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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Tax Systems | LSE:TAX | London | Ordinary Share | GB00BDHLGB97 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 112.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMTAX
RNS Number : 9638M
Tax Systems PLC
03 August 2017
Tax Systems Plc
("Tax Systems" or "the Company")
Long Term Incentive Plan and Warrants
Tax Systems, a leading supplier of corporation tax software and services, announces that, on 2 August 2017, it made awards to certain directors and members of the senior management team under the Company's recently established long term incentive plan ("LTIP") and entered into a deed of amendment and restatement in relation to the MXC Capital Limited warrant instrument.
These awards follow the changes in board composition and the recruitment of a senior management team as previously announced and result in no additional dilution to shareholders from the original arrangements as set out in the admission document dated 1 July 2016 ("Admission Document") which was sent to shareholders in connection with the Company's acquisition of Tax Computer Systems Limited (the "Acquisition").
LTIP
In the year since the Acquisition and re-admission to trading on AIM, new board members and a senior management team have been recruited. In order to appropriately incentivise management to deliver long-term value creation for shareholders and ensure alignment with shareholders' interests, the Company has established the LTIP which replaces the Employee Share Scheme and all awards made thereunder, details of which were announced on 27 July 2016. The beneficiaries of the LTIP will be entitled to receive a share in a pool of up to 8 per cent. of shareholder value created, subject to the share price performance condition being met.
Awards under the LTIP are structured as a combination of EMI options with an exercise price of 81.5 pence per ordinary share of 1 penny each in the capital of the Company ("Ordinary Share"), being the mid closing price of an Ordinary Share as at 1 August 2017, and growth shares exercisable at nil cost. The commercial terms are the same as those awards made under the original Employee Share Scheme as disclosed in the Admission Document.
Awards of 4.7 per cent. of shareholder value created have been made to Gavin Lyons, Chief Executive Officer, (3.2 per cent.), Paul Gibson, Non-Executive Director (1.0 per cent.) and Kevin Goggin, Chief Financial Officer, (0.5 per cent.) (the "Director LTIP Awards"). Further awards of 3.3 per cent. of shareholder value created have been made to certain members of the senior management team.
In order to satisfy tax liabilities which will be incurred as a result of their participation in the LTIP, Tax Computer Systems Limited, a subsidiary of the Company, has made loans to certain beneficiaries of the LTIP (the "Loans"). The Loans, together with the taxes and fees payable by the Company in relation to the LTIP, will result in a cash outflow of approximately GBP300,000.
MXC Capital Limited Warrant Instrument
The Company also announces that it has entered into a deed of amendment and restatement whereby MXC Capital Limited ("MXC") has agreed to reduce its evergreen warrants over 6 per cent. of the fully diluted share capital of the Company to 4 per cent. in order that the awards under the LTIP be increased from 6 per cent. to 8 per cent. of shareholder value created. Therefore 1,488,543 warrants have been cancelled and MXC now hold 3,362,641 warrants (the "Warrants"), representing 4 per cent. of the issued share capital, as enlarged by the Warrants. MXC also hold 15,200,718 Ordinary Shares, representing 18.8 per cent. of the Company's issued share capital.
Related Party Transactions
The independent Directors of the Company (for the purpose of this transaction being Clive Carver and Linda Beal) consider, having consulted with the Company's nominated adviser finnCap Limited, that the Director LTIP Awards and associated Loans are fair and reasonable insofar as the Company's shareholders are concerned.
In addition, the independent Directors of the Company (for the purpose of this transaction being Clive Carver, Linda Beal, Gavin Lyons and Kevin Goggin) consider, having consulted with the Company's nominated adviser finnCap Limited, that the amendment and restatement of the Warrants, is fair and reasonable insofar as the Company's shareholders are concerned.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.
