Argentex Group PLC Cancellation of Long-Term Incentive Plan

RNS Number : 5558H

Argentex Group PLC

09 October 2024

 

9 October 2024

Argentex Group PLC

("Argentex" or the "Company")

Cancellation of Long-Term Incentive Plan

Argentex Group PLC (AIM: AGFX), the global expert in currency risk management and alternative banking, today announces that it has lapsed all awards under the Argentex Group Value Creation Plan (the "VCP") and cancelled the VCP.  The cancellation affects, amongst others, certain persons discharging managerial responsibilities (PDMRs) and employees.

The Company believes that the VCP no longer aligns the interests of employees and shareholders and the Remuneration Committee will look to put in place a more appropriate long term incentive scheme moving forward.  Argentex will inform the market of the new scheme at the relevant time.

For further information, please contact:

Argentex Group PLC
Jim Ormonde - Chief Executive Officer
Guy Rudolph - Chief Financial Officer
[e-mail]

Teneo (Financial PR)
James Macey-White/Victoria Boxall/Rashida Salemahomed
[e-mail], 020 7260 2700

Singer Capital Markets (Nominated Adviser and Broker)
Tom Salvesen / James Maxwell / Asha Chotai
020 7496 3000

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	David Winney
2	Reason for the notification
a)	Position/status	Chief Compliance and Risk Officer
b)	Initial notification /Amendment	Initial
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Argentex Group plc
b)	LEI	2549007V7B928Q178194
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, type of instrument	Growth A shares and growth B shares, each in the capital of Argentex Capital Limited (a wholly owned subsidiary of the Company) under the VCP.
	Identification code	-
b)	Nature of the transaction	Disposal of 400 Growth A Shares and 400 Growth B Shares to the Company at £85.00 per share.
c)	Price(s) and volume(s)		Transaction Price(s) Volume(s) Transfer of growth A shares in the capital of Argentex Capital Limited to the Company £85.00 per share 400 Transfer of growth B shares in the capital of Argentex Capital Limited to the Company £85.00 per share 400
d)	Aggregated information
	- Aggregated volume	N/A
	- Price
e)	Date of the transaction	8 October 2024
f)	Place of the transaction	Off-market transaction

 

 

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