Intercede Group PLC Amendment to LTIP (9555P)
February 23 2021 - 1:00AM
UK Regulatory
TIDMIGP
RNS Number : 9555P
Intercede Group PLC
23 February 2021
23 February 2021
Intercede Group plc
("Intercede" or the "Company")
Amendment to LTIP
Following the successful early retirement of the Company's Loan
Notes announced on 4 and 16 February 2021, Intercede's Remuneration
Committee has determined the following amendments to the existing
Intercede Group plc Long Term Incentive Plan (the "LTIP"), as
previously announced on 22 October 2018:
Revised Performance Criteria
-- Tranche 1 has been achieved (previously subject to the
achievement of an average share price of 69p for a period of 30
consecutive trading days up to and ending 19 October 2021); and
-- Tranches 2 and 3 will now be triggered subject to the
achievement of an average share price of 69p and 119p respectively
for a period of 30 consecutive trading days up to and ending 19
October 2021 (previously 119p and 169p respectively).
Dependent on the Performance Criteria above being achieved, the
number of Options that will vest and become exercisable at an
exercise price of 27p ( being the closing mid-market price of an
Ordinary Share on 18 October 2018, when the LTIP was implemented)
from 19 October 2021 to 18 October 2028 is as follows:
Director Tranche 1 Tranche 2 Tranche 3
Klaas van der 500,000 Options 250,000 Options 250,000 Options
Leest
---------------- ---------------- ----------------
Andrew Walker 350,000 Options 150,000 Options 150,000 Options
---------------- ---------------- ----------------
Chuck Pol, Remuneration Committee Chairman, said:
"The LTIP was put in place following the appointment of Klaas
van der Leest on 10 April 2018 to incentivise the management team
to deliver a performance that would enable the Company to address
its Convertible Loan Notes totalling GBP5.0m when they matured on
29 December 2021.
The successful execution of a turnaround plan has enabled
Intercede to return to profit and to increase gross cash balances
from GBP2.3m as at 31 March 2018 to GBP8.1m as at 30 September 2020
during a time when trading conditions have not been favourable.
The Remuneration Committee considers the early retirement of the
Loan Notes to represent a significant achievement, particularly
given that 12 out of 13 loan note holders elected to convert their
Loan Notes into shares."
ENQUIRIES
Intercede Group plc Tel. +44 (0)1455 558111
Klaas van der Leest, Chief Executive
Andrew Walker, Finance Director
finnCap Tel. + 44 (0)20 7220 0500
Stuart Andrews / Simon Hicks, Corporate
Finance
Tim Redfern / Charlotte Sutcliffe,
ECM
About Intercede
Intercede is a cybersecurity company specialising in digital
identities, credential management and secure mobility.
Headquartered in the UK, with offices in the US, we believe in a
connected world in which people and technology are free to exchange
information securely, and complex insecure passwords become a thing
of the past.
Our vision is to make the highest levels of cybersecurity
available to all organisations, solving complexity issues by
simplifying the management of digital credentials, securely and at
scale.
We have been delivering trusted solutions to high profile
customers for over 20 years. Our team of experts has deployed
millions of identities to governments, most of the largest
aerospace and defence corporations, and major financial services
and healthcare organizations, as well as leading
telecommunications, cloud services and information technology
firms, providing industry-leading employee and customer credential
management systems.
For more information visit: www.intercede.com
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the company's obligations under Article 17 of MAR.
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END
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