Replacement Implementation of LTIP & initial grant

RNS Number : 2748T

SysGroup PLC

02 July 2018

 

Correction: Implementation of Long Term Incentive Plan and initial grant

The following amendment has been made to the ' Implementation of Long Term Incentive Plan and initial grant' announcement released on 29 June 2018 at 7am under RNS No 9672S.

Amendment: Subject to achievement of the performance conditions measured over three years and set out below, up to 50 per cent. of the Award will vest following the announcement of the Company's results for the financial year ending 31 March 2021 (the "Period") with the balancing 50 per cent. vesting following the announcement of the Company's results for the financial year ending 31 March 2022.

All other details remain unchanged. The full amended text is shown below.

SysGroup plc

("SysGroup" or the "Group")

Implementation of Long Term Incentive Plan and initial grant

SysGroup plc (AIM: SYS), the Managed IT Services and Cloud Hosting provider, announces the implementation of a new Long Term Incentive Plan ("LTIP"), together with an initial grant under the LTIP to Adam Binks, Chief Executive Officer.

The LTIP has been established to incentivise management to deliver long-term value creation for shareholders and ensure alignment with shareholder interests. The remuneration committee has granted Adam Binks 750,000 performance shares with an exercise price of £0.01 (the "Award").

Subject to achievement of the performance conditions measured over three years and set out below, up to 50 per cent. of the Award will vest following the announcement of the Company's results for the financial year ending 31 March 2021 (the "Period") with the balancing 50 per cent. vesting following the announcement of the Company's results for the financial year ending 31 March 2022.

The principal performance condition to which the award is subject is Total Shareholder Return ("TSR"). 25 per cent. of the Award will vest if the Company achieves 10 per cent. compound annual TSR during the Period with full vesting at 25 per cent. compound annual growth with straight line vesting for performance between 10 and 25 per cent. 

The Award is also subject to an adjusted earnings per share underpin whereby the award will normally lapse unless adjusted EPS growth over the Period is at least 10 per cent. CAGR from an initial Adjusted EPS of 4.18p (the "EPS threshold").

The Award represents 3.25% of the current issued share capital of the Company.

The Award is also subject to continued employment, malus and clawback provisions and will vest in full on a takeover of the Company.

For further information please contact: SysGroup plc Adam Binks, CEO	Tel: [phone]
Shore Capital (Nomad and Broker) Edward Mansfield / Anita Ghanekar	Tel: [phone]
Alma PR (Financial PR) Josh Royston / Helena Bogle	Tel: [phone]

About SysGroup

SysGroup is a leading provider of Managed IT Services, Cloud Hosting, and expert IT Consultancy. The Group delivers solutions that enable clients to understand and benefit from industry leading technologies and advanced hosting capabilities. SysGroup focuses on a customer's strategic and operational requirements - enabling clients to free up resources, grow their core business and avoid the distractions and complexity of delivering IT services.

The Group has offices in Liverpool, Coventry, London and Telford.

For more information, visit www.sysgroupplc.com.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.

1)	Details of the person discharging managerial responsibility
a)	Name	Mr Adam Binks
2	Reason for the notification
a)	Position/status	Chief Executive Officer
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	SysGroup plc
b)	LEI	213800D18GPZZJR9SH55
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, type of instrument Identification code	Ordinary shares of 1p each in SysGroup plc GB00BYT18182
b)	Nature of the transaction	Sale and Purchase of Ordinary Shares
c)	Price(s) and volume(s)	Price(s) Volume(s) 1p 750,000
d)	Aggregated information - Aggregated volume - Price	As above
e)	Date of the transaction	29 June 2018
f)	Place of the transaction	N/A

 

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