Establishment of Long-Term Incentive Plan
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Journeo plc (AIM: JNEO), a leading provider of intelligent transport solutions to operators and authorities across the UK and Scandinavia, announces the establishment of a new long-term incentive plan (the "LTIP") and the granting of awards pursuant to the LTIP.
The Board recognises the importance of equity incentive schemes as a means to incentivise the Company's executive board members, wider senior management team and employees, ensuring alignment with the objectives of the Group and its shareholders. Awards made under the LTIP are in the form of nominal cost share options subject to the achievement of certain performance criteria ("LTIP Awards"), or market value options subject to performance criteria pursuant to a company share option ("CSOP Options and Market Value Options").
LTIP Awards
The Company announces that it has granted LTIP Awards over 115,000 new Ordinary Shares pursuant to the LTIP as follows:
| Director/PDMR | Position | Exercise Price | LTIP Awards granted (over equivalent number of new Ordinary Shares) | Performance criteria |
|---|---|---|---|---|
| Russ Singleton | CEO | 6.5p per share | 70,000 | Company's share price to exceed an average of £6.00 over a 90-day period before 19 September 2027 |
| Nick Lowe | CFO | 6.5p per share | 45,000 | Company's share price to exceed an average of £6.00 over a 90-day period before 19 September 2027 |
The LTIP Awards have an exercise price of 6.5p per share, being the nominal value of Ordinary Shares and vest immediately upon the achievement of the performance criteria detailed above.
Awards - CSOP Options and Market Value Options
The Company also announces the grant of CSOP Options and Market Value Options over a maximum of 195,000 new Ordinary Shares to certain other employees. The CSOP Options and Market Value Options are exerciseable at a price of 301p per share from 1 January 2027, subject to the achievement of a profit before tax threshold for FY2024.
Following the grant of these awards, the Company has a total of 1,092,083 Ordinary Shares under option or subject to award, representing approximately 7 per cent. of its issued share capital.
Related party transaction
The grant of the LTIP Awards constitutes a related party transaction for the purposes of AIM Rule 13. The independent directors (excluding Russ Singleton and Nick Lowe) consider, having consulted with the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | Russ Singleton | |
| 2 | Reason for the notification | ||
| a) | Position/status | CEO | |
| b) | Initial notification/Amendment | Initial Notification | |
| a) | Name | Journeo plc | |
| b) | LEI | 213800TKF7L4IEV9W867 | |
| a) | Description of the financial instrument, type of instrument | LTIP Awards over new ordinary shares of 6.5 pence each | |
| Identification code | GB00BKP51V79 | ||
| b) | Nature of the transaction | Grant of LTIP Awards | |
| c) | Price(s) and volumes(s) | Price(s) | Volume(s) |
| Exercise price of 6.5p per share | 70,000 | ||
| d) | Aggregated information | ||
| Aggregated volume | N/A single transaction | ||
| Price | N/A single transaction | ||
| e) | Date of the transaction | 18 September 2024 | |
| f) | Place of the transaction | Outside a trading venue | |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | Nick Lowe | |
| 2 | Reason for the notification | ||
| a) | Position/status | CFO | |
| b) | Initial notification/Amendment | Initial Notification | |
| a) | Name | Journeo plc | |
| b) | LEI | 213800TKF7L4IEV9W867 | |
| a) | Description of the financial instrument, type of instrument | LTIP Awards over new ordinary shares of 6.5 pence each | |
| Identification code | GB00BKP51V79 | ||
| b) | Nature of the transaction | Grant of LTIP Awards | |
| c) | Price(s) and volumes(s) | Price(s) | Volume(s) |
| Exercise price of 6.5p per share | 45,000 | ||
| d) | Aggregated information | ||
| Aggregated volume | N/A single transaction | ||
| Price | N/A single transaction | ||
| e) | Date of the transaction | 18 September 2024 | |
| f) | Place of the transaction | Outside a trading venue |
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