TIDMFCRM
RNS Number : 5026R
Fulcrum Utility Services Ltd
08 March 2021
8 March 2021
Fulcrum Utility Services Limited
("Fulcrum" or the "Company")
Implementation of Long Term Incentive Plan
The Company announces the implementation of a new Long Term
Incentive Plan ("LTIP") for certain of the executive management
team to ensure the appropriate ongoing incentivisation of the new
executive management team.
Participants in the scheme have been issued growth shares
("Growth Shares") in a subsidiary company, Fulcrum Group Holdings
Limited, which may be exchanged for new ordinary shares in Fulcrum
("New Ordinary Shares") in future, subject to meeting certain
conditions and performance criteria as set out below. The Growth
Shares do not carry any voting rights nor entitlement to any
dividend. The Growth Shares have a vesting period that will end on
the date of the announcement of the Group's results for the
financial year ending 31 March 2025. A total of 95,000 Growth
Shares have been awarded under the Scheme, as follows:
Name Job Title Number of
Growth Shares
issued
Terry Dugdale Chief Executive Officer 40,000
------------------------------------- --------------
Jenny Cutler Chief Financial Officer 18,000
------------------------------------- --------------
Andy Hirst Group Business Development Director 12,000
------------------------------------- --------------
Tim Houtby Smart Metering Director 10,000
------------------------------------- --------------
Mark Bayliss Operations Director 10,000
------------------------------------- --------------
Jo Thompson Director of People & Culture 5,000
------------------------------------- --------------
Total 95,000
--------------
Performance criteria and vesting criteria
The key performance hurdle requires a base share price
achievement of at least 52.5 pence per share (calculated as an
average of the 40 preceding trading days), immediately prior to the
vesting date. Participants will realise no value from the scheme
unless the total shareholder return ("TSR"), calculated as share
price appreciation adjusted for dividend payments per share,
exceeds this level at the end of the vesting period.
Above this TSR level participants will share a percentage of the
TSR gain from a baseline of 26.25 pence per share, representing the
tender price offered to Shareholders in early 2020.
The percentage of total TSR gain above 26.25 pence to be
distributed amongst participants will be 2.75% at a TSR of 52.5
pence per share, rising to 6.25% at a TSR of 105 pence per share.
This would result in a potential issue of between 3,054,122 New
Ordinary Shares up to a maximum of 10,411,779 New Ordinary Shares.
In the event that the New Ordinary Shares are issued to
participants, following conversion of Growth Shares the total value
of these shares would be between GBP1.6 million (from a minimum TSR
gain of GBP58.3 million) to GBP10.9 million (from a maximum TSR
gain of GBP174.9 million). The maximum number of 10,411,779 New
Ordinary Shares which could be issued following vesting represents
approximately 4.69% of the Company's issued share capital.
In the event that the Company's share price reaches 105 pence
per share during the vesting period (based on an average of the 40
preceding trading days) then the scheme will vest immediately and
the participants will realise value for their growth shares at the
maximum level.
Upon exchange of Growth Shares for New Ordinary Shares,
participants will be subject to a one-year lock in period, subject
to the limited exceptions of a) selling sufficient shares to meet
any tax liability and b) up to 10% of their New Ordinary Shares
without restrictions.
The scheme contains appropriate provisions for good and bad
leavers.
The implementation of the LTIP comprises a related party
transaction under Rule 13 of the AIM Rules for Companies. The
independent directors of Fulcrum, which for the purposes of this
related party transaction comprise all board members other than
Terry Dugdale, consider, having consulted with Fulcrum's nominated
adviser, that the terms of the transaction are fair and reasonable
insofar as Fulcrum's shareholders are concerned.
