TIDMASTO
RNS Number : 3361R
AssetCo PLC
05 July 2022
5 July 2022
LE1: 213800LFMHKVNT27GV45
AssetCo plc ("AssetCo" or the "Company")
Discontinuance of the Company's Annual Bonus
and Long Term Incentive Plan ("LTIP")
On 29 September 2021 the Company announced that the Remuneration
Committee was conducting an ongoing review of the quantum, terms
and form of the LTIP in respect of periods beyond the first
performance period (being the period from 8 January 2021 to 30
September 2021) (the "First Performance Period").
After concluding its review and after consultation with advisers
and Shareholders, the Remuneration Committee has recommended, and
the Board is in agreement, that the LTIP should be cancelled in
respect of periods beyond the First Performance Period. The Company
will take time to consult with its advisers and Shareholders in
terms of appropriate schemes/arrangements to replace the LTIP and
will make an announcement in due course.
The number of ordinary shares of 10p each in the Company
("Ordinary Shares") the subject of awards granted to participants
under the LTIP ("Participants") in respect of the First Performance
Period was determined to be 993,315 Ordinary Shares, with the first
tranche of one third, amounting to 331,100 Ordinary Shares due for
release to Participants in December 2021, with the balance of two
thirds, amounting to 662,205 Ordinary Shares, being released over a
five year deferral period subject to the terms of the LTIP (the
"Deferral Period"). To date, by virtue of corporate and market
events, no Ordinary Shares have been released to Participants.
As a consequence of the cancellation of the LTIP the
Remuneration Committee has accelerated the release to Participants
of the Ordinary Shares which were due to be released to them over
the Deferral Period (the "Deferred Ordinary Shares") subject to the
lock-in arrangements detailed below. Further, the Remuneration
Committee has determined that the Participant's entitlements will
be settled net of their National Insurance Contributions and Pay as
you Earn obligations which will be paid by the Company, on behalf
of the Participants, with a commensurate reduction in the number of
Ordinary Shares issued to Participants. As a result, the net total
of Ordinary Shares today issued to Participants was 518,909
Ordinary Shares of which 345,935 were Deferred Ordinary Shares.
This represents a significant reduction in the dilution to
Shareholders which would have resulted in the event that the total
of 993,315 Ordinary Shares had been issued to Participants.
Of the Ordinary Shares today issued the following were issued to
Directors:
Name Number of Ordinary Shares
Martin Gilbert (Director) 160,920
Peter McKellar (Director) 126,029
Campbell Fleming (Director) 61,685
The Participants have entered into lock-in arrangements with the
Company whereby they will be restricted from disposing of Deferred
Ordinary Shares. These arrangements also replicate, in respect of
Deferred Ordinary Shares, the provisions in the rules of the LTIP
which relate to recovery and Participants ceasing to be employed by
any member of the AssetCo group. These lock-in arrangements fall
away on the same basis that Ordinary Shares would have otherwise
been released to Participants over the Deferral Period.
Formal notifications in respect of the PDMRs are set out below
in accordance with the requirements of the Market Abuse
Regulation.
Admission and Total Voting Rights
Application has been made to the London Stock Exchange for the
518,909 new Ordinary Shares to be admitted to trading on AIM
("Admission") and it is expected that Admission will become
effective and trading will commence on or around 8.00 a.m. on 8
July 2022.
Following Admission, AssetCo's issued share capital will consist
of 14,918,229 Ordinary Shares with one voting right each. AssetCo
does not hold any Ordinary Shares in treasury. Therefore, the total
number of Ordinary Shares and voting rights in AssetCo is
14,918,229. With effect from Admission, this figure may be used by
shareholders in AssetCo as the denominator for the calculations by
which they will determine if they are required to notify their
interest in, or a change to their interest in, the share capital of
AssetCo under the FCA's Disclosure Guidance and Transparency
Rules.
For further information, please contact:
AssetCo plc Numis Securities Limited
Nominated adviser and joint
Campbell Fleming, CEO broker
Peter McKellar, Deputy Chairman Stephen Westgate / Charles Farquhar
James Thorneley, Head of Communications / Giles Rolls
Tel: +44 (0) 7958 005141 Tel: +44 (0) 20 7260 1000
Panmure Gordon (UK) Limited Maitland/AMO
Joint broker Neil Bennett
Charles Leigh-Pemberton / Atholl Rachel Cohen
Tweedie / Gabriel Hamlyn Tel: +44 (0) 20 7379 55151
Tel: +44 (0) 20 7886 2906
For further details, visit the website, www.assetco.com
Ticker: AIM: ASTO.L
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name Martin Gilbert
------------------------------------- --------------------------------------
Reason for the notification
2
-----------------------------------------------------------------------------
a) Position/status PDMR
------------------------------------- --------------------------------------
b) Initial notification Initial notification
/Amendment
------------------------------------- --------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------
a) Name AssetCo plc
------------------------------------- --------------------------------------
b) LEI 213800LFMHKVNTZ7GV45
------------------------------------- --------------------------------------
Details of the transaction(s): section to be repeated for
4 (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 Ordinary shares of GBP0.10 each
financial instrument,
type of instrument
Identification code GB00B42VYZ16
b) Nature of the transaction Grant of Shares under an LTIP
------------------------------------- --------------------------------------
c) Price(s) and volume(s)
----------------- ----------------
Price(s) Volume(s)
----------------- ----------------
GBP0 160,920
------------------------------------------------------------ ----------------
d) Aggregated information
- Aggregated volume 160,920
- Price GBP0
e) Date of the transaction 4 July 2022
------------------------------------- --------------------------------------
f) Place of the transaction Outside of a trading venue
------------------------------------- --------------------------------------
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name Peter McKellar
------------------------------------- --------------------------------------
Reason for the notification
2
-----------------------------------------------------------------------------
a) Position/status PDMR
------------------------------------- --------------------------------------
b) Initial notification Initial notification
/Amendment
------------------------------------- --------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------
a) Name AssetCo plc
------------------------------------- --------------------------------------
b) LEI 213800LFMHKVNTZ7GV45
------------------------------------- --------------------------------------
Details of the transaction(s): section to be repeated for
4 (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 Ordinary shares of GBP0.10 each
financial instrument,
type of instrument
Identification code GB00B42VYZ16
b) Nature of the transaction Grant of Shares under an LTIP
------------------------------------- --------------------------------------
c) Price(s) and volume(s)
----------------- ----------------
Price(s) Volume(s)
----------------- ----------------
GBP0 126,029
------------------------------------------------------------ ----------------
d) Aggregated information
- Aggregated volume 126,029
- Price GBP0
e) Date of the transaction 4 July 2022
------------------------------------- --------------------------------------
f) Place of the transaction Outside of a trading venue
------------------------------------- --------------------------------------
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name Campbell Fleming
------------------------------------- --------------------------------------
Reason for the notification
2
-----------------------------------------------------------------------------
a) Position/status PDMR
------------------------------------- --------------------------------------
b) Initial notification Initial notification
/Amendment
------------------------------------- --------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------
a) Name AssetCo plc
------------------------------------- --------------------------------------
b) LEI 213800LFMHKVNTZ7GV45
------------------------------------- --------------------------------------
Details of the transaction(s): section to be repeated for
4 (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 Ordinary shares of GBP0.10 each
financial instrument,
type of instrument
Identification code GB00B42VYZ16
b) Nature of the transaction Grant of Shares under an LTIP
------------------------------------- --------------------------------------
c) Price(s) and volume(s)
----------------- ----------------
Price(s) Volume(s)
----------------- ----------------
GBP0 61,685
------------------------------------------------------------ ----------------
d) Aggregated information
- Aggregated volume 61,685
- Price GBP0
e) Date of the transaction 4 July 2022
------------------------------------- --------------------------------------
f) Place of the transaction Outside of a trading venue
------------------------------------- --------------------------------------
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END
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