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	[phone]
Marco Vergani, CEO
Rob Price, CFO
finnCap Ltd	[phone]
Nominated Adviser and Broker
Julian Blunt/James Thompson (Corporate finance)
Richard Chambers (Corporate Broking)
KTZ Communications	[phone]
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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