Template for notification and public disclosure of transactions
by persons discharging managerial responsibilities and persons
closely associated with them
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Terry Dugdale
-------------------------- --------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------
a) Position/status Chief Executive Officer
-------------------------- --------------------------------------------
b) Initial notification Initial
/ amendment
-------------------------- --------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------
a) Name Fulcrum Utility Services Limited
-------------------------- --------------------------------------------
b) LEI 213800UOG45CW6KZY620
-------------------------- --------------------------------------------
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 Growth share scheme shares issued
financial instrument, in subsidiary of Fulcrum Utility
type of instrument Services Limited, which may be convertible
into new ordinary shares in Fulcrum
Identification code Utility Services Limited.
ISIN of new ordinary shares in Fulcrum
Utility Services Limited: KYG368851047
-------------------------- --------------------------------------------
b) Nature of the transaction Grant of growth share scheme shares
in subsidiary of Fulcrum Utility
Services Limited, which may be convertible
into new ordinary shares in Fulcrum
Utility Services Limited.
-------------------------- --------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nominal value
GBP0.0036 40,000
----------
-------------------------- --------------------------------------------
d) Aggregated information
- Aggregated volume N/A
- Price
-------------------------- --------------------------------------------
e) Date of the transaction 8 March 2021
-------------------------- --------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------- --------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Jenny Cutler
-------------------------- --------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------
a) Position/status Chief Financial Officer
-------------------------- --------------------------------------------
b) Initial notification Initial
/ amendment
-------------------------- --------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------
a) Name Fulcrum Utility Services Limited
-------------------------- --------------------------------------------
b) LEI 213800UOG45CW6KZY620
-------------------------- --------------------------------------------
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 Growth share scheme shares issued
financial instrument, in subsidiary of Fulcrum Utility
type of instrument Services Limited, which may be convertible
into new ordinary shares in Fulcrum
Identification code Utility Services Limited.
ISIN of new ordinary shares in Fulcrum
Utility Services Limited: KYG368851047
-------------------------- --------------------------------------------
b) Nature of the transaction Grant of growth share scheme shares
in subsidiary of Fulcrum Utility
Services Limited, which may be convertible
into new ordinary shares in Fulcrum
Utility Services Limited.
-------------------------- --------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nominal value
GBP0.0036 18,000
----------
-------------------------- --------------------------------------------
d) Aggregated information
- Aggregated volume N/A
- Price
-------------------------- --------------------------------------------
e) Date of the transaction 8 March 2021
-------------------------- --------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------- --------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Andy Hirst
-------------------------- --------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------
a) Position/status PDMR - Group Business Development
Director
-------------------------- --------------------------------------------
b) Initial notification Initial
/ amendment
-------------------------- --------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------
a) Name Fulcrum Utility Services Limited
-------------------------- --------------------------------------------
b) LEI 213800UOG45CW6KZY620
-------------------------- --------------------------------------------
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 Growth share scheme shares issued
financial instrument, in subsidiary of Fulcrum Utility
type of instrument Services Limited, which may be convertible
into new ordinary shares in Fulcrum
Identification code Utility Services Limited.
ISIN of new ordinary shares in Fulcrum
Utility Services Limited: KYG368851047
-------------------------- --------------------------------------------
b) Nature of the transaction Grant of growth share scheme shares
in subsidiary of Fulcrum Utility
Services Limited, which may be convertible
into new ordinary shares in Fulcrum
Utility Services Limited.
-------------------------- --------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nominal value
GBP0.0036 12,000
----------
-------------------------- --------------------------------------------
d) Aggregated information
- Aggregated volume N/A
- Price
-------------------------- --------------------------------------------
e) Date of the transaction 8 March 2021
-------------------------- --------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------- --------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Tim Houtby
-------------------------- --------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------
a) Position/status PDMR - Smart Metering Director
-------------------------- --------------------------------------------
b) Initial notification Initial
/ amendment
-------------------------- --------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------
a) Name Fulcrum Utility Services Limited
-------------------------- --------------------------------------------
b) LEI 213800UOG45CW6KZY620
-------------------------- --------------------------------------------
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 Growth share scheme shares issued
financial instrument, in subsidiary of Fulcrum Utility
type of instrument Services Limited, which may be convertible
into new ordinary shares in Fulcrum
Identification code Utility Services Limited.
