TIDMEQLS
RNS Number : 3052P
Equals Group PLC
18 October 2021
18 October 2021
Equals Group plc
('Equals', the 'Company' or the 'Group')
Discretionary Share Incentive Plan and 2021 Awards
Equals (AIM:EQLS) , the fintech payments group focused on the
SME marketplace, announces the Group is adopting a share incentive
plan (SIP) and a discretionary incentive plan to help attract and
retain people and further align rewards with long-term shareholder
interests.
The Group has consulted its major shareholders who are
supportive of the long-term alignment of all staff, executives and
executive directors with shareholder value creation in this
way.
Further details on the discretionary incentive plan are set out
below. The proposed grants to be made in 2021 on both plans are
also below.
The Equals Group plc 2021 Discretionary Incentive Plan
('Plan')
The Plan, which replaces the previous 2014 plan, is a
discretionary employee share plan which will allow the grant of the
common types of share incentives (together being the 'Awards'), at
different times and on different terms under one umbrella plan (for
administrative convenience). The award types covered by the plan
are:
-- tax-efficient Company Share Option Plan options ('CSOP
Options') which may be granted to selected employees and full-time
directors of the Group worth, over time, up to GBP30,000 per
individual at the date of grant;
-- conditional share awards which would give selected
participants the right to acquire Shares of the Company if certain
pre-determined conditions are satisfied ('Conditional Share
Awards');
-- options, with a nil, nominal value, or market value exercise
price, to acquire ordinary shares in the Company if certain
pre-determined conditions are satisfied ('Unapproved Options');
and
-- awards to be paid in cash based on the Market Value of a
specified number of Shares in the Company if certain pre-determined
conditions are satisfied ('Phantom Awards')
The Plan has been designed to be fully compliant with current
good practice including provisions for holding periods after
vesting, malus and clawback provisions, and change of control
clauses which ensure awards will not automatically vest should such
a change occur.
Overall responsibility for the operation and administration of
the Plan will be vested with the Remuneration Committee of the
Board of Directors of the Company (the 'Committee') which will make
decisions about participation, size and timing of grant of
Awards.
The total number Ordinary Shares which can be issued under the
Plan together with all other (past and present) share plans of the
Group will be restricted to 10 per cent. of the Company's issued
share capital. Ordinary Shares which are purchased from the market
to satisfy Awards or Shares subject to awards which are released or
lapsed without being exercised are excluded for the purposes of
calculating the utilisation of the limit.
2021 Awards under the plans
Initially, the Committee will grant the following awards under
the plans:
-- Share Incentive Plan ('SIP')
An initial award with a value equivalent to 4,000 new ordinary
shares in the capital of the Company ('Ordinary Shares') to be
granted to each of the 195 employees of the Group who have one
year's service or more as of 19(th) October 2021 (being the date of
grant), in the form of a SIP Free Shares award. The valuation of
the Ordinary Shares granted will be the market closing price on the
dealing day prior to the award. There are no performance conditions
and no purchase price. The award is subject to a 3 year 'holding
period' in the SIP Trust. Staff who leave employment before the end
of the holding period will lose their award, subject to certain
limited 'good leaver' conditions.
-- Discretionary Incentive Plan (1)
A key staff retention grant of awards over a total of 2,505,000
new Ordinary Shares across 38 selected employees (excluding
Executive Directors). The awards under this category will be in the
form of Conditional Share Awards without performance conditions
which will normally vest on the third anniversary of the grant of
the award and be subject to a two-year holding period thereafter.
The Conditional Share Awards will not have an exercise price and
shares will be issued in satisfaction of the awards only following
vesting. Participants who leave employment before vesting will lose
their award, subject to certain limited 'good leaver'
conditions.
-- Discretionary Incentive Plan (2)
A performance related share grant of awards over new Ordinary
Shares to the executive directors; the awards under this category
will be in the form of Conditional Share Awards with performance
conditions. They will normally vest on the third anniversary of the
grant of the award, subject to the satisfaction of the
pre-determined performance conditions and such vested shares will
be subject to a two-year holding period thereafter. The target
award level is 1,250,000 shares, whilst the exact award level will
be determined on a sliding scale dependent on CAGR of revenue,
active customers, EPS and ESG KPIs. The minimum share price
threshold for the award will be 80 pence. Participants who leave
employment before vesting will lose their award, subject to certain
limited 'good leaver' conditions.
Set out below is a table of grants under the Plan to certain
Directors and persons discharging managerial responsibilities /
person closely associated ('PDMRs').
