Trakm8 Holdings PLC Award of options (8085R)

TIDMTRAK

RNS Number : 8085R

Trakm8 Holdings PLC

05 March 2019

 
For immediate release  5 March 2019 
 

Trakm8 Holdings plc

('Trakm8' or the 'Company')

Award of options

Trakm8 Holdings plc (AIM: TRAK), a leading telematics and data supplier to global markets, announces that today, following a review of its remuneration for directors and senior management, new options ("New Options") have been granted and existing options have been reissued ("Reissued Options", and, together with the New Options, the "Options Grant") over ordinary shares of 1 pence each in the capital of the Company ("Ordinary Shares") to certain directors and employees of the Company as outlined below.

New Options

The following New Options have been awarded to certain directors of the Company:

 
 Director / PDMR    Position                   Number of          Exercise 
                                                Options granted    price* 
 John Watkins       Executive Chairman                  125,000      33.5p 
                   -------------------------  -----------------  --------- 
 Jon Furber         Group Finance Director              125,000      33.5p 
                   -------------------------  -----------------  --------- 
 Mark Watkins       Chief Operating Officer             125,000      33.5p 
                   -------------------------  -----------------  --------- 
 Bill Duffy         Non-Executive Director               50,000      33.5p 
                   -------------------------  -----------------  --------- 
 

*Issued at a 20% premium to the mid-market closing share price on 4 March 2019

Vesting conditions: The New Options vest on 5 March 2022 and require that the recipients remain in employment with the Company at the date of exercise. All of the above New Options may only be exercised if the mid-market share price is 50 pence or more at the time of exercise.

Reissued Options

The following directors and PDMRs have had certain existing options cancelled and the following Reissued Options granted, such that number of options cancelled equal the number of Reissued Options:

 
 Director           Position                    Number of          Exercise 
                                                 Options granted    price* 
 John Watkins       Executive Chairman                   300,000      33.5p 
                   --------------------------  -----------------  --------- 
 Jon Furber         Group Finance Director               475,000      33.5p 
                   --------------------------  -----------------  --------- 
 Mark Watkins       Chief Operating Officer              250,000      33.5p 
                   --------------------------  -----------------  --------- 
 
 Bill Duffy           Non-Executive Director              75,000      33.5p 
                   --------------------------  -----------------  --------- 
 Matt Cowley        Big Data Director                     25,000      33.5p 
                   --------------------------  -----------------  --------- 
 Tim Cowley         Strategy Director                     50,000      33.5p 
                   --------------------------  -----------------  --------- 
                    MD - Insurance and 
 Sean Morris         Automotive                          350,000      33.5p 
                   --------------------------  -----------------  --------- 
 Matt Monnington 
  (PDMR)            Chief Technology Officer             200,000      33.5p 
                   --------------------------  -----------------  --------- 
 

*Issued at a 20% premium to the mid-market closing share price on 4 March 2019

Vesting conditions: The Reissued Options vest on 5 March 2022 and require that the recipients remain in employment with the Company at the date of exercise. All of the above Reissued Options may only be exercised if the mid-market share price is 50 pence or more at the time of exercise.

Employee Options

In addition to the above, 325,000 existing options have been cancelled and the same number of options have been reissued to certain other employees of the Company on the same terms as the Reissued Options to the directors and PDMRs.

Existing Options

In addition to the New Options and Reissued Options noted above, there are 1,605,000 existing options outstanding to certain directors, PDMRs and other employees of the Company. As detailed in the table below, the existing options together with the Reissued Options and New Options, would, if fully exercised, result in the issue of an additional 4,080,000 Ordinary Shares of 1 pence each in the Company, representing 8.2 per cent. of the current issued share capital of 50,004,002 Ordinary Shares (of which 29,000 shares are held in treasury) as at the date of this announcement.