ISIN of new ordinary shares in Fulcrum
Utility Services Limited: KYG368851047
-------------------------- --------------------------------------------
b) Nature of the transaction Grant of growth share scheme shares
in subsidiary of Fulcrum Utility
Services Limited, which may be convertible
into new ordinary shares in Fulcrum
Utility Services Limited.
-------------------------- --------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nominal value
GBP0.0036 10,000
----------
-------------------------- --------------------------------------------
d) Aggregated information
- Aggregated volume N/A
- Price
-------------------------- --------------------------------------------
e) Date of the transaction 8 March 2021
-------------------------- --------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------- --------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Mark Bayliss
--------------------------
2 Reason for the notification
------------------------------------------------------------------------
a) Position/status PDMR - Operations Director
-------------------------- --------------------------------------------
b) Initial notification Initial
/ amendment
-------------------------- --------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------
a) Name Fulcrum Utility Services Limited
-------------------------- --------------------------------------------
b) LEI 213800UOG45CW6KZY620
-------------------------- --------------------------------------------
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 Growth share scheme shares issued
financial instrument, in subsidiary of Fulcrum Utility
type of instrument Services Limited, which may be convertible
into new ordinary shares in Fulcrum
Identification code Utility Services Limited.
ISIN of new ordinary shares in Fulcrum
Utility Services Limited: KYG368851047
-------------------------- --------------------------------------------
b) Nature of the transaction Grant of growth share scheme shares
in subsidiary of Fulcrum Utility
Services Limited, which may be convertible
into new ordinary shares in Fulcrum
Utility Services Limited.
-------------------------- --------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nominal value
GBP0.0036 10,000
----------
-------------------------- --------------------------------------------
d) Aggregated information
- Aggregated volume N/A
- Price
-------------------------- --------------------------------------------
e) Date of the transaction 8 March 2021
-------------------------- --------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------- --------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Jo Thompson
--------------------------
2 Reason for the notification
------------------------------------------------------------------------
a) Position/status PDMR - Director of People and Culture
-------------------------- --------------------------------------------
b) Initial notification Initial
/ amendment
-------------------------- --------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------
a) Name Fulcrum Utility Services Limited
-------------------------- --------------------------------------------
b) LEI 213800UOG45CW6KZY620
-------------------------- --------------------------------------------
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 Growth share scheme shares issued
financial instrument, in subsidiary of Fulcrum Utility
type of instrument Services Limited, which may be convertible
into new ordinary shares in Fulcrum
Identification code Utility Services Limited.
ISIN of new ordinary shares in Fulcrum
Utility Services Limited: KYG368851047
-------------------------- --------------------------------------------
b) Nature of the transaction Grant of growth share scheme shares
in subsidiary of Fulcrum Utility
Services Limited, which may be convertible
into new ordinary shares in Fulcrum
Utility Services Limited.
-------------------------- --------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nominal value
GBP0.0036 5,000
----------
-------------------------- --------------------------------------------
d) Aggregated information
- Aggregated volume N/A
- Price
-------------------------- --------------------------------------------
e) Date of the transaction 8 March 2021
-------------------------- --------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------- --------------------------------------------
Enquiries:
Fulcrum Utility Services Limited
Terry Dugdale, Chief Executive Officer +44 (0)114 280 4102
Jenny Cutler, Chief Financial Officer
Cenkos Securities plc (Nominated adviser and broker)
Max Hartley (Nomad) / Michael Johnson (Sales) +44 (0)20 7397 8900
N+1 Singer (Joint Corporate Broker)
Sandy Fraser / Rachel Hayes / Carlo Spingardi +44 (0)20 7496 3000
Notes to Editors:
Fulcrum is a multi-utility infrastructure and services provider.
The Group operates nationally with its head office in Sheffield, UK
and its main business is the design, build, ownership and
maintenance of energy connections and their related utility
infrastructure including the EV charging network. The Group's
offering also extends to smart meter ownership and exchange
programmes, and the selective ownership and maintenance of utility
networks and infrastructure.
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END
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