Directorate Change

RNS Number : 1515R

System1 Group PLC

26 June 2020

 

System1 Group PLC (AIM: SYS1)

("System1", or "the Company", or "the Group")

26 June 2020

Appointment of new executive director

System1 Group plc (AIM: SYS1) today announces that it has appointed Stefan Barden to the board of directors of the Company as an executive director with immediate effect. From November 2018, Stefan has been an adviser to the board of directors on strategy and technology, and has recently taken on the executive role of chief operating officer to assist the Company through its next phase of development.  He will return to the advisory role when this is complete, expected to be in around a year.

Stefan has over 20 years of General Manager, Managing Director and CEO experience after graduating from McKinsey Management Consultancy and Unilever's fast track managment development programme.  These include CEO of Northern Foods, CEO Heinz UK and Ireland, as well more latterly CEO of  the internet business Wiggle which he took from £140m to £360m in sales in 3 years. Semi-retired, he also supports several CEOs, often founders, in developing high growth businesses. System1 is one of these companies.

Details in respect of Stefan Barden, as required pursuant to Rule 17 and Schedule 2(g) of the AIM Rules for Companies, are as set out below.

Additional Information

Stefan Barden, age 57, is currently or has been a director of the following companies within the past five years:

Current Directorships	Previous directorships
Victus Advisory Limited	Two11 Limited
	Mapil Midco 1 Ltd
	Mapil Midco 2 Ltd
	Mapil TopCo Ltd
	Wiggle Ltd
	Mapil Bidco Limited
	Ensco 503 Ltd
	Decade Europe Ltd
	Hotlines Europe Ltd
	Chain Reaction Cycles Ltd
	Chain Reaction Cycles Retail Ltd

Stefan Barden owns 716,062 ordinary shares in System1, representing 5.7% of the Company's voting share capital. In addition, on 18 April 2019 he received an  equity award, comprising 300,000 zero cost stock options, which were approved at the Company's 2019 annual general meeting. They comprise three tranches of 100,000 options each, with the following performance conditions:

100,000 zero-priced stock options

· Vest: when audited Gross Profit in any financial year exceeds £45m, subject to the Company's share price exceeding £5.00 per share for a 30 day consecutive period prior to the lapse date;

· Lapse: on 30 July 2024.

100,000 zero-priced stock options

· Vest: when audited Gross Profit in any financial year exceeds £68m, subject to the Company's share price exceeding £7.50 per share for a 30 day consecutive period prior to the lapse date;

· Lapse: on 30 July 2029.

100,000 zero-priced stock options

· Vest: when audited Gross Profit in any financial year exceeds £90m subject to share price exceeding £10.00 per share for a 30 day consecutive period prior to the lapse date;

· Lapses: on 30 July 2032.

There are no further disclosures required in accordance with AIM Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies.

For further information, please contact:

System1 Group PLC	Tel: [phone]
John Kearon, Chief Executive Officer
Chris Willford, Chief Financial Officer
Canaccord Genuity Limited	Tel: [phone]
S imon Bridges / Andrew Potts

The Company can be found at  www.system1group.com .

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

END

 

 

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