Grant of Options
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Nexteq (AIM: NXQ), a leading technology solutions provider to customers in selected industrial markets, announces today that, under the Nexteq plc 2022 Long Term Incentive Plan, the Board has granted options ("Options") over ordinary shares of 0.1 pence each in the capital of the Company ("Ordinary Shares") consisting of 597,791 Performance Share Awards and 68,896 Restricted Share Awards to persons discharging managerial responsibilities ("PDMRs") in the business.
Vesting of the Performance Share Awards is subject to performance conditions as follows:
- The vesting of 70 per cent. of such awards (the "EPS Part") would be dependent on the Company's adjusted earnings per share performance for the financial year ending 31 December 2026 ("EPS 2026").
2.
- No portion of the EPS Part can performance vest unless EPS 2026 is at least $0.209 for which one quarter of the EPS Part would performance vest rising on a straight line basis to full performance vesting of the EPS Part for EPS 2026 of $0.275 or more.
- The vesting of 30 per cent. of such awards (the "TSR Part") would be dependent on the Company's total shareholder return ("TSR") performance over a three-year period commencing on the grant of the awards.
4.
- No portion of the TSR Part can performance vest unless the Company's TSR performance equated to a compound annual growth rate ("CAGR") of 5% for which one quarter of the TSR Part would performance vest rising on a straight line basis to full performance vesting of the TSR Part for the Company's TSR performance equating to a CAGR of 15% or higher. Three month averaging periods prior to the start and end of the measurement period would be used in relation to the TSR calculations.
The Restricted Share Awards vest over a three-year period and there are no performance conditions attached. All Options are exercisable at the Company's nominal value of 0.1 pence per Ordinary Share.
Details of the options granted to PDMRs are as follows:
| Name | Title | Number of Performance Share Awards | Number of Restricted Share Awards | Total number of Options held following this Grant |
|---|---|---|---|---|
| Jon Jayal | Group CEO | 200,864 | - | 570,629 |
| Johan Olivier | Group CFO | 149,502 | - | 524,716 |
| Duncan Faithfull | EVP, Gaming Business Leader and CCO | 69,767 | 34,884 | 448,647 |
| Simon Jones | EVP, Densitron CEO | 68,023 | 34,012 | 452,288 |
| M andy Halsey | G roup HR Director | 109,635 | - | 210,306 |
Following the Grant, there are a total of 3,019,387 Options outstanding, representing approximately 4.5% of the current issued share capital of the Company.
Further detail is set out in the PDMR disclosure table below.
| Joint Broker: Canaccord Genuity Limited Simon Bridges / Andrew Potts | Tel: +44 (0) 20 7523 8000 | |||||
| a) | Name: | Jon Jayal | ||||
| 2. | Reason for the notification | |||||
| a) | Position/status: | Chief Executive Officer | ||||
| b) | Initial notification/Amendment: | Initial Notification | ||||
| a) | Name: | Nexteq plc | ||||
| b) | LEI: | 2138003VERSWQP561X71 | ||||
| a) | Description of the financial instrument, type of instrument: Identification code: | Options over Ordinary shares of 0.1p GB00B99PCP71 | ||||
| b) | Nature of the transaction: | Award of nominal value options over Ordinary Shares as part of the Nexteq plc Long Term Incentive Plan 2022. The potential vesting of the award after three years is subject to the achievement of performance conditions assessed at the end of a three-year period. There is no price payable on the grant or vesting of the option. On exercise, the option price of £0.001 per share is payable. | ||||
| c) | Price(s) and volume(s): |
| ||||
| d) | Aggregated information: · Aggregated volume: · Price: | See 4 (c) | ||||
| e) | Date of the transaction: | 30 April 2024 | ||||
| f) | Place of the transaction: | Off market transaction | ||||
| 1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name: | Johan Olivier | ||||
| 2. | Reason for the notification | |||||
| a) | Position/status: | Chief Financial Officer | ||||
| b) | Initial notification/Amendment: | Initial Notification | ||||
| a) | Name: | Nexteq plc | ||||
| b) | LEI: | 2138003VERSWQP561X71 | ||||
| a) | Description of the financial instrument, type of instrument: Identification code: | Options over Ordinary shares of 0.1p GB00B99PCP71 | ||||
| b) | Nature of the transaction: | Award of nominal value options over Ordinary Shares as part of the Nexteq plc Long Term Incentive Plan 2022. The potential vesting of the award after three years is subject to the achievement of performance conditions assessed at the end of a three-year period. There is no price payable on the grant or vesting of the option. On exercise, the option price of £0.001 per share is payable. | ||||
| c) | Price(s) and volume(s): |
| ||||
| d) | Aggregated information: · Aggregated volume: · Price: | See 4 (c) | ||||
| e) | Date of the transaction: | 30 April 2024 | ||||
| f) | Place of the transaction: | Off market transaction | ||||
| 1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name: | Duncan Faithfull | ||||
| 2. | Reason for the notification | |||||
| a) | Position/status: | EVP, Gaming Business Leader and CCO | ||||
| b) | Initial notification/Amendment: | Initial Notification | ||||
| a) | Name: | Nexteq plc | ||||
| b) | LEI: | 2138003VERSWQP561X71 | ||||
| a) | Description of the financial instrument, type of instrument: Identification code: | Options over Ordinary shares of 0.1p GB00B99PCP71 | ||||
| b) | Nature of the transaction: | 1) Performance share award: Award of nominal value options over Ordinary Shares as part of the Nexteq plc Long Term Incentive Plan 2022. The potential vesting of the award after three years is subject to the achievement of performance conditions assessed at the end of a three-year period. There is no price payable on the grant or vesting of the option. On exercise, the option price of £0.001 per share is payable. 2) Restricted shares award: Grant of nil cost restricted share award over Ordinary Shares under the Nexteq plc Long Term Incentive Plan 2022. The vesting of the award after three years is not subject to performance conditions. On exercise, the option price of £0.001 per share is payable. | ||||
| c) | Price(s) and volume(s): | Price(s) Volume(s) 1) Performance share award 0.1p 69,767 2) Restricted share award 0.1p 34,884 | ||||
| d) | Aggregated information: · Aggregated volume: · Price: | See 4 (c) | ||||
| e) | Date of the transaction: | 30 April 2024 | ||||
| f) | Place of the transaction: | Off market transaction | ||||
| 1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name: | Simon Jones | ||||
| 2. | Reason for the notification | |||||
| a) | Position/status: | EVP, Densitron CEO | ||||
| b) | Initial notification/Amendment: | Initial Notification | ||||
| a) | Name: | Nexteq plc | ||||
| b) | LEI: | 2138003VERSWQP561X71 | ||||
| a) | Description of the financial instrument, type of instrument: Identification code: | Options over Ordinary shares of 0.1p GB00B99PCP71 | ||||
| b) | Nature of the transaction: | 1) Performance share award: Award of nominal value options over Ordinary Shares as part of the Nexteq plc Long Term Incentive Plan 2022. The potential vesting of the award after three years is subject to the achievement of performance conditions assessed at the end of a three-year period. There is no price payable on the grant or vesting of the option. On exercise, the option price of £0.001 per share is payable. 2) Restricted share award: Grant of nil cost restricted share award over Ordinary Shares under the Nexteq plc Long Term Incentive Plan 2022. The vesting of the award after three years is not subject to performance conditions. On exercise, the option price of £0.001 per share is payable. | ||||
| c) | Price(s) and volume(s): | Price(s) Volume(s) 1) Performance share award 0.1p 68,023 2)Restricted share award 0.1p 34,012 | ||||
| d) | Aggregated information: · Aggregated volume: · Price: | See 4 (c) | ||||
| e) | Date of the transaction: | 30 April 2024 | ||||
| f) | Place of the transaction: | Off market transaction | ||||
| 1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name: | Mandy Halsey | ||||
| 2. | Reason for the notification | |||||
| a) | Position/status: | Group HR Director | ||||
| b) | Initial notification/Amendment: | Initial Notification | ||||
| a) | Name: | Nexteq plc | ||||
| b) | LEI: | 2138003VERSWQP561X71 | ||||
| a) | Description of the financial instrument, type of instrument: Identification code: | Options over Ordinary shares of 0.1p GB00B99PCP71 | ||||
| b) | Nature of the transaction: | 1) Award of nominal value options over Ordinary Shares as part of the Nexteq plc Long Term Incentive Plan 2022. The potential vesting of the award after three years is subject to the achievement of performance conditions assessed at the end of a three-year period. There is no price payable on the grant or vesting of the option. On exercise, the option price of £0.001 per share is payable. | ||||
| c) | Price(s) and volume(s): |
| ||||
| d) | Aggregated information: · Aggregated volume: · Price: | See 4 (c) | ||||
| e) | Date of the transaction: | 30 April 2024 | ||||
| f) | Place of the transaction: | Off market transaction |
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