TIDMACC
RNS Number : 8280N
Access Intelligence PLC
04 October 2021
Access Intelligence PLC
("Access Intelligence" or the "Company")
Establishment of Long-Term Value Creation Plan
Access Intelligence Plc, (AIM: ACC) the technology innovator
delivering Software-as-a-Service (SaaS) solutions for the global
marketing and communications industries, is pleased to announce
that further to disclosures in the Company's Admission Document
dated 15 June 2021 and following completion of the acquisition of
Isentia, it has finalised the establishment of a Long-Term Value
Creation Plan ("LTVCP").
The LTVCP is intended to assist with the retention and
motivation of key employees of the Company with the aim of
incentivising and rewarding exceptional levels of performance over
a four year period. The LTVCP will provide the potential for
rewards only if shareholders benefit from sustained growth in
shareholder value over a four-year period. Full details of the
LTVCP are set out in the Admission Document.
The details of the awards for the initial LTVCP participants are
set out below:
-- Under the LTVCP, the Board has granted certain eligible
employees a right ("Participation Right") to receive a proportion
of the shareholder value created above a hurdle ("Hurdle Rate").
The Hurdle Rate has been set at a 12.5 per cent. compound annual
growth rate.
-- For the purposes of the LTVCP, shareholder value created is
defined as the growth in the Company's market capitalisation
including net equity cashflows to shareholders and adjusting for
any share issues during the Performance Period (as defined
below).
-- Awards under the LTVCP comprise three equal tranches, with
measurement dates on the second, third and fourth anniversaries of
the performance start date (each a "Performance Period").
-- The shareholder value created at each measurement date will
be calculated with reference to the average market capitalisation
of the Company over the three months immediately preceding and
ending on each anniversary.
-- Where value is created above the Hurdle Rate, initial LTVCP
participants will share 10 per cent. of the shareholder value
created above the hurdle ("LTVCP Pool").
-- Should the aggregate nominal value of Shares to be issued or
then capable of being issued in respect of each Performance Period
exceed 7 per cent. of the nominal value of the ordinary share
capital in issue of the Company at that time, the LTVCP Pool will
be scaled back as required so that the 7 per cent. threshold is not
exceeded.
-- To the extent that performance does not exceed the hurdle
over each Performance Period, the relevant tranche will lapse in
full.
For the initial participants, the performance start date to
measure each Performance Period has been determined as the date of
the announcement of the Isentia acquisition, being 15 June 2021.
The base value for the purposes of the calculation of growth in
shareholder value has been set at c.GBP153.1 million (being
calculated by reference to the total number of Ordinary Shares with
voting rights following completion of the Isentia acquisition and
the placing price of 120p for the equity raise announced on 15 June
2021).
At the end of each Performance Period, the Participation Right
will convert into an award in the form of an option to acquire
Ordinary Shares at a price per Ordinary Share equal to the nominal
value of an Ordinary Share, being 5 pence per Ordinary Share
("Award"). The number of Ordinary Shares to be issued pursuant to
each Award will be calculated by reference to the Company's share
price at the relevant time.
Awards are subject to a Holding Period ending on the first
anniversary of the end of each Performance Period in respect of
which the relevant Award was granted, unless the Board determines
that another period shall be specified in relation to any
Award.
The Board has discretion to vary the outcome applying to a
Participation Right where it considers that the level at which it
would convert into an Award: does not reflect the Board's
assessment of overall performance during the Performance Period; is
not appropriate in the context of circumstances that were
unexpected or unforeseen at the grant date; or any other
appropriate reason.
Joanna Arnold and Mark Fautley have each been granted
Participation Rights under the LTVCP. Joanna Arnold's Participation
Percentage has been set at 22% and Mark Fautley's Participation
Percentage has been set at 11%. In aggregate, initial LTVCP
participants Participation Percentages equate to a total of 73% of
the available Participation Rights. The unallocated Participation
Rights have been set aside to provide the Company the flexibility
to award further Participation Rights to eligible employees during
the performance period. No further awards will be granted to Joanna
Arnold and Mark Fautley under the LTVCP prior to the end of the
four year performance under the initial award.
Other director share options
Christopher Satterthwaite has been awarded options over 39,603
Ordinary Shares and Chris Pilling and Sarah Vawda have each been
awarded options over 19,801 Ordinary Shares. The options will be
exercisable between 2 October 2024 and 2 October 2031 with an
exercise price of 5 pence each, equivalent to the nominal value of
the Ordinary Shares.
Katie Puris and Lisa Gilbert have each been awarded options over
19,801 Ordinary Shares. The options will be exercisable between 2
October 2024 and 15 March 2025 with an exercise price of 5 pence
each, equivalent to the nominal value of the Ordinary Shares.
Further details on the grant of options are included in the
notifications below.
For further information:
Access Intelligence plc
Joanna Arnold (CEO) / Mark Fautley (CFO) 020 3426 4024
finnCap Limited (Nominated Adviser and Broker)
Corporate Finance - Marc Milmo / Kate Bannatyne / Fergus
Sullivan 020 7220 0500
Corporate Broking - Alice Lane / Sunila de Silva
About Access Intelligence
Access Intelligence PLC is an AIM-listed martech leader, helping
marketers and communicators anticipate, react and adapt to