Grant of options and PDMR dealings

RNS Number : 1601M

Checkit PLC

10 January 2023

 

10 January 2023

Checkit plc 

("Checkit" or the "Group")

Grant of options and PDMR dealings

Checkit plc (AIM:CKT) announces that, on 9 January 2023, it granted options over ordinary shares of 5 pence each ("Ordinary Shares") to certain PDMRs and employees to subscribe for, in aggregate, up to 2,310,653 Ordinary Shares under the Group's existing EMI, CSOP and US Options Schemes (the "Options").

1,205,653 Options granted under the EMI Options Scheme were granted to four individuals with 30 -month vesting periods. The vesting period has been reduced by six months for these individuals (two of whom are PDMRs) to reflect the fact that these awards were due to have been made to them significantly earlier. It was, however, not possible to make these awards earlier due to the Group not meeting the EMI balance sheet and total EMI options cap requirements at the time, which now no longer prevent Checkit from awarding the Options. 500,000 Options were granted under the EMI Options Scheme with 36 - month vesting periods to one PDMR.

Furthermore, 605,000 Options pursuant to the EMI, CSOP, and US Options Schemes were granted to 34 individuals with three-year vesting periods.

All Options granted under the EMI, and US Options Schemes are subject to an EBITDA performance condition. Options can only be exercised if the Group:

i.  is EBITDA breakeven or positive at the date of exercise; and

ii.  has been EBITDA breakeven or positive on average over the six months prior to the date of exercise.

The Options shall expire on the tenth anniversary of the date of grant.

Following the above awards, the total options outstanding are 7,730,653 (equivalent to 7.16% of Company's issued share capital).

PDMR Dealings

Included within the above, Options granted to certain PDMRs of the Group are as follows:

Name	Title	Options granted	Vesting  period	Total Options held
Kit Kyte	Chief Executive Officer	500,000	36 months	2,452,500*
Gregory Price	Chief Financial Officer	845,653	30 months	945,653
David Cottingham	Chief Product and Technology Officer	210,000	30 months	210,000

*Kit Kyte holds 2,000,000 unapproved EMI Options and 452,500 EMI Options.

The notification below, made in accordance with the requirements of the UK Market Abuse Regulation, provides further detail.

Enquiries:

Checkit plc		[phone]
www.checkit.net
John Wilson (Senior Independent Director, Chairman of Remuneration Committee)
Kit Kyte (Chief Executive Officer)
Greg Price (Chief Financial Officer)
Singer Capital Markets (Nominated Adviser & Broker)		[phone]
Shaun Dobson / Harry Gooden / George Tzimas (Investment Banking)

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name:	Gregory Price
2	Reason for the notification
a)	Position/Status:	Chief Financial Officer (PDMR)
b)	Initial Notification/Amendment:	Initial Notification
3	Details of the issuer, emission allowance market participation, auction platform, auctioneer or auction monitor
a)	Name:	Checkit Plc
b)	LEI:	213800556WJOWQNT2R68
4.	Details of 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: Identification code:	Options over Ordinary Shares of 5 pence each ISIN GB00B0C5RG72
b)	Nature of the transaction:	Grant of options over Ordinary Shares
c)	Price(s) and volume(s):	Price(s)	Exercisable at 23 pence per Ordinary Share
		Volume(s)	845,653
d)	Aggregated information -  Aggregated volume -  Price	N/A - single transaction
e)	Date of the Transaction:	9 January 2023
f)	Place of the Transaction:	Outside a trading venue

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name:	David Cottingham
2	Reason for the notification
a)	Position/Status:	Chief Product and Technology Officer (PDMR)
b)	Initial Notification/Amendment:	Initial Notification
3	Details of the issuer, emission allowance market participation, auction platform, auctioneer or auction monitor
a)	Name:	Checkit Plc
b)	LEI:	213800556WJOWQNT2R68
4.	Details of 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: Identification code:	Options over Ordinary Shares of 5 pence each ISIN GB00B0C5RG72
b)	Nature of the transaction:	Grant of options over Ordinary Shares
c)	Price(s) and volume(s):	Price(s)	Exercisable at 23 pence per Ordinary Share
		Volume(s)	210,000
d)	Aggregated information -  Aggregated volume -  Price	N/A - single transaction
e)	Date of the Transaction:	9 January 2023
f)	Place of the Transaction:	Outside a trading venue

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name:	Kit Kyte
2	Reason for the notification
a)	Position/Status:	Chief Executive Officer (PDMR)
b)	Initial Notification/Amendment:	Initial Notification
3	Details of the issuer, emission allowance market participation, auction platform, auctioneer or auction monitor
a)	Name:	Checkit Plc
b)	LEI:	213800556WJOWQNT2R68
4.	Details of 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: Identification code:	Options over Ordinary Shares of 5 pence each ISIN GB00B0C5RG72
b)	Nature of the transaction:	Grant of options over Ordinary Shares
c)	Price(s) and volume(s):	Price(s)	Exercisable at 23 pence per Ordinary Share
		Volume(s)	500,000
d)	Aggregated information -  Aggregated volume -  Price	N/A - single transaction
e)	Date of the Transaction:	9 January 2023
f)	Place of the Transaction:	Outside a trading venue

 

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