A summary of all shares under option is set out in the table below:

 
 Director                       Existing Options               Re-issued   New Options             Total 
  / PDMR                                                        Options                             Options 
 Exercise 
  price               19.5p     44.5p    57.75p   81.5p-333p       33.5p                   33.5p 
                   --------  --------  --------  -----------  ----------  ----------------------  ---------- 
 John Watkins             -   250,000         -            -     300,000                 125,000     675,000 
                   --------  --------  --------  -----------  ----------  ----------------------  ---------- 
 Jon Furber               -         -         -            -     475,000                 125,000     600,000 
                   --------  --------  --------  -----------  ----------  ----------------------  ---------- 
 Mark Watkins             -         -   200,000            -     250,000                 125,000     575,000 
                   --------  --------  --------  -----------  ----------  ----------------------  ---------- 
 Bill Duffy               -         -         -            -      75,000                  50,000     125,000 
                   --------  --------  --------  -----------  ----------  ----------------------  ---------- 
 Matt Cowley              -   125,000         -            -      25,000                       -     150,000 
                   --------  --------  --------  -----------  ----------  ----------------------  ---------- 
 Tim Cowley               -   125,000         -            -      50,000                       -     175,000 
                   --------  --------  --------  -----------  ----------  ----------------------  ---------- 
 Sean Morris              -         -         -            -     350,000                       -     350,000 
                   --------  --------  --------  -----------  ----------  ----------------------  ---------- 
 Keith Evans              -         -         -       75,000                                   -      75,000 
                   --------  --------  --------  -----------  ----------  ----------------------  ---------- 
 PDMRs                    -         -         -      235,000     200,000                       -     435,000 
                   --------  --------  --------  -----------  ----------  ----------------------  ---------- 
 Other employees    150,000         -         -      445,000     325,000                       -     920,000 
                   --------  --------  --------  -----------  ----------  ----------------------  ---------- 
 TOTAL              150,000   500,000   200,000      755,000   2,050,000                 425,000   4,080,000 
                   --------  --------  --------  -----------  ----------  ----------------------  ---------- 
 

Related party transaction

The Options Grant to each of the directors other than Keith Evans and Nadeem Raza is considered a related party transaction pursuant to rule 13 of the AIM Rule for companies. Accordingly, Keith Evans and Nadeem Raza who are independent directors for the purposes of the Options Grant, consider, having consulted with Arden Partners Plc, the Company's Nominated Adviser, that the terms of the Options Grant are fair and reasonable insofar as shareholders are concerned.

- Ends -

For further information:

 
Trakm8 Holdings plc 
John Watkins, Executive Chairman       Tel: [phone] 
Jon Furber, Finance Director                      www.trakm8.com 
 
Arden Partners plc (Nominated Adviser  Tel: [phone] 
 & Broker) 
Paul Shackleton / Alex Penney             www.arden-partners.com 
 Simon Johnson (Corporate Broking) 
 

Media enquiries:

 
Buchanan 
Chris Lane / Tilly Abraham  Tel: [phone] 
[e-mail]            www.buchanan.uk.com 
 

About Trakm8

Trakm8 is a UK based technology leader in fleet management, insurance telematics, connected car, and optimisation. Through IP owned technology, the Group analyses data collected by its installed base of telematics units to fine tune the algorithms that are used to produce its' solutions; these monitor driver behaviour, identify crash events and monitor vehicle health to provide actionable insights to continuously improve the security and operational efficiency of both company fleets and private drivers.

The Group's product portfolio includes the latest data and reporting portal (Trakm8 Insight), integrated telematics/cameras, self-installed telematics units and one of the widest ranges of installed telematics devices. Trakm8 has over 250,000 connections.

Headquartered in Coleshill near Birmingham alongside its manufacturing facility, the Group supplies to the Fleet, Optimisation, Insurance and Automotive sectors to many well-known customers in the UK and internationally including the AA, Saint Gobain, EON, Iceland Foods, Direct Line Group and Young Marmalade.

Trakm8 has been listed on the AIM market of the London Stock Exchange since 2005.

www.trakm8.com / @Trakm8

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March 05, 2019 02:02 ET (07:02 GMT)