K3 Business Technology Group PLC Long Term Incentive Plan (2458F)

TIDMKBT

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  Adalsteinn Valdimarsson,      T: 0161 876 4498 
  Group plc               CEO 
                          Rob Price, CFO 
finnCap Limited (NOMAD   Julian Blunt/James Thompson   T: 020 7220 0500 
 & Broker)                (Corporate Finance) 
                          Richard Chambers (Corporate 
                          Broking) 
KTZ Communications       Katie Tzouliadis              T: 020 3178 6378 
                          Dan Mahoney 
 
 
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         Options over ordinary shares of 25p each 
     Identification code                             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                          n/a 
     Aggregated volume Price 
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         Options over ordinary shares of 25p each 
     Identification code                             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                          n/a 
     Aggregated volume Price 
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         Options over ordinary shares of 25p each 
     Identification code                             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                          n/a 
     Aggregated volume Price 
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         Options over ordinary shares of 25p each 
     Identification code                             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                          n/a 
     Aggregated volume Price 
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         Options over ordinary shares of 25p each 
     Identification code                             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                          n/a 
     Aggregated volume Price 
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         Options over ordinary shares of 25p each 
     Identification code                             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                          n/a 
     Aggregated volume Price 
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         Options over ordinary shares of 25p each 
     Identification code                             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                          n/a 
     Aggregated volume Price 
e)  Date of the transaction                         12 November 2020 
f)  Place of the transaction                        Outside a trading venue 
 

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November 13, 2020 02:00 ET (07:00 GMT)