K3 LTIP Option Scheme

RNS Number : 0101M
K3 Business Technology Group PLC
18 May 2022
 

 

18 May 2022

AIM: KBT

 

K3 Business Technology Group plc

 

("K3", "Company" or "Group")

 

K3 LTIP Option Scheme

 

K3, which provides business critical software solutions focused on fashion and apparel brands, announces that its Remuneration Committee ("RemCo") has today granted 587,500 new options to certain Persons Discharging Managerial Responsibilities ("PDMRs") ("Share Options"). These grants have been made under the terms of the K3 Long Term Incentive Plan 2020 adopted on 12 November 2020 (the "LTIP") and together amount to approximately 1.31% of the Company's current non-diluted issued share capital. 

 

The Share Options awarded to each PDMR are split between Market Price Options and LTIP Nominal Price Options (further details of which are set out below) as follows:

 

 

Name

Position

Number of

Market Price Options awarded

Number of

LTIP Nominal Price Options awarded

Marco Vergani

Chief Executive Officer

135,000

n/a

Robert Price

Chief Financial Officer

85,000

n/a

Sjoerd Starren

MD, Global Accounts

70,000

n/a

Andrew Payne

Chief Technology Officer

70,000

n/a

Julia Mueller

Chief Customer Officer

70,000

n/a

Peter Bradley

Chief Delivery Officer

70,000

87,500

Totals


500,000

87,500

 

The LTIP Nominal Price Options are issued on substantially the same terms and at the same exercise price (25p per share, being nominal value) as those issued to other PDMRs of the Company on 12 November 2020 and 30 March 2021 and have been issued to align new starters with the existing senior leadership team as regards their option arrangements.

 

The Market Price Options have an exercise price of 150p. Vesting of the Market Price Options is based on the achievement of certain prescribed levels of annual recurring revenue growth in respect of the Group's strategic product suites (K3|imagine, K3|fashion, K3|pebblestone and K3|ViJi) ("Strategic Products") measured as at 30 November 2024.

 

In addition, and to ensure consistency between the Group's strategic aims and its incentives, the Remuneration Committee has amended the performance condition for the 240,000 existing market price options issued by the Company to broaden the performance metric to cover all of the Group's Strategic Products, and to adjust the testing date to 30 November 2023, from 30 November 2024 (to align with the Group's current remuneration policy for market priced options, having a three year test period).  Amended options held by PDMRs of the Company are as follows:

 

Name

Position

Number of

Existing Market Price Options

Robert Price

Chief Financial Officer

40,000

Sjoerd Starren

MD, Global Accounts

40,000

Andrew Payne

Chief Technology Officer

40,000

Julia Mueller

Chief Customer Officer

40,000

 

 

Further details in respect of the above are provided below, in accordance with the EU Market Abuse Regulation (No 596/2014).

For further information contact:

K3 Business Technology Group plc

+44 (0) 161 876 4498

Marco Vergani, CEO


Rob Price, CFO




finnCap Ltd

+44 (0) 207 220 0500

Nominated Adviser and Broker



Julian Blunt/James Thompson (Corporate finance)



Richard Chambers (Corporate Broking)






KTZ Communications

+44 (0) 20 3178 6378


Katie Tzouliadis/Dan Mahoney




 

1.

Details of Persons Discharging Managerial Responsibilities "PDMR" / person closely associated with them ('PCA')

a)

Name

Marco Vergani

2.

Reason for notification

b)

Position / status

Chief Executive Officer

c)

Initial notification / amendment

Initial Notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

b)

Name

K3 Business Technology Group plc

c)

LEI

213800QOJ9OF2AV81748

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

 Identification code 

Options over ordinary shares of 25p each exercisable at 150p per share

 GB00B00P6061

b)

Nature of the transaction

Award of Options under the K3 LTIP

c)

Price(s) and volume(s)

 135,000 Options awarded

d)

Aggregated information

Aggregated volume Price

n/a

e)

Date of the transaction

18 May 2022

f)

Place of the transaction

Outside a trading venue

 

 

1.

Details of Persons Discharging Managerial Responsibilities "PDMR" / person closely associated with them ('PCA')

a)

Name

Robert Price

2.

