Grant of options, director dealing and PDMRs
31 December 2021
Learning Technologies Group plc
("LTG", the "Group")
(AIM: LTG)
Grant of options, director dealing and PDMRs
Pursuant to the adoption of a new long term incentive plan ("LTIP"), the Company confirms the grant of share options with an option price of £0.00375 per share (the "Awards") to the following executive directors and PDMRs:
Executive Directors:
Jonathan Satchell, Chief Executive: 6,000,000
Kath Kearney-Croft, Chief Financial Officer: 3,000,000
Piers Lea, Chief Strategy Officer: 3,000,000
PDMRs:
Claire Walsh, Head of Legal and Company Secretary: 1,500,000
Nick Bowyer, Chief Operating Officer: 2,000,000
The grant of the Awards is conditional on each recipient waiving and forfeiting all of their existing share options in the Company.
The Awards will vest: 50% on the fourth anniversary of the grant date and 50% on the fifth anniversary of the grant date; and in each case subject to the satisfaction of challenging performance conditions, which are summarised below. All awards are subject to a holding period which will end on the fifth anniversary of the grant date.
66.67% of the Award Shares will be subject to the following TSR performance conditions:
|
Equivalent CAGR of TSR of the Company over the Performance Period |
% of Award Shares subject to the TSR Performance Condition capable of Vesting (i.e. expressed as a percentage of 66.67% of the total number of Shares originally subject to the Award) |
|
Less than 10% p.a. |
0% |
|
10% p.a. |
0% |
|
Between 10% p.a. and 20% p.a. |
Straight-line Vesting between 0% and 50% |
|
20% p.a. |
50% |
|
Between 20% p.a. and 25% p.a. |
Straight-line Vesting between 50% and 100% |
|
25% p.a. or more |
100% |
33.3% of the Award Shares will be subject to the following EPS Performance Conditions:
|
Equivalent CAGR of EPS during the Performance Period |
% of Award Shares subject to the EPS Performance Condition capable of Vesting (i.e. expressed as a percentage of 33.33% of the total number of Shares originally subject to the Award) |
|
Less than 10% p.a. |
0% |
|
10% p.a. |
0% |
|
Between 10% p.a. and 20% p.a. |
Straight-line Vesting between 0% and 50% |
|
20% p.a. |
50% |
|
Between 20% p.a. and 25% p.a. |
Straight-line Vesting between 50% and 100% |
|
25% p.a. or more |
100% |
The Company's Remuneration Committee consulted with leading shareholders on the LTIP awards and performance conditions.
|
Enquiries:
|
|
|
Learning Technologies Group plc Jonathan Satchell, Chief Executive Kath Kearney-Croft, Chief Financial Officer
|
+44 (0)20 7402 1554 |
|
Numis Securities Limited (NOMAD and Corporate Broker) Stuart Skinner, Nick Westlake, Ben Stoop
|
+44 (0)20 7260 1000 |
|
Goldman Sachs International (Joint Corporate Broker) Bertie Whitehead, Adam Laikin
|
+44 (0)20 7774 1000 |
|
FTI Consulting (Public Relations Adviser) Rob Mindell, Jamie Ricketts, Jamille Smith |
+44 (0)20 3727 1000 |
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