Grant of Options
Nexteq plc has granted an aggregate of 675,675 performance share award options to persons discharging managerial responsibilities, including the Group CEO and CFO, under its 2022 Long Term Incentive Plan. These options are exercisable at a nominal value of 0.1 pence per ordinary share and vest based on specific earnings per share (EPS) and total shareholder return (TSR) performance conditions, requiring a compound annual growth rate of at least 10% for partial vesting and 20% for full vesting over defined periods. Following this grant, a total of 3,724,290 options are outstanding, representing approximately 5.6% of the company's issued share capital.
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Nexteq plc (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, in aggregate, 675,675 performance share award options ("Options" or "Performance Share Awards") over ordinary shares of 0.1 pence each in the capital of the Company ("Ordinary Shares") to persons discharging managerial responsibilities ("PDMR's") in the business (the "Grant").
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 2028.
- No portion of the EPS Part can performance vest unless the Company's EPS performance equated to a compound annual growth rate ("CAGR") of 10%, 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 the Company's EPS performance equating to a CAGR of 20% or higher.
- 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.
- No portion of the TSR Part can performance vest unless the Company's TSR performance equated to a CAGR of 10%, 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 20% 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.
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 | Total number of Options held following this Grant |
|---|---|---|---|
| Duncan Faihfull | Group CEO | 405,405 | 1,134,707 |
| Matt Staight | Group CFO | 270,270 | 586,402 |
Following the Grant, there are a total of 3,724,290 Options outstanding, representing approximately 5.6% of the current issued share capital of the Company.
Further detail is set out in the PDMR disclosure table below.
| Nominated Adviser and Broker: Cavendish Capital Markets Ltd Matt Goode / Edward Whiley / Andrea Callaghan (Corporate Finance) Harriet Ward (Corporate Broking) | Telephone: +44 (0)20 7220 0500 | |||||
| a) | Name: | Duncan Faithfull | ||||
| 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 Ordinary Share is payable. | ||||
| c) | Price(s) and volume(s): |
| ||||
| d) | Aggregated information: · Aggregated volume: · Price: | See 4 (c) | ||||
| e) | Date of the transaction: | 26 June 2026 | ||||
| f) | Place of the transaction: | Off market transaction | ||||
| 1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name: | Matt Staight | ||||
| 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 Ordinary Share is payable. | ||||
| c) | Price(s) and volume(s): |
| ||||
| d) | Aggregated information: · Aggregated volume: · Price: | See 4 (c) | ||||
| e) | Date of the transaction: | 26 June 2026 | ||||
| f) | Place of the transaction: | Off market transaction |
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