PERSON JOB TITLE LTIP SIP TOTAL
Chief Executive
Ian Strafford-Taylor Officer 750,000* 4,000 754,000
Chief Financial
Richard Cooper Officer 500,000* 4,000 504,000
Chief Technology
Andrew Phillips Officer 250,000 4,000 254,000
Chief Operating
Matthijs Boon Officer 250,000 4,000 254,000
Simon England MD Digital Payments 250,000 4,000 254,000
Chief Product
James Simcox Officer 250,000 4,000 254,000
* - award dependent on performance
criteria
The following disclosures are made in accordance with Article 19
of the EU Market Abuse Regulation 596/2014.
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Ian Strafford-Taylor
--------------------- -----------------------------------------------
2 Reason for the notification
----------------------------------------------------------------------
a) Position/status Chief Executive Officer
--------------------- -----------------------------------------------
b) Initial notification Initial notification
/Amendment
--------------------- -----------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------
a) Name Eq uals plc
--------------------- -----------------------------------------------
b) LEI 213800CPI5S2GYB3RI27
--------------------- -----------------------------------------------
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 Options over Ordinary Shares of GBP0.01 each
of the financial Issue of Ordinary Shares of GBP0.01 each
instrument,
type of instrument
Identification ISIN: GB00BLS0XX25
code
--------------------- -----------------------------------------------
b) Nature of Grant of options
the transaction Issue or Ordinary Shares
--------------------- -----------------------------------------------
c) Price(s) and 750,000 options over Ordinary Shares at nil
volume(s) pence (being the LTIP grant)
4,000 Ordinary Shares at nil pence (being the
SIP grant)
--------------------- -----------------------------------------------
d) Aggregated N/A
information
- Aggregated
volume
- Price
--------------------- -----------------------------------------------
e) Date of the 17 October 2021
transaction
18 October 2021
--------------------- -----------------------------------------------
f) Place of the London Stock Exchange, AIM
transaction
--------------------- -----------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
----------------------------------------------------------------------
a) Name Richard Cooper
--------------------- -----------------------------------------------
2 Reason for the notification
----------------------------------------------------------------------
a) Position/status Chief Financial Officer
--------------------- -----------------------------------------------
b) Initial notification Initial notification
/Amendment
--------------------- -----------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------
a) Name Eq uals plc
--------------------- -----------------------------------------------
b) LEI 213800CPI5S2GYB3RI27
--------------------- -----------------------------------------------
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 Options over Ordinary Shares of GBP0.01 each
of the financial Issue of Ordinary Shares of GBP0.01 each
instrument,
type of instrument
Identification ISIN: GB00BLS0XX25
code
--------------------- -----------------------------------------------
b) Nature of Grant of options
the transaction Issue or Ordinary Shares
--------------------- -----------------------------------------------
c) Price(s) and 500,000 options over Ordinary Shares at nil
volume(s) pence
4,000 Ordinary Shares at nil pence
--------------------- -----------------------------------------------
d) Aggregated N/A
information
- Aggregated
volume
- Price
--------------------- -----------------------------------------------
e) Date of the 17 October 2021
transaction
18 October 2021
--------------------- -----------------------------------------------
f) Place of the London Stock Exchange, AIM
transaction
--------------------- -----------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Andrew Phillips
--------------------- ---------------------------------------------
2 Reason for the notification
--------------------------------------------------------------------
a) Position/status Chief Technology Officer
--------------------- ---------------------------------------------
b) Initial notification Initial notification
/Amendment
--------------------- ---------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------
a) Name Eq uals plc
--------------------- ---------------------------------------------
b) LEI 213800CPI5S2GYB3RI27
--------------------- ---------------------------------------------
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 Options over Ordinary Shares of GBP0.01 each
of the financial Issue of Ordinary Shares of GBP0.01 each
instrument,
type of instrument
Identification ISIN: GB00BLS0XX25
code
--------------------- ---------------------------------------------
b) Nature of Grant of options
the transaction Issue or Ordinary Shares
--------------------- ---------------------------------------------
c) Price(s) and 250,000 options over Ordinary Shares at nil
volume(s) pence
4,000 Ordinary Shares at nil pence
--------------------- ---------------------------------------------
d) Aggregated N/A
information
- Aggregated
volume
- Price
--------------------- ---------------------------------------------
e) Date of the 17 October 2021
transaction
18 October 2021
--------------------- ---------------------------------------------
f) Place of the London Stock Exchange, AIM
transaction
--------------------- ---------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Matthijs Boon
