Netcall PLC Extension of Long Term Incentive Plan (9296F)
November 19 2020 - 10:55AM
UK Regulatory
TIDMNET
RNS Number : 9296F
Netcall PLC
19 November 2020
19 November 2020
NETCALL PLC
("Netcall", the "Company" or the "Group")
Extension of Long Term Incentive Plan for Senior Management
Netcall plc (AIM: NET), a leading customer engagement software
provider, announces that it has extended the term of its current
long term incentive plan ("LTIP") for certain directors of the
Company ("Directors").
As announced on 30 April 2014, the Company awarded an LTIP to
the Directors under the Company's 2013 Long Term Incentive Plan
("2013 LTIP"). Share options under the 2013 LTIP were granted at an
exercise price of 5 pence. The vesting of options under the 2013
LTIP are conditional on achievement of certain share price hurdles
based on the average share price over 40 business days up to a
maximum share price of GBP1.20. The options have a contractual term
of seven years and thus expire on 30 April 2021.
The following summarises the current position of the 2013 LTIP
options:
2013 LTIP 2013 LTIP 2013 LTIP
options options options
held vested unvested
Henrik Bang 6,600,000 1,894,461 4,705,439
=========== ========== ==========
Michael Jackson 672,220 - 672,220
=========== ========== ==========
James Ormondroyd 4,100,000 1,343,899 2,756,101
=========== ========== ==========
Total 11,372,220 3,238,360 7,461,540
=========== ========== ==========
The Directors' have no other share options other than the 2013
LTIP options as summarised above. Accordingly, given the April 2021
expiry date for the 2013 LTIP the remuneration committee have been
considering ongoing incentive arrangements for the Directors. Given
Michael Jackson's interest in the 2013 LTIP options, Mr Jackson has
recused himself from the remuneration committee's consideration on
incentive arrangements in relation to himself.
The remuneration committee believe that an extension of the
expiry date of the 2013 LTIP, rather than the introduction of a new
LTIP, is appropriate for the Company. The average share price
target for the unvested element of the 2013 LTIP is from GBP0.73 to
GBP1.20. Accordingly, the remuneration committee believe that this
provides sufficiently stretched targets to ensure that the
Directors continue to be incentivised to drive shareholder
returns.
The Company has agreed to extend the vesting measurement date by
two years to 30 April 2023 and the expiry date of the above 2013
LTIP options by a further three years to 29 April 2024. All other
provisions under the above 2013 LTIP options remain unchanged. The
Company has consulted with its three largest shareholders on this
matter.
For further enquiries, please contact:
Netcall plc Tel. +44 (0) 330 333
6100
Henrik Bang, CEO
Michael Jackson, Chairman
James Ormondroyd, Group Finance Director
Canaccord Genuity Limited (Nominated Tel. +44 (0) 20 7523
Adviser and Broker) 8000
Simon Bridges / Andrew Potts
Alma PR Tel. +44 (0) 20 3405
0205
Caroline Forde / Josh Royston / Helena
Bogle / Robyn Fisher
About Netcall
Netcall's Liberty software platform with Intelligent Automation
and Customer Engagement solutions helps organisations transform
their businesses faster and more efficiently, empowering them to
create a leaner, more customer-centric organisation.
Netcall's customers span enterprise, healthcare and government
sectors. These include two-thirds of the NHS Acute Health Trusts
and leading corporates including Legal and General, Lloyds Banking
Group, ITV and Nationwide Building Society.
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END
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