TIDMOPM
RNS Number : 5472D
1PM PLC
29 October 2020
29 October 2020
1pm plc
("1pm", the "Group" or the "Company")
New Share Option Scheme
1pm plc (AIM: OPM), the AIM quoted independent specialist
provider of finance facilities to UK SMEs, announces the
establishment of an Unapproved Share Option Scheme (the "Scheme")
replacing the Long Term Incentive Plan (the "LTIP") approved by
shareholders on 7 June 2017, which expired on 6 June 2020. The
Group also announces awards of share options under the new Scheme
as set out below.
New share option scheme
The Company has established the Scheme as an unapproved (i.e.
non tax-advantaged) share option scheme under which up to 4,756,537
nil-cost options over ordinary shares of 10 pence each in the
capital of the Company ("Share Options") may be awarded in respect
of shares representing up to 5.0 per cent. of the current fully
diluted share capital of the Company.
The vesting of Share Options is subject to service-based and
market-based conditions, as follows:
-- 30 per cent. of Share Options awarded to each recipient vest
in three equal annual tranches on 1 October 2021, 1 October 2022
and 1 October 2023 subject to the recipients' continued employment
with the Group on those respective dates.
-- 70 per cent. of Share Options awarded to each recipient vest
at a quoted share price of 31 pence per share, which represents a
market capitalisation equal to the unaudited consolidated Tangible
Net Asset Value of the Group as at 31 August 2020.
Vested Share Options may be exercised from the date of vesting
up to expiry, being 36 months from the date of the award, provided
the recipient is an employee in the Group at the date the Share
Options are exercised.
The sale of shares issued pursuant to exercise is not permitted
for a period of 12 months, save for sales of shares to meet the
income tax and both the employee and employer National Insurance
liabilities arising on exercise, subject to orderly market and
closed period restrictions. The sale of shares in the ensuing
period of 12 months will be permitted subject to orderly market and
closed period restrictions.
Expiry of the LTIP
Under the LTIP, as announced on 5 July 2017, 7,900,000
conditional share options were awarded, representing 7.9 per cent.
of the current fully diluted share capital of the Company. The
conditions set out in the rules of the LTIP in order for the awards
to vest were not subsequently met and so the awards lapsed upon
expiry of the LTIP on 6 June 2020.
In addition, vested options over 143,852 shares, representing
0.1 per cent. of the current fully diluted share capital of the
Company, awarded under the Company's previous Employee Share Option
Plan (the "ESOP"), itself replaced by the LTIP, have not been
exercised within the required exercise period set out in the rules
of the ESOP and have accordingly also lapsed.
Awards
The awards under the new Scheme are as follows:
Position Number of
Share Options
------------------ ---------- ---------------
Ian Smith CEO 1,235,000
James Roberts CFO 1,235,000
Jennifer Bodey PDMR 310,000
Lorraine Neyland PDMR 310,000
Holly Mapstone PDMR 240,000
Alun Winter PDMR 240,000
Phil Chesham PDMR 240,000
Tansy Cunningham PDMR 240,000
David Jones PDMR 240,000
------------------ ---------- ---------------
Total 4,290,000
For further information,
please contact:
1pm plc
Ian Smith, Chief Executive
Officer 07768 394162
James Roberts, Chief Financial
Officer 01225 474230
Cenkos plc (NOMAD)
Max Hartley / Ben Jeynes
(Nomad)
Julian Morse (Sales) 0207 397 8900
Walbrook PR 0207 933 8780
Paul Vann 07768 807631
paul.vann@walbrookpr.com
About 1pm:
1pm's strategy is to focus on providing or arranging the finance
UK SMEs require to fund their businesses and arranging vehicle and
property-backed finance for consumers. The multi-product range for
SMEs includes asset, vehicle, loan and invoice finance facilities.
The Group operates a "hybrid" lending and broking model enabling it
to optimize business levels through market and economic cycles.
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name 1. Ian Smith
2. James Roberts
3. Jennifer Bodey
4. Lorraine Neyland
5. Holly Mapstone
6. Alun Winter
7. Phil Chesham
8. Tansy Cunningham
9. David Jones
---------------------------- -------------------------------------
2 Reason for the notification
-------------------------------------------------------------------
a) Position/status 1. Chief Executive Officer
2. Chief Financial Officer
3. PDMR
4. PDMR
5. PDMR
6. PDMR
7. PDMR
8. PDMR
9. PDMR
---------------------------- -------------------------------------
b) Initial notification Initial notification
/Amendment
---------------------------- -------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------
a) Name 1pm plc
---------------------------- -------------------------------------
b) LEI 213800VG3QJGBP2MKR86
---------------------------- -------------------------------------
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 Share Options over Ordinary Shares
financial instrument, of 10p each
type of instrument
Identification code
---------------------------- -------------------------------------
b) Nature of the transaction Grant of conditional share options
---------------------------- -------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
1. Nil pence 1. 1,235,000
2. Nil pence 2. 1,235,000
3. Nil pence 3. 310,000
4. Nil pence 4. 310,000
5. Nil pence 5. 240,000
6. Nil pence 6. 240,000
7. Nil pence 7. 240,000
8. Nil pence 8. 240,000
9. Nil pence 9. 240,000
--------------
---------------------------- -------------------------------------
d) Aggregated information
- Aggregated volume n/a - see table above
- Price
---------------------------- -------------------------------------
e) Date of the transaction 28 October 2020
---------------------------- -------------------------------------
f) Place of the transaction Outside of a trading venue
---------------------------- -------------------------------------
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