--------------------- ---------------------------------------------
2 Reason for the notification
--------------------------------------------------------------------
a) Position/status Chief Operating Officer
--------------------- ---------------------------------------------
b) Initial notification Initial notification
/Amendment
--------------------- ---------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------
a) Name Eq uals plc
--------------------- ---------------------------------------------
b) LEI 213800CPI5S2GYB3RI27
--------------------- ---------------------------------------------
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 Options over Ordinary Shares of GBP0.01 each
of the financial Issue of Ordinary Shares of GBP0.01 each
instrument,
type of instrument
Identification ISIN: GB00BLS0XX25
code
--------------------- ---------------------------------------------
b) Nature of Grant of options
the transaction Issue or Ordinary Shares
--------------------- ---------------------------------------------
c) Price(s) and 250,000 options over Ordinary Shares at nil
volume(s) pence
4,000 Ordinary Shares at nil pence
--------------------- ---------------------------------------------
d) Aggregated N/A
information
- Aggregated
volume
- Price
--------------------- ---------------------------------------------
e) Date of the 17 October 2021
transaction
18 October 2021
--------------------- ---------------------------------------------
f) Place of the London Stock Exchange, AIM
transaction
--------------------- ---------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Simon England
--------------------- ---------------------------------------------
2 Reason for the notification
--------------------------------------------------------------------
a) Position/status MD Digital Payments
--------------------- ---------------------------------------------
b) Initial notification Initial notification
/Amendment
--------------------- ---------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------
a) Name Eq uals plc
--------------------- ---------------------------------------------
b) LEI 213800CPI5S2GYB3RI27
--------------------- ---------------------------------------------
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 Options over Ordinary Shares of GBP0.01 each
of the financial Issue of Ordinary Shares of GBP0.01 each
instrument,
type of instrument
Identification ISIN: GB00BLS0XX25
code
--------------------- ---------------------------------------------
b) Nature of Grant of options
the transaction Issue or Ordinary Shares
--------------------- ---------------------------------------------
c) Price(s) and 250,000 options over Ordinary Shares at nil
volume(s) pence
4,000 Ordinary Shares at nil pence
--------------------- ---------------------------------------------
d) Aggregated N/A
information
- Aggregated
volume
- Price
--------------------- ---------------------------------------------
e) Date of the 17 October 2021
transaction
18 October 2021
--------------------- ---------------------------------------------
f) Place of the London Stock Exchange, AIM
transaction
--------------------- ---------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name James Simcox
--------------------- ---------------------------------------------
2 Reason for the notification
--------------------------------------------------------------------
a) Position/status Chief Product Officer
--------------------- ---------------------------------------------
b) Initial notification Initial notification
/Amendment
--------------------- ---------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------
a) Name Eq uals plc
--------------------- ---------------------------------------------
b) LEI 213800CPI5S2GYB3RI27
--------------------- ---------------------------------------------
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 Options over Ordinary Shares of GBP0.01 each
of the financial Issue of Ordinary Shares of GBP0.01 each
instrument,
type of instrument
Identification ISIN: GB00BLS0XX25
code
--------------------- ---------------------------------------------
b) Nature of Grant of options
the transaction Issue or Ordinary Shares
--------------------- ---------------------------------------------
c) Price(s) and 250,000 options over Ordinary Shares at nil
volume(s) pence
4,000 Ordinary Shares at nil pence
--------------------- ---------------------------------------------
d) Aggregated N/A
information
- Aggregated
volume
- Price
--------------------- ---------------------------------------------
e) Date of the 17 October 2021
transaction
18 October 2021
--------------------- ---------------------------------------------
f) Place of the London Stock Exchange, AIM
transaction
--------------------- ---------------------------------------------
- Ends -
For more information, please contact:
Equals Group plc
Ian Strafford-Taylor, CEO Tel: +44 (0) 20 7778
Richard Cooper, CFO 9308
www.equalsplc.com
Canaccord Genuity (Nominated Advisor
/ Broker)
Bobbie Hilliam / Georgina McCooke Tel: +44 (0) 20 7523
Alex Aylen (Sales) 8150
Buchanan (Financial Communications)
Henry Harrison-Topham / Steph Whitmore Tel: +44 (0) 20 7466
/ Toto Berger 5000
equals@buchanan.uk.com www.buchanan.uk.com
Notes to Editors:
Equals Group is a technology-led international payments group
augmented by a highly personalised service for the payment needs of
SMEs whether these be FX, card payments or via Faster Payments.
Founded in 2007, the Group listed on AIM in 2014 and currently
employs around 250 staff across sites in London and Chester. For
more information, please visit www.equalsplc.com .
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