For more information please contact:
Hot Features
Premium
Tax Systems plc
Gavin Lyons, Chief Executive Tel: +44 (0)
Officer 7787 185 384
Kevin Goggin, Chief Tel: +44 (0)
Financial Officer 7976 760 808
finnCap Limited (Nominated Tel: +44 (0)20
Adviser and Broker) 7220 0500
Jonny Franklin-Adams
James Thompson
MXC Capital Markets Tel: +44 (0)20
LLP (Financial Adviser) 7965 8149
Charlotte Stranner
Steven Zhang
Alma PR Tel: +44 (0)20
8004 4218
Hilary Buchanan / Josh
Royston / Helena Bogle
About Tax Systems Plc
Tax Systems plc is a leading provider of corporation tax software and services in the UK and Ireland. The business has a long track record of being a key supplier of corporation tax software and services to many of the largest companies and the accounting profession in the UK and Ireland.
1. Details of the person discharging managerial
responsibilities / person closely associated
---- ------------------------------------------------------------------
a) Name Gavin Lyons
---- ------------------------------- ---------------------------------
2. Reason for the Notification
---- ------------------------------------------------------------------
a) Position/status CEO
---- ------------------------------- ---------------------------------
b) Initial notification/Amendment Initial notification
---- ------------------------------- ---------------------------------
3. Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
---- ------------------------------------------------------------------
a) Name Tax Systems plc
---- ------------------------------- ---------------------------------
b) LEI 2138003HIYI7PO8ETC98
---- ------------------------------- ---------------------------------
4.1 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 A ordinary shares of 0.00001
of the Financial pence each in the capital
instrument, of Tax Computer Systems Limited
type of instrument ("A Shares in TCSL")
----
Identification n/a
code
---- ------------------------------- ---------------------------------
b) Nature of the Sale of A Shares in TCSL
transaction
---- ------------------------------- ---------------------------------
c) Price(s) and Price(s) Volume(s)
volume(s) ---------- ----------
n/a 200
---------- ----------
---- ------------------------------- ---------------------------------
d) Aggregated information: n/a
* Aggregated volume
* Price
---- ------------------------------- ---------------------------------
e) Date of the 2 August 2017
transaction
---- ------------------------------- ---------------------------------
f) Place of the Outside a trading venue
transaction
---- ------------------------------- ---------------------------------
4.2 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 Options over ordinary shares
of the Financial of 1 penny each ("Options")
instrument,
type of instrument
----
Identification GB00BDHLGB97
code
---- ------------------------------- ---------------------------------
b) Nature of the Issue of Options under Long
transaction Term Incentive Scheme
---- ------------------------------- ---------------------------------
c) Price(s) and Price(s) Volume(s)
volume(s) --------- ----------
81.5 306,747
--------- ----------
---- ------------------------------- ---------------------------------
d) Aggregated information: n/a
* Aggregated volume
* Price
---- ------------------------------- ---------------------------------
e) Date of the 2 August 2017
transaction
---- ------------------------------- ---------------------------------
f) Place of the Outside a trading venue
transaction
---- ------------------------------- ---------------------------------
4.3 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 A ordinary shares of 0.00001
of the Financial pence each in the capital
instrument, of Tax Systems Holding Limited
type of instrument ("A Shares in TSHL")
----
Identification n/a
code
---- ------------------------------- ---------------------------------
b) Nature of the Issue of A Shares in TSHL
transaction
---- ------------------------------- ---------------------------------
c) Price(s) and Price(s) Volume(s)
volume(s) ---------- ----------
n/a 320
---------- ----------
---- ------------------------------- ---------------------------------
d) Aggregated information: n/a
* Aggregated volume
* Price
---- ------------------------------- ---------------------------------
e) Date of the 2 August 2017
transaction
---- ------------------------------- ---------------------------------
f) Place of the Outside a trading venue
transaction
---- ------------------------------- ---------------------------------
1. Details of the person discharging managerial
responsibilities / person closely associated
---- ------------------------------------------------------------------
a) Name Paul Gibson
---- ------------------------------- ---------------------------------
2. Reason for the Notification
---- ------------------------------------------------------------------
a) Position/status Non-Executive Director
---- ------------------------------- ---------------------------------
b) Initial notification/Amendment Initial notification
---- ------------------------------- ---------------------------------
3. Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
---- ------------------------------------------------------------------
a) Name Tax Systems plc
---- ------------------------------- ---------------------------------
b) LEI 2138003HIYI7PO8ETC98
---- ------------------------------- ---------------------------------
4.1 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 A ordinary shares of 0.00001
of the Financial pence each in the capital
instrument, of Tax Computer Systems Limited
type of instrument ("A Shares in TCSL")
----
Identification n/a
code
---- ------------------------------- ---------------------------------
b) Nature of the Sale of A Shares in TCSL
transaction
---- ------------------------------- ---------------------------------
c) Price(s) and Price(s) Volume(s)
volume(s) ---------- ----------
n/a 200
---------- ----------
---- ------------------------------- ---------------------------------
d) Aggregated information: n/a
* Aggregated volume
* Price
---- ------------------------------- ---------------------------------
e) Date of the 2 August 2017
transaction
---- ------------------------------- ---------------------------------
f) Place of the Outside a trading venue
transaction
---- ------------------------------- ---------------------------------
4.2 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 A ordinary shares of 0.00001
of the Financial pence each in the capital
instrument, of Tax Systems Holding Limited
type of instrument ("A Shares in TSHL")
----
Identification n/a
code
---- ------------------------------- ---------------------------------
b) Nature of the Issue of A Shares in TSHL
transaction
---- ------------------------------- ---------------------------------
c) Price(s) and Price(s) Volume(s)
volume(s) ---------- ----------
n/a 100
---------- ----------
---- ------------------------------- ---------------------------------
d) Aggregated information: n/a
* Aggregated volume
* Price
---- ------------------------------- ---------------------------------
e) Date of the 2 August 2017
transaction
---- ------------------------------- ---------------------------------
f) Place of the Outside a trading venue
transaction
---- ------------------------------- ---------------------------------
4. Details of the person discharging managerial
responsibilities / person closely associated
---- -----------------------------------------------------------------
a) Name Kevin Goggin
---- ------------------------------- --------------------------------
5. Reason for the Notification
---- -----------------------------------------------------------------
a) Position/status Chief Financial Officer
---- ------------------------------- --------------------------------
b) Initial notification/Amendment Initial notification
---- ------------------------------- --------------------------------
6. Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
---- -----------------------------------------------------------------
a) Name Tax Systems plc
---- ------------------------------- --------------------------------
b) LEI 2138003HIYI7PO8ETC98
---- ------------------------------- --------------------------------
4.1 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 Options over ordinary shares
of the Financial of 1 penny each ("Options")
instrument,
type of instrument
----
Identification GB00BDHLGB97
code
---- ------------------------------- --------------------------------
b) Nature of the Issue of Options under Long
transaction Term Incentive Scheme
---- ------------------------------- --------------------------------
c) Price(s) and Price(s) Volume(s)
volume(s) --------- ----------
81.5 306,747
--------- ----------
---- ------------------------------- --------------------------------
d) Aggregated information: n/a
* Aggregated volume
* Price
---- ------------------------------- --------------------------------
e) Date of the 2 August 2017
transaction
---- ------------------------------- --------------------------------
f) Place of the Outside a trading venue
transaction
---- ------------------------------- --------------------------------
4.2 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 A ordinary shares of 0.00001
of the Financial pence each in the capital
instrument, of Tax Systems Holding Limited
type of instrument ("A Shares in TSHL")
----
Identification n/a
code
---- ------------------------------- --------------------------------
b) Nature of the Issue of A Shares in TSHL
transaction
---- ------------------------------- --------------------------------
c) Price(s) and Price(s) Volume(s)
volume(s) ---------- ----------
n/a 50
---------- ----------
---- ------------------------------- --------------------------------
d) Aggregated information: n/a
* Aggregated volume
* Price
---- ------------------------------- --------------------------------
e) Date of the 2 August 2017
transaction
---- ------------------------------- --------------------------------
f) Place of the Outside a trading venue
transaction
---- ------------------------------- --------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCOKBDNFBKDOFK
(END) Dow Jones Newswires
August 03, 2017 02:01 ET (06:01 GMT)
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