IDOX PLC Adoption of New LTIP and Grant of Options (4459Q)
October 18 2023 - 2:00AM
UK Regulatory
TIDMIDOX
RNS Number : 4459Q
IDOX PLC
18 October 2023
18 October 2023
Idox plc
('Idox' or the 'Group' or the 'Company')
Adoption of New LTIP and Grant of Options
ldox plc (AIM: IDOX), a leading supplier of specialist
information management software and solutions to the public and
asset-intensive sectors, announces that on 1 September 2023 it
adopted a new long-term incentive plan ("LTIP"), with share option
awards to be made to key members of Idox's management team
including certain of its persons discharging managerial
responsibilities ("PDMRs").
The new LTIP has been established following consultation with
certain major shareholders of the Group and external advisors.
Potential awards and performance criteria have been benchmarked
against share incentive schemes for other AIM quoted companies.
The Group's Remuneration Committee (the "Committee") granted
these awards on 17 October 2023, with an effective grant date of 1
November 2022 ("Grant Date"), to encourage long-term value creation
for the Company's shareholders, and so that the individuals
identified as key people to lead the business into the future are
appropriately incentivised in a manner that aligns with the
interests of the Group's stakeholders. The new LTIP will supersede
the existing LTIP established in 2019.
Pursuant to the LTIP, the Company granted nil-cost options over
the following ordinary shares:
- 1,711,213 ordinary shares to David Meaden
- 1,283,409 ordinary shares to Anoop Kang
- 1,344,524 ordinary shares to Jonathan Legdon
- 763,934 ordinary shares to Ruth Paterson
The share option awards under the LTIP will ordinarily vest
three years after the Grant Date (the "Performance Period") subject
to the grantee's continued service and achievement of the necessary
performance criteria, and are exercisable for seven years
thereafter.
The performance criteria that apply to the awards are set out
below. Once the first threshold has been exceeded, options will
vest on a straight-line basis between the target thresholds.
-- The vesting of up to 50 per cent of the award is subject to
the Company's absolute total shareholder return ("TSR") performance
over the Performance Period.
Annual TSR growth rate % of options vesting (of those
subject to the TSR criteria)
5.0% 8.3%
-------------------------------
10.0% 33.3%
-------------------------------
17.3% 100.0%
-------------------------------
-- The vesting of up to 25 per cent of the award is subject to
the achievement of adjusted diluted earnings per share ("EPS")
growth over the Performance Period. The EPS for the base year ended
31 October 2022 was 2.44p .
Annual EPS growth rate % of options vesting (of those
subject to the EPS criteria)
4.5% 8.3%
-------------------------------
8.05% 33.3%
-------------------------------
12.0% 100.0%
-------------------------------
-- The vesting of up to 25 per cent of the award is subject to
the Company's revenue performance over the Performance Period.
Revenue for the base year ended 31 October 2022 was GBP66.2m.
Annual revenue growth rate % of options vesting (of those
subject to the Revenue criteria)
6.6% 8.3%
----------------------------------
10.0% 33.3%
----------------------------------
15.0% 100.0%
----------------------------------
The Committee will review the performance conditions at periodic
intervals to ensure they remain appropriate. As a result of any
such review, the Committee will retain discretion to amend the
conditions where appropriate having regard to overall Company
performance and wider stakeholder experience.
The notification below, made in accordance with the requirements
of the EU Market Abuse Regulation, provides further detail.
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 1. David Meaden
2. Anoop Kang
3. Jonathan Legdon
4. Ruth Paterson
2 Reason for the notification
a) Position/status 1. CEO
2. CFO
3. COO
4. CLCO
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
a) Name Idox plc
b) LEI 213800Z3FE6PWVSUGE70
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 Ordinary shares of 1 pence each ("Ordinary Shares")
Identification code GB0002998192
b) Nature of the transaction Conditional Grant of Nil Cost Share Options
c) Price(s) and volume(s) Price (s) Volume(s)
1. Nil 1,711,213
---------- ----------
2. Nil 1,283,409
---------- ----------
3. Nil 1,344,524
---------- ----------
4. nil 763,934
---------- ----------
d) Aggregated information
- Aggregated volume
- Price n/a
e) Date of the transaction 17 October 2023
f) Place of the transaction Outside a trading venue
-Ends-
Enquiries:
Idox plc +44 (0) 870 333 7101
Chris Stone, Non-Executive Chairman
David Meaden, Chief Executive
Anoop Kang, Chief Financial
Officer
Peel Hunt LLP (NOMAD and Broker) +44 (0) 20 7418 8900
Paul Gillam
Michael Burke
James Smith
MHP Group +44 (0) 203 128 8276
Reg Hoare idox@mhpgroup.com
Ollie Hoare
Matthew Taylor
About Idox plc For more information see www.idoxplc.com
@Idoxgroup
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