Arcontech (AIM: ARC), the provider of products and services for real-time financial market data processing and trading, announces that on 21 October 2022 it granted a total of 120,000 options (“Options”) over ordinary shares of £0.125 in the Company (“Ordinary Shares”) under the Company’s EMI and non EMI schemes to various employees.
Options were granted to the following persons disclosing managerial responsibility (“PDMRs”): Matthew Jeffs (Chief Executive), Ben Hodges (Finance Director) and Darren Lewis (Head of Development).
The Options have been granted at a price of 76.5p pence per Ordinary Share, being the closing mid-market price of an Ordinary Share on 20 October 2022. They will be exercisable from 30 June 2025.
For Matthew Jeffs and Darren Lewis, the Options will vest subject to the Company’s compound annual rate of growth in fully diluted earnings* for the three financial years ending 30 June 2025, subject to performance criteria as follows:
– compound annual earnings growth of 10% or more – fully vested (100%);
– compound annual earnings growth between 5%-10% – partial vesting between 0% and 100% on a sliding scale; and
– compound annual earnings growth of 5% and below – nil.
Dependent on the performance criteria above being achieved, the maximum number of Options that will vest and become exercisable is as follows:
Director/PDMR
Number of Options
Matthew Jeffs
50,000
Darren Lewis
20,000
Any Ordinary Shares arising from the vesting of performance based Options must be held for a period of two years.
Ben Hodges has been granted 5,000 Options that are not subject to performance criteria. The 50,000 Options granted to non-PDMR employees are also not subject to performance criteria.
Following this grant, there are a total of 666,500 options outstanding, representing approximately 5.0% of the current issued share capital of the Company.
Further detail is set out in the PDMR disclosure tables below.
* Fully diluted earnings will be based on: (a) the Company’s pre-tax profit excluding exceptional items and the share option charge and (b) the current UK corporation tax rate of 19%, such that the fully diluted earnings calculation takes no account of R&D and deferred tax credits. For the purposes of the fully diluted earnings calculation, the applied rate of corporation tax will remain constant at 19% irrespective of any current or future changes to corporation tax.
Enquiries:
Arcontech Group plc
020 7256 2300
Geoff Wicks, Chairman and Non-Executive Director
Matthew Jeffs, Chief Executive
finnCap Ltd (Nomad & Broker)
Carl Holmes/George Dollemore (corporate finance)Harriet Ward (ECM)
020 7220 0500
To access more information on the Group please visit: www.arcontech.com
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
Matthew Jeffs
2.
Reason for the Notification
a)
Position/status
Chief Executive
b)
Initial notification/Amendment
Initial notification
3.
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Arcontech Group Plc
b)
LEI
213800O7PM9V79TP7523
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, type of instrument
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
Darren Lewis
2.
Reason for the Notification
a)
Position/status
Head of Development
b)
Initial notification/Amendment
Initial notification
3.
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Arcontech Group Plc
b)
LEI
213800O7PM9V79TP7523
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, type of instrument
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
Ben Hodges
2.
Reason for the Notification
a)
Position/status
Finance Director
b)
Initial notification/Amendment
Initial notification
3.
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Arcontech Group Plc
b)
LEI
213800O7PM9V79TP7523
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, type of instrument