Buy
Sell
Share Name Share Symbol Market Type Share ISIN Share Description
Intercede Group Plc LSE:IGP London Ordinary Share GB0003287249 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  9.50 10.33% 101.50 100.00 103.00 101.50 90.50 92.00 348,840 15:19:20
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Software & Computer Services 10.4 0.6 2.0 50.8 58

Intercede Group PLC Amendment to LTIP

23/02/2021 7:00am

UK Regulatory (RNS & others)


Intercede (LSE:IGP)
Historical Stock Chart


From Jan 2021 to Feb 2021

Click Here for more Intercede Charts.

TIDMIGP

RNS Number : 9555P

Intercede Group PLC

23 February 2021

23 February 2021

Intercede Group plc

("Intercede" or the "Company")

Amendment to LTIP

Following the successful early retirement of the Company's Loan Notes announced on 4 and 16 February 2021, Intercede's Remuneration Committee has determined the following amendments to the existing Intercede Group plc Long Term Incentive Plan (the "LTIP"), as previously announced on 22 October 2018:

Revised Performance Criteria

-- Tranche 1 has been achieved (previously subject to the achievement of an average share price of 69p for a period of 30 consecutive trading days up to and ending 19 October 2021); and

-- Tranches 2 and 3 will now be triggered subject to the achievement of an average share price of 69p and 119p respectively for a period of 30 consecutive trading days up to and ending 19 October 2021 (previously 119p and 169p respectively).

Dependent on the Performance Criteria above being achieved, the number of Options that will vest and become exercisable at an exercise price of 27p ( being the closing mid-market price of an Ordinary Share on 18 October 2018, when the LTIP was implemented) from 19 October 2021 to 18 October 2028 is as follows:

 
 Director              Tranche 1         Tranche 2         Tranche 3 
 Klaas van der   500,000 Options   250,000 Options   250,000 Options 
  Leest 
                ----------------  ----------------  ---------------- 
 Andrew Walker   350,000 Options   150,000 Options   150,000 Options 
                ----------------  ----------------  ---------------- 
 

Chuck Pol, Remuneration Committee Chairman, said:

"The LTIP was put in place following the appointment of Klaas van der Leest on 10 April 2018 to incentivise the management team to deliver a performance that would enable the Company to address its Convertible Loan Notes totalling GBP5.0m when they matured on 29 December 2021.

The successful execution of a turnaround plan has enabled Intercede to return to profit and to increase gross cash balances from GBP2.3m as at 31 March 2018 to GBP8.1m as at 30 September 2020 during a time when trading conditions have not been favourable.

The Remuneration Committee considers the early retirement of the Loan Notes to represent a significant achievement, particularly given that 12 out of 13 loan note holders elected to convert their Loan Notes into shares."

ENQUIRIES

 
 Intercede Group plc                       Tel. +44 (0)1455 558111 
 Klaas van der Leest, Chief Executive 
  Andrew Walker, Finance Director 
 
 finnCap                                   Tel. + 44 (0)20 7220 0500 
 Stuart Andrews / Simon Hicks, Corporate 
  Finance 
 Tim Redfern / Charlotte Sutcliffe, 
  ECM 
 
 

About Intercede

Intercede is a cybersecurity company specialising in digital identities, credential management and secure mobility.

Headquartered in the UK, with offices in the US, we believe in a connected world in which people and technology are free to exchange information securely, and complex insecure passwords become a thing of the past.

Our vision is to make the highest levels of cybersecurity available to all organisations, solving complexity issues by simplifying the management of digital credentials, securely and at scale.

We have been delivering trusted solutions to high profile customers for over 20 years. Our team of experts has deployed millions of identities to governments, most of the largest aerospace and defence corporations, and major financial services and healthcare organizations, as well as leading telecommunications, cloud services and information technology firms, providing industry-leading employee and customer credential management systems.

For more information visit: www.intercede.com

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the company's obligations under Article 17 of MAR.

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCBRGDDISDDGBD

(END) Dow Jones Newswires

February 23, 2021 02:00 ET (07:00 GMT)

1 Year Intercede Chart

1 Year Intercede Chart

1 Month Intercede Chart

1 Month Intercede Chart
ADVFN Advertorial
Your Recent History
LSE
IGP
Intercede
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20210227 12:53:19