TIDMKAPE
RNS Number : 9861F
Kape Technologies PLC
25 March 2022
25 March 2022
Kape Technologies plc
("Kape" or the "Company")
Issue of Share Awards
Kape (AIM: KAPE), the consumer security software business,
announces that, further to the announcement of 22 March 2022,
awards in respect of its ordinary shares of $0.0001 each ("Ordinary
Shares") have been granted under the Company's 2014 Global Equity
Plan ("Plan" and "Awards") to Ido Erlichman, Chief Executive
Officer, and Oded Baskind, Chief Financial Officer (together the
"Executives"):
PDMR Number of Ordinary Shares subject to
Award
Ido Erlichman 3,400,000
-------------------------------------
Oded Baskind 600,000
-------------------------------------
The Company's previous long term incentive award programme for
executive directors expired at the end of 2020. Since that time,
the Company has completed the major acquisitions of Webselenese and
ExpressVPN, substantially increasing the Company's scale. More
recently, Moran Laufer stepped down as CFO of the Company after
five years in that role and Oded Baskind has been appointed as CFO
in his place.
In light of the above, the Remuneration Committee has approved
the Awards to incentivise the Executives to deliver long-term value
creation for shareholders and ensure alignment with shareholder
interests.
The Awards vest equally over a four year period from grant,
subject to the achievement of certain performance metrics relating
to the four financial years of the Company commencing 1 January
2022 ("Performance Period"), as set out below:
SaaS Revenue Adjusted EPS G&A Target Total Vesting
Target Target
50% of Award 25% of Award 25% of Award
---------------- ------------- --------------------
The adjusted
G&A expenses
as a proportion
of the total
revenue of
the Company
is < 17.5%
70% of Company for each financial
FY 2022 revenues $0.392 year 25%
---------------- ------------- -------------------- --------------
75% of Company
FY 2023 revenues $0.446 25%
---------------- ------------- -------------------- --------------
80% of Company
FY 2024 revenues $0.473 25%
---------------- ------------- --------------
85% of Company
FY 2024 revenues $0.497 25%
---------------- ------------- -------------------- --------------
For the purposes of the above:
-- "SaaS Revenue" means revenues from customer contracts that
will renew automatically at the end of their term unless actively
terminated by the customer;
-- "Company revenues" means, in the context of SaaS Revenue as
defined below, total revenue from Digital Security and Digital
Privacy segments;
-- "Adjusted EPS" means the fully diluted adjusted Earnings Per
Share of the Company (as presented in the annual accounts related
to each financial year of the Performance Period); and
-- "G&A" means the general and administrative expenses after
adjusting for one-off and non-recurring expenses of the Company (as
presented in the annual accounts related to each financial year of
the Performance Period).
Should the SaaS Revenue, Adjusted EPS or G&A expenses fail
to meet these target levels in any of the financial years, the
proportion of the Award for that financial year will be lost and
will not be capable of vesting for the Executives.
The Awards will be granted in the form of Jointly Owned Equity
Awards ("JOE Awards"). The Company will transfer 4,000,000 Ordinary
Shares out of treasury to Intertrust Employee Benefit Trustee
Limited ("Trustee") as trustee of the Kape Technologies plc
Employee Benefit Trust ("EBT"), to be held jointly with the
Executives in order to satisfy the proposed JOE Awards. Under the
terms of the Awards, the Executives will benefit from the growth in
value of their respective Award from the date of grant along with
the right to acquire the Trustee's interest by way of a nil cost
option in the event that the Awards vest.
All dividend and voting rights comprised in the JOE Awards are
waived whilst jointly held by the relevant Executive and the
Trustee of the EBT.
Related party transaction
The grant of the Awards is a related party transaction under
Rule 13 of the AIM Rules for Companies. The Directors of the
Company, excluding Ido Erlichman and Oded Baskind , consider,
having consulted the Company's Nominated Adviser, Shore Capital
& Corporate Limited, that the terms of the related party
transaction are fair and reasonable insofar as the Company's
shareholders are concerned.
Enquiries:
Kape Technologies plc via Vigo Consulting
Ido Erlichman, Chief Executive Officer
Oded Baskind, Chief Financial Officer
Shore Capital (Nominated Adviser & Broker)
Toby Gibbs / Mark Percy / James Thomas / Michael +44 (0)20 7408
McGloin 4090
Stifel Nicolaus Europe Limited (Joint Broker)
Alex Price / Brad Topchik / Alain Dobkin / +44 (0) 20 7710
Richard Short 7600
Vigo Consulting (Financial Public Relations)
Jeremy Garcia / Antonia Pollock/ Kendall Hill +44 (0)20 7390
kape@vigoconsulting.com 0237
About Kape
Kape is a leading 'privacy-first' digital security software
provider to consumers. Through its range of privacy and security
products, Kape focusses on protecting consumers and their personal
data as they go about their daily digital lives.
Kape has over 6.5 million paying subscribers, supported by a
team of over 850 people across ten locations worldwide. Kape has a
proven track record of revenue and EBITDA growth, underpinned by a
strong business model which leverages our digital marketing
expertise.
Through its subscription-based platform, Kape has fast
established a highly scalable SaaS-based operating model, geared
towards capitalising on the vast global consumer digital privacy
market.
www.kape.com
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Notification of Transactions of Directors / Persons Discharging
Managerial Responsibility and Connected Persons
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Ido Erlichman
---------------------------- -------------------------------------
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 Kape Technologies plc
---------------------------- -------------------------------------
b) LEI 213800UWCIGKJD9U3T81
---------------------------- -------------------------------------
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 instrument, Ordinary shares of US$0.0001 par
type of instrument value in Kape Technologies plc
Identification code IM00BQ8NYV14
---------------------------- -------------------------------------
b) Nature of the transaction Issue of nil cost awards under the
Company's 2014 Global Equity Plan
---------------------------- -------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
nil cost 3,400,000
----------
---------------------------- -------------------------------------
d) Aggregated information
- Aggregated volume N/A (single transaction)
- Price
---------------------------- -------------------------------------
e) Date of the transaction 24/03/22
---------------------------- -------------------------------------
f) Place of the transaction London Stock Exchange, AIM Market
(XLON)
---------------------------- -------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Oded Baskind
---------------------------- -------------------------------------
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 Kape Technologies plc
---------------------------- -------------------------------------
b) LEI 213800UWCIGKJD9U3T81
---------------------------- -------------------------------------
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 instrument, Ordinary shares of US$0.0001 par
type of instrument value in Kape Technologies plc
Identification code IM00BQ8NYV14
---------------------------- -------------------------------------
b) Nature of the transaction Issue of nil cost awards under the
Company's 2014 Global Equity Plan
---------------------------- -------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
nil cost 600,000
----------
---------------------------- -------------------------------------
d) Aggregated information
- Aggregated volume N/A (single transaction)
- Price
---------------------------- -------------------------------------
e) Date of the transaction 24/03/22
---------------------------- -------------------------------------
f) Place of the transaction London Stock Exchange, AIM Market
(XLON)
---------------------------- -------------------------------------
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END
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