Management Incentive Scheme

RNS Number : 7021W

Fulcrum Utility Services Ltd

02 August 2018

 

2 August 2018

FULCRUM UTILITY SERVICES LIMITED

("Fulcrum" or the "Company")

Management Incentive Scheme

As communicated in the Company's year end results, announced on 5 June 2018, the Company has a solid and profitable foundation for further growth. The Board believes that the ongoing appropriate incentivisation of the management team through share ownership is an important factor for the future success of the Company.

The Company announces that it has granted share options to certain persons discharging managerial responsibilities (PDMRs), employees and a director. This scheme intends to align the incentives of key management with the Company's long-term growth strategy through the issuance of growth share scheme shares ("GSS Shares") in Fulcrum Group Holdings Limited, a subsidiary of the Company.

The GSS Shares have been awarded as follows.

Name	Position	Total number of GSS Shares awarded
Hazel Griffiths	Director - Chief Financial Officer	376,923
Richard Jupp	PDMR - Chief Operating Officer - Dunamis	363,462
Alan McKeating	PDMR - Chief Operating Officer - Meters	484,615
Carly Gilchrist	PDMR - Assets Director	228,846
Craig Baugh	PDMR - Director of Sales & Marketing	228,846
All other qualifying staff		2,261,372
Total		3,944,064

Vesting conditions

There are two vesting points in the scheme and each of these have different vesting criteria:

·    Phase 1 - in order for 60% of the GSS Shares to vest, Fulcrum must achieve a share price that averages at least 100 pence over a period of 20 consecutive days and a holding period of two years following the grant must have completed.

·     Phase 2 - in order for the remaining 40% of the GSS Shares to vest, Fulcrum must achieve a share price that averages at least 130 pence over a period of 20 consecutive days and a holding period of three years following the grant must have completed.

The GSS Shares have a nominal value of £0.00001 pence per share and carry a put option allowing the participants to sell their shares to the Company at nominal value on achieving the share price performance hurdle and fulfilling the holding period criteria. The GSS Shares may also be converted into new ordinary shares in the Company, subject to achievement of the same performance criteria. 

 

Template for notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Hazel Griffiths
2	Reason for the notification
a)	Position/status	Director -  Chief Financial Officer
b)	Initial notification / amendment	Initial
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Fulcrum Utility Services Limited
b)	LEI	213800UOG45CW6KZY620
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	Growth share scheme shares in subsidiary of Fulcrum Utility Services Limited, which may be convertible into new ordinary shares in Fulcrum Utility Services Limited.    ISIN: KYG368851047
b)	Nature of the transaction	Grant of growth share scheme shares in subsidiary of Fulcrum Utility Services Limited, which may be convertible into new ordinary shares in Fulcrum Utility Services Limited.
c)	Price(s) and volume(s)	Price(s) Volume(s) £0.00001 376,923
d)	Aggregated information - Aggregated volume - Price	N/A
e)	Date of the transaction	1 August 2018
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Richard Jupp
2	Reason for the notification
a)	Position/status	PDMR - Chief Operating Officer, Dunamis
b)	Initial notification / amendment	Initial
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Fulcrum Utility Services Limited
b)	LEI	213800UOG45CW6KZY620
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	Growth share scheme shares in subsidiary of Fulcrum Utility Services Limited, which may be convertible into new ordinary shares in Fulcrum Utility Services Limited.     ISIN: KYG368851047
b)	Nature of the transaction	Grant of growth share scheme shares in subsidiary of Fulcrum Utility Services Limited, which may be convertible into new ordinary shares in Fulcrum Utility Services Limited.
c)	Price(s) and volume(s)	Price(s) Volume(s) £0.00001 363,462
d)	Aggregated information - Aggregated volume - Price	N/A
e)	Date of the transaction	1 August 2018
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Alan McKeating
2	Reason for the notification
a)	Position/status	PDMR - Chief Operating Officer - Meters
b)	Initial notification / amendment	Initial
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Fulcrum Utility Services Limited
b)	LEI	213800UOG45CW6KZY620
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	Growth share scheme shares in subsidiary of Fulcrum Utility Services Limited, which may be convertible into new ordinary shares in Fulcrum Utility Services Limited.     ISIN: KYG368851047
b)	Nature of the transaction	Grant of growth share scheme shares in subsidiary of Fulcrum Utility Services Limited, which may be convertible into new ordinary shares in Fulcrum Utility Services Limited.
c)	Price(s) and volume(s)	Price(s) Volume(s) £0.00001 484,615
d)	Aggregated information - Aggregated volume - Price	N/A
e)	Date of the transaction	1 August 2018
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Carly Gilchrist
2	Reason for the notification
a)	Position/status	PDMR - Assets Director
b)	Initial notification / amendment	Initial
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Fulcrum Utility Services Limited
b)	LEI	213800UOG45CW6KZY620
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	Growth share scheme shares in subsidiary of Fulcrum Utility Services Limited, which may be convertible into new ordinary shares in Fulcrum Utility Services Limited.     ISIN: KYG368851047
b)	Nature of the transaction	Grant of growth share scheme shares in subsidiary of Fulcrum Utility Services Limited, which may be convertible into new ordinary shares in Fulcrum Utility Services Limited.
c)	Price(s) and volume(s)	Price(s) Volume(s) £0.00001 228,846
d)	Aggregated information - Aggregated volume - Price	N/A
e)	Date of the transaction	1 August 2018
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Craig Baugh
2	Reason for the notification
a)	Position/status	PDMR - Director of Sales & Marketing
b)	Initial notification / amendment	Initial
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Fulcrum Utility Services Limited
b)	LEI	213800UOG45CW6KZY620
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	Growth share scheme shares in subsidiary of Fulcrum Utility Services Limited, which may be convertible into new ordinary shares in Fulcrum Utility Services Limited.     ISIN: KYG368851047
b)	Nature of the transaction	Grant of growth share scheme shares in subsidiary of Fulcrum Utility Services Limited, which may be convertible into new ordinary shares in Fulcrum Utility Services Limited.
c)	Price(s) and volume(s)	Price(s) Volume(s) £0.00001 228,846
d)	Aggregated information - Aggregated volume - Price	N/A
e)	Date of the transaction	1 August 2018
f)	Place of the transaction	Outside a trading venue

Enquiries:

Fulcrum Utility Services Limited Hazel Griffiths (Chief Financial Officer) Cenkos Securities plc (Nominated adviser and broker) Max Hartley (Nomad) / Nick Searle (Sales) Camarco (Financial PR advisers) Ginny Pulbrook / Tom Huddart

[phone] [phone] [phone]

Notes to Editors:

Fulcrum is a multi-utility infrastructure and services provider based in Sheffield, UK. The Company's primary business is the provision of utility infrastructure services to the residential, commercial and industrial markets throughout the mainland UK. These range from the design, installation or alteration of utility services for single site properties to large complex multi-site projects. Through its subsidiaries, Fulcrum Pipelines Limited and Fulcrum Electricity Assets Limited, Fulcrum is also licensed as an Independent Gas Transporter and Independent Distribution Network Operator, owning and operating gas and electrical assets that connect properties to the main UK gas and electricity networks. Fulcrum is also a meter asset manager, owning and operating meter assets across mainland UK.

In 2018, Fulcrum acquired the Dunamis Group, an electrical infrastructure services company, creating one of the UK's leading gas and electrical infrastructure services groups.

http://www.fulcrum.co.uk/

 

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