EPS              Growth of EPS                  30%                  0% - 100% 
                                        adjusted, at               over                                                 straight 
                                        the                        the EPS Hurdle                                      line above 
                                        discretion of              over the                                              Hurdle 
                                        the                        Performance 
                                        Remuneration               Period. 
                                        Committee, to              EPS Hurdle is 
                                        remove the                 1p. 
                                        impact                     Target for 
                                        of provisions              full 
                                        for                        vesting is 4p. 
                                        complaints 
                                        that are not 
                                        fulfilled 
                                        over the 
                                        period 
                                        of 
                                        measurement 
                                        and for any 
                                        other 
                                        non standard 
                                        distortions. 
                            -------------------------  --------------------------  ---------------------  ----------------------- 
            Absolute                    Measures the               Growth of ATSR                 40%                  0% - 100% 
            Total                       growth                     over the ATSR                                       Straight 
            Shareholder                 in the                     Hurdle                                             line above 
            Return (ATSR)               potential                  over the                                           ATSR Hurdle 
                                        value of an                Performance 
                                        Amigo                      Period. 
                                        share over                 ATSR Hurdle is 
                                        the                        14p. 
                                        Performance                Target for 
                                        Period                     full 
                                        - that is,                 vesting is 
                                        the                        40p. 
                                        amount the 
                                        share 
                                        price has 
                                        appreciated 
                                        plus the 
                                        dividends 
                                        paid. 
                            -------------------------  --------------------------  ---------------------  ----------------------- 
                                                                   Test against 
                                                                    internal 
                                                                    t argets for 
                                                                    corporate 
                                                                    culture, 
                                                                    conduct 
                                                                    risk matters, 
                                                                    diversity 
                                                                    and 
                             Measures the                           inclusiveness 
                              effectiveness                         and other ESG 
                              of the steps taken                    measures. 
                              by the Awardees                       Benchmark 
                              to ensure Amigo                       against 
                              adheres to the                        external 
            Non-financial     standards expected                    expectations 
             measures         by all stakeholders.                  over period.                  30%                  0% - 100% 
                            -------------------------  --------------------------  ---------------------  ----------------------- 
 

In relation to the EPS Performance Condition, the applicable Performance Period shall commence on 1 April 2021 and end on 31 March 2024. The EPS Hurdle shall be the base for comparison against EPS for the subsequent Performance Period.

In relation to the Absolute Total Shareholder Return Performance Condition and the Non-financial measures, the applicable Performance Periods shall commence on 1 March 2021 and end on 29 February 2024.

The participants are required to hold any Shares arising at vesting, for a period of 2 years following the end of the Performance Period ending on 31 March 2024.

Malus and clawback provisions are also in place to reduce or recover the Awards for criteria such as any material misstatement of the financial statements, a serious breach of the Company's code of ethics or a serious health and safety issue

The below information and notification is made in accordance with the EU Market Abuse Regulation.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

 
      Details of Persons Discharging Managerial Responsibilities 
       "PDMR" / person closely associated with them ('PCA') 
===  ====================================================================== 
 a)   Name                     Shaminder Rai 
===  ========================  ============================================ 
 2.   Reason for notification 
===  ====================================================================== 
 b)   Position / status        Chief Transformation Officer 
===  ========================  ============================================ 
 c)   Initial notification     Initial notification 
       / amendment 
===  ========================  ============================================ 
 3.   Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
===  ====================================================================== 
 b)   Name                     Amigo Holdings PLC 
===  ========================  ============================================ 
 c)   LEI                      213800PUHEBLCWDW9T74 
===  ========================  ============================================ 
 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            Ordinary shares of GBP0.0025 each 
       the financial             GB00BFFK8T45 
       instrument 
       Identification 
       code 
===  ========================  ============================================ 
 b)   Nature of the             Grant of options to acquire ordinary shares 
       transaction               under the Company's Long Term Incentive 
                                 Plan. Subject to the rules of the scheme, 
                                 the option will be exercisable in 2024. 
===  ========================  ============================================ 
 c)   Price(s) and                Price(s)    Volume(s) 
       volume(s)                   Nil cost    1,500,000 
                                              ---------- 
===  ========================  ============================================ 
 d)   Aggregated information     1,500,000 
       Aggregated volume          Nil cost 
       Price 
===  ========================  ============================================ 
 e)   Date of the transaction   26 February 2021 
===  ========================  ============================================ 
 f)   Place of the              Outside of a trading venue 
       transaction 
===  ========================  ============================================ 
 
 
      Details of Persons Discharging Managerial Responsibilities 
       "PDMR" / person closely associated with them ('PCA') 
===  ====================================================================== 
 a)   Name                     Nicholas Beal 
===  ========================  ============================================ 
 2.   Reason for notification 
===  ====================================================================== 
 b)   Position / status        Chief Restructuring Officer 
===  ========================  ============================================ 
 c)   Initial notification     Initial notification 
       / amendment 
===  ========================  ============================================ 
 3.   Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
===  ====================================================================== 
 b)   Name                     Amigo Holdings PLC 
===  ========================  ============================================ 
 c)   LEI                      213800PUHEBLCWDW9T74 
===  ========================  ============================================ 
 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            Ordinary shares of GBP0.0025 each 
       the financial             GB00BFFK8T45 
       instrument 
       Identification 
       code 
===  ========================  ============================================ 
 b)   Nature of the             Grant of options to acquire ordinary shares 
       transaction               under the Company's Long Term Incentive 
                                 Plan. Subject to the rules of the scheme, 
                                 the option will be exercisable in 2024. 
===  ========================  ============================================ 
 c)   Price(s) and                Price(s)    Volume(s) 
       volume(s)                   Nil cost    1,000,000 
                                              ---------- 
===  ========================  ============================================ 
 d)   Aggregated information     1,000,000 
       Aggregated volume          Nil cost 
       Price 
===  ========================  ============================================ 
 e)   Date of the transaction    26 February 2021 
===  ========================  ============================================ 
 f)   Place of the              Outside of a trading venue 
       transaction 
---  ------------------------  -------------------------------------------- 
      Details of Persons Discharging Managerial Responsibilities 
       "PDMR" / person closely associated with them ('PCA') 
---  ---------------------------------------------------------------------- 
 

Additional Information

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to this announcement or otherwise.

This announcement constitutes notice by Amigo Luxembourg S.A. (the "Issuer") to the holders of the Issuer's 7.625% Senior Secured Notes due 2024 (for the notes issued pursuant to Rule 144A of the United States Securities Act of 1933, ISIN: XS1533928468 and Common Code: 153392846; for the notes issued pursuant to Regulation S of the United States Securities Act of 1933, ISIN: XS1533928625 and Common Code: 153392862) (the "Notes") issued pursuant to pursuant to Section 4.03(a)(3) of an indenture dated January 20, 2017 among, inter alia, the Issuer, the guarantors named therein and U.S. Bank Trustees Limited, as trustee and security agent. Amigo Holdings PLC is the indirect parent company of the Issuer. This announcement shall constitute a "Report" to holders of the Notes.

The person responsible for this announcement is Roger Bennett, Company Secretary.

-ENDS

Contacts:

   Amigo Holdings PLC       investors@amigo.me 
   Kate Patrick                        Head of Investor Relations 
   Roger Bennett                  Company Secretary 
   Hawthorn Advisors         amigo@hawthornadvisors.com 
   Lorna Cobbett                   Tel: +44 (0)20 3745 4960 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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END

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February 26, 2021 05:33 ET (10:33 GMT)

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