TIDMAUK
RNS Number : 8432X
Aukett Swanke Group PLC
27 December 2023
27 December 2023
Aukett Swanke Group Plc
("Aukett Swanke", the "Company", or, together with its
subsidiaries, the "Group")
Launch of Employee Share Purchase Plans
Grant of Share Options
Aukett Swanke (AIM: AUK), the group providing Smart Buildings,
Architectural and Design Services, notifies that it has launched
three plans to increase levels of share ownership by management and
staff.
All Employee Share Option Plan
Firstly, the Company has implemented an All Employee Share
Option Plan ("AESOP"). Formally a share incentive plan run by
Equiniti our registrars, the AESOP entitles all employees to invest
between GBP10 and GBP150 per month in purchasing shares in the
Group from their pre-tax salary. The Group will match this
contribution pound-for-pound on the first GBP50 per month by
purchasing Matching Shares for the relevant employee as a staff
retention tool. Employees who leave forfeit the Matching Shares
acquired within the last three years of their departure, save for a
number of specific reasons such as redundancy or ill health.
The Group is delighted to report that approximately 40% of the
workforce have chosen to acquire shares in this manner. Purchases
are being made monthly with the first such purchase already
completed. The rules of the AESOP allow for new shares to be
issued, but for the foreseeable future it is the intention that the
purchases be made on the open market.
It is noted that the members of the concert party established in
March 2023 upon the acquisition of Torpedo Factory Group Ltd ("TFG
Concert Party"), are not for the current time participating in the
AESOP.
Management Share Ownership Plan
Secondly, a Management Share Ownership Plan ("MSOP") has been
created. The Company recognises that the management of the Group's
businesses wish to build an ownership stake greater than the upper
limits of the AESOP. Therefore, it invited 34 members of the senior
management team to commit to purchasing shares beyond the AESOP
limit. 32 of the 34 have made a contractual commitment to spend an
amount equivalent to between 2.5% and 10% of their gross annual
salary on the purchase of Company shares, until such time as each
of them own a minimum of either 0.25% or 0.5% of the Company's
issued share capital - though they are free to acquire larger
stakes if they wish.
Purchases can be made at any time subject to the Group's Share
Dealing Code and applicable securities regulation, but it is
intended that the MSOP purchases will be made approximately
quarterly with most purchases expected to begin in February 2024.
The MSOP shares will be purchased on the open market.
Every single director of the Group's subsidiaries who was
invited has signed up to the MSOP commitment, including all fee
earning architect directors. All who have expressed an intent have
indicated they will be purchasing their shares within their pension
plans, as their investments are intended to build long term stakes
in the business.
Any purchases pursuant to the MSOP by employees who are members
of the TFG Concert Party will need to be considered by such
employees, individually or together, with respect to the provisions
of the UK Takeover Code.
Company Share Option Plan and surrender of existing EMI
options
Finally, the Company has created a Company Share Option Plan
("CSOP"). Pursuant to the CSOP, an aggregate 25,591,666 options
have been granted to the 32 members of the management team who have
made commitments under the MSOP. The CSOP options vest between the
third and tenth anniversary of grant, and are exercisable at 1.0p,
being the nominal value of each share and a 17.6% premium to the
closing mid-market price on 22 December 2023 (save for 1,000,000
CSOP replacement options granted to Tony Barkwith, Director, as
detailed below).
Additionally, the Company has agreed with optionholders in the
Company's existing EMI option scheme for the surrender of their
options, comprising in aggregate 10.4m EMI options. These
replacement options are included within the CSOP grants detailed
above.
A total of 8.4m CSOP options are being granted at an exercise
price of 1.0p per share to Freddie Jenner (Group COO) and Jason
Brameld (Group CTO, a non-board PDMR) to replace 8.4m EMI options
that were issued on the purchase of Torpedo Factory Group Ltd
("TFG"). These in turn replaced previous TFG CSOP options. The EMI
options surrendered had an exercise price of 1p.
Tony Barkwith (Group Finance Director) has surrendered 1,000,000
EMI options with an exercise price of 1.6p which are being replaced
with 1,000,000 CSOP options with an exercise price of 1.6p, and
surrendered 1,000,000 EMI options with an exercise price of 3.6p
which are not being replaced.
Freddie, Jason and Tony are also each receiving CSOP options in
their capacity as parties who have made the MSOP commitment.
CSOP Options being granted to Directors/PDMRs are as
follows:
Name Number of CSOP options Exercise Price Notes
Nick Clark* 2,000,000 1.0p
Freddie Jenner* 4,700,000 1.0p Of which 3.7m replace EMI
Jason Brameld* (PDMR) 5,700,000 1.0p Of which 4.7m replace
EMI
Tony Barkwith 1,000,000 1.0p
1,000,000 1.6p Replacing EMI
The total 25,591,666 CSOP options now in issue represent 8.73%
of the shares in issue. There are no EMI options outstanding, nor
any warrants or convertible instruments.
* Nick Clark, Freddie Jenner and Jason Brameld are members of
the TFG Concert Party.
Related Party Transaction
The CSOP arrangements in relation to Nick Clark, Freddie Jenner
and Tony Barkwith, each a Director of the Company, represent a
related party transaction under the AIM Rules for Companies. The
Directors who are independent of the arrangements, being Clive
Carver, Robert Fry and Tandeep Minhas, having consulted with the
Company's nominated adviser, Strand Hanson, consider that the terms
of the arrangements are fair and reasonable insofar as shareholders
are concerned.
Nick Clark, Chief Executive, commented:
"Collectively these three schemes are transforming the Group's
culture. Last quarter the Group only had six employee shareholders,
now there are 70, and I am delighted the schemes have been
supported by everyone in a senior management role. Moreover, the
commitment to consistent, regular purchases of meaningful amounts
of shares, over the coming years, demonstrates to the market our
conviction in the new strategy. Taken together the share ownership
schemes are, I believe, the most attractive equity prospect for
up-and-coming architects, consultants and engineers in the UK. They
will enable us to attract and retain the brightest and best, and I
look forward to reporting to all shareholders on our progress
through 2024."
Contacts
Aukett Swanke Group Plc +44 (0) 20 7843 3000
Clive Carver, Chairman
Nick Clark, Chief Executive
Strand Hanson Limited, Financial and Nominated Adviser +44 (0)
20 7409 3494
Richard Johnson, James Bellman
Zeus Capital Limited, Broker +44 (0) 20 3829 5000
Simon Johnson, Louisa Waddell
Investor/Media
+ 44 (0) 7979 604 687
Chris Steele
About Aukett Swanke Group plc
Aukett Swanke Group has a strong foundation in architectural
services and is on a transformative journey to become a
London-listed provider of Smart Buildings and related services. ASG
are uniquely positioned to ensure the technical systems that run
modern premises are designed as an integral part of the structure,
from the outset.
For more information go to https://www.aukettswankeplc.com .
The following notifications are being made in accordance with
the requirements of the EU Market Abuse Regulation as part of UK
domestic law by virtue of the European Union (Withdrawal) Act 2018,
as amended.
Notification of Transactions of Persons Discharging Managerial
Responsibility and Persons Closely Associated with them.
1. Details of the person discharging managerial responsibilities
/ person closely associated
a. Name 1. Nick Clark
2. Freddie Jenner
3. Tony Barkwith
4. Jason Brameld
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2. Reason for the notification
---------------------------------------------------------------------------------------
a. Position/status 1. Director
2. Director
3. Director
4. PDMR
---------------------------------- ---------------------------------------------------
b. Initial notification/Amendment Initial Notification
---------------------------------- ---------------------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------------------
a. Name Aukett Swanke Group plc
---------------------------------- ---------------------------------------------------
b. LEI 213800WWNHLPUBSUK220
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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 the Financial Options over Ordinary Shares
instrument, type of instrument of 1p
Identification code ISIN: GB0000617950
---------------------------------- ---------------------------------------------------
b. Nature of the transaction Grant of CSOP options
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c. Price(s) and volume(s) Exercise Price(s) Volume(s)
1. 1p 1. 2,000,000
2. 1p 2. 4,700,000
3. 1p and 3. 1,000,000
1.6p and
4. 1p 1,000,000
4. 5,700,000
-------------------------
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d. Aggregated information
* Aggregated volume 14,400,000 options
* Price
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e. Date of the transaction 22 December 2023
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f. Place of the transaction Off-exchange
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END
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