System1 Group PLC Grant of Options (5556W)

TIDMSYS1

RNS Number : 5556W

System1 Group PLC

18 April 2019

 
 Press Release   18 April 2019 
 

System1 Group PLC (AIM: SYS1)

("System1", or "the Company")

Grant of Options

Following consultation with its major shareholders, the Company announces that it has granted awards under an equity incentive plan to Stefan Barden, an advisor to the Board and PDMR, subject to approval by shareholders at the Company's next Annual General Meeting. In the event the approval is not obtained, the awards will lapse.

The awards comprise zero priced options over 300,000 shares (approximately 2.4% of the Company's voting share capital), and are split into three equal tranches. They are designed to vest only if a significant step-change in gross profit is achieved; being growth rates of approximately 100%, 200% and 300% for each of the three tranches respectively.

Performance Conditions

100,000 zero-priced stock options ("Tranche One Options")

-- Vest: when the Company's audited Gross Profit in any financial year exceeds GBP45m, subject to the Company's share price exceeding GBP5.00 per share for a 30 day consecutive period prior to the lapse date;

   --    Lapse date: 30 July 2024; 

100,000 zero-priced stock options ("Tranche Two Options")

-- Vest: when the Company's audited Gross Profit in any financial year exceeds GBP68m, subject to the Company's share price exceeding GBP7.50 per share for a 30 day consecutive period prior to the lapse date;

   --    Lapse date: 30 July 2029; 

100,000 zero-priced stock options ("Tranche Three Options")

-- Vest: when the Company's audited Gross Profit in any financial year exceeds GBP90m, subject to the Company's share price exceeding GBP10.00 per share over a 30 day consecutive period prior to the lapse date;

   --    Lapse date: 30 July 2032. 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

 
 1.   Details of PDMR / person closely associated 
       with them ("PCA") 
 a)   Name                            Stefan Barden 
     ------------------------------  ------------------------------ 
 2.   Reason for the notification 
     -------------------------------------------------------------- 
 a)   Position / status               PDMR 
     ------------------------------  ------------------------------ 
 b)   Initial notification            Initial notification 
       / amendment 
     ------------------------------  ------------------------------ 
 3.   Details of the issuer, emission allowance 
       market participant, auction platform, auctioneer 
       or auction monitor 
     -------------------------------------------------------------- 
 a)   Name                            System1 Group PLC 
     ------------------------------  ------------------------------ 
 b)   Legal Entity Identifier         213800TDLR42C3Q9ZB74 
     ------------------------------  ------------------------------ 
 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                  Options over ordinary shares 
       the financial instrument 
     ------------------------------  ------------------------------ 
 b)   Nature of the transaction       Granting of LTIP Awards 
     ------------------------------  ------------------------------ 
 c)   Price(s) and volume(s)           Price(s)    Volume(s) 
                                        Zero cost   300,000 Options 
                                                   ---------------- 
     ------------------------------  ------------------------------ 
 d)        Aggregated information 
             *    Aggregated volume     N/A 
 
 
             *    Aggregated price 
 
 
             *    Aggregated total 
     ------------------------------  ------------------------------ 
 e)   Date of the transaction         17 April 2019 (UK) 
     ------------------------------  ------------------------------ 
 f)   Place of the transaction        Outside a trading venue 
     ------------------------------  ------------------------------ 
 

The Company can be found at www.system1group.com.

For further information, please contact:

 
 System1 Group PLC                       Tel: [phone] 
                                                        1000 
 John Kearon, Chief Executive Officer 
 James Geddes, Chief Financial Officer 
 Canaccord Genuity Limited                 Tel: [phone] 
                                                          8000 
 Simon Bridges / Emma Gabriel 
 

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 [e-mail] or visit www.rns.com.

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April 18, 2019 02:00 ET (06:00 GMT)