Netcall PLC Extension of Long Term Incentive Plan (9296F)

TIDMNET

RNS Number : 9296F

Netcall PLC

19 November 2020

19 November 2020

NETCALL PLC

("Netcall", the "Company" or the "Group")

Extension of Long Term Incentive Plan for Senior Management

Netcall plc (AIM: NET), a leading customer engagement software provider, announces that it has extended the term of its current long term incentive plan ("LTIP") for certain directors of the Company ("Directors").

As announced on 30 April 2014, the Company awarded an LTIP to the Directors under the Company's 2013 Long Term Incentive Plan ("2013 LTIP"). Share options under the 2013 LTIP were granted at an exercise price of 5 pence. The vesting of options under the 2013 LTIP are conditional on achievement of certain share price hurdles based on the average share price over 40 business days up to a maximum share price of GBP1.20. The options have a contractual term of seven years and thus expire on 30 April 2021.

The following summarises the current position of the 2013 LTIP options:

 
                      2013 LTIP   2013 LTIP   2013 LTIP 
                        options     options     options 
                           held      vested    unvested 
 Henrik Bang          6,600,000   1,894,461   4,705,439 
                    ===========  ==========  ========== 
 Michael Jackson        672,220           -     672,220 
                    ===========  ==========  ========== 
 James Ormondroyd     4,100,000   1,343,899   2,756,101 
                    ===========  ==========  ========== 
 Total               11,372,220   3,238,360   7,461,540 
                    ===========  ==========  ========== 
 

The Directors' have no other share options other than the 2013 LTIP options as summarised above. Accordingly, given the April 2021 expiry date for the 2013 LTIP the remuneration committee have been considering ongoing incentive arrangements for the Directors. Given Michael Jackson's interest in the 2013 LTIP options, Mr Jackson has recused himself from the remuneration committee's consideration on incentive arrangements in relation to himself.

The remuneration committee believe that an extension of the expiry date of the 2013 LTIP, rather than the introduction of a new LTIP, is appropriate for the Company. The average share price target for the unvested element of the 2013 LTIP is from GBP0.73 to GBP1.20. Accordingly, the remuneration committee believe that this provides sufficiently stretched targets to ensure that the Directors continue to be incentivised to drive shareholder returns.

The Company has agreed to extend the vesting measurement date by two years to 30 April 2023 and the expiry date of the above 2013 LTIP options by a further three years to 29 April 2024. All other provisions under the above 2013 LTIP options remain unchanged. The Company has consulted with its three largest shareholders on this matter.

For further enquiries, please contact:

 
 Netcall plc                                Tel. [phone] 
                                                            6100 
 Henrik Bang, CEO 
 Michael Jackson, Chairman 
 James Ormondroyd, Group Finance Director 
 
 Canaccord Genuity Limited (Nominated       Tel. [phone] 
  Adviser and Broker)                                       8000 
 Simon Bridges / Andrew Potts 
 
 
 Alma PR                                    Tel. [phone] 
                                                            0205 
 Caroline Forde / Josh Royston / Helena 
  Bogle / Robyn Fisher 
 

About Netcall

Netcall's Liberty software platform with Intelligent Automation and Customer Engagement solutions helps organisations transform their businesses faster and more efficiently, empowering them to create a leaner, more customer-centric organisation.

Netcall's customers span enterprise, healthcare and government sectors. These include two-thirds of the NHS Acute Health Trusts and leading corporates including Legal and General, Lloyds Banking Group, ITV and Nationwide Building Society.

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November 19, 2020 10:55 ET (15:55 GMT)