Reason for notification

b)

Position / status

Chief Financial Officer

c)

Initial notification / amendment

Initial Notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

b)

Name

K3 Business Technology Group plc

c)

LEI

213800QOJ9OF2AV81748

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

 Identification code 

Options over ordinary shares of 25p each exercisable at 150p per share

 GB00B00P6061

b)

Nature of the transaction

Award of Options under the K3 LTIP and adjustment of existing option performance condition

c)

Price(s) and volume(s)

 85,000 Options awarded

Performance condition adjustment in respect of 40,000 existing options

d)

Aggregated information

Aggregated volume Price

n/a

e)

Date of the transaction

18 May 2022

f)

Place of the transaction

Outside a trading venue

 

 

1.

Details of Persons Discharging Managerial Responsibilities "PDMR" / person closely associated with them ('PCA')

a)

Name

Sjoerd Starren

2.

Reason for notification

b)

Position / status

MD - Global Accounts

c)

Initial notification / amendment

Initial Notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

b)

Name

K3 Business Technology Group plc

c)

LEI

213800QOJ9OF2AV81748

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

 Identification code

Options over ordinary shares of 25p each exercisable at 150p per share

 GB00B00P6061

b)

Nature of the transaction

Award of Options under the K3 LTIP and adjustment of existing option performance condition

c)

Price(s) and volume(s)

70,000 Options awarded

Performance condition adjustment in respect of 40,000 existing options

d)

Aggregated information

Aggregated volume Price

n/a

e)

Date of the transaction

18 May 2022

f)

Place of the transaction

Outside a trading venue

 

 

1.

Details of Persons Discharging Managerial Responsibilities "PDMR" / person closely associated with them ('PCA')

a)

Name

Andrew Payne

2.

Reason for notification

b)

Position / status

Chief Technology Officer

c)

Initial notification / amendment

Initial Notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

b)

Name

K3 Business Technology Group plc

c)

LEI

213800QOJ9OF2AV81748

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

 Identification code 

Options over ordinary shares of 25p each exercisable at 150p per share

 GB00B00P6061

b)

Nature of the transaction

Award of Options under the K3 LTIP and adjustment of existing option performance condition

c)

Price(s) and volume(s)

 70,000 Options awarded

Performance condition adjustment in respect of 40,000 existing options

d)

Aggregated information

Aggregated volume Price

n/a

e)

Date of the transaction

18 May 2022

f)

Place of the transaction

Outside a trading venue

 

 

1.

Details of Persons Discharging Managerial Responsibilities "PDMR" / person closely associated with them ('PCA')

a)

Name

Julia Mueller

2.

Reason for notification

b)

Position / status

Chief Customer Officer

c)

Initial notification / amendment

Initial Notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

b)

Name

K3 Business Technology Group plc

c)

LEI

213800QOJ9OF2AV81748

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

 Identification code 

Options over ordinary shares of 25p each exercisable at 150p per share

 GB00B00P6061

b)

Nature of the transaction

Award of Options under the K3 LTIP and adjustment of existing option performance condition

c)

Price(s) and volume(s)

 70,000 Options awarded

Performance condition adjustment in respect of 40,000 existing options

d)

Aggregated information

Aggregated volume Price

n/a

e)

Date of the transaction

18 May 2022

f)

Place of the transaction

Outside a trading venue

 


1.

Details of Persons Discharging Managerial Responsibilities "PDMR" / person closely associated with them ('PCA')

a)

Name

Peter Bradley

2.

Reason for notification

b)

Position / status

Chief Delivery Officer

c)

Initial notification / amendment

Initial Notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

b)

Name

K3 Business Technology Group plc

c)

LEI

213800QOJ9OF2AV81748

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

 Identification code 

Options over ordinary shares of 25p each exercisable at 150p per share and at nominal cost

 GB00B00P6061

b)

Nature of the transaction

Award of Options under the K3 LTIP

c)

Price(s) and volume(s)

70,000 market price share options

87,500 nominal cost share options

d)

Aggregated information

Aggregated volume Price

Options over 157,500 ordinary shares

e)

Date of the transaction

18 May 2022

f)

Place of the transaction

Outside a trading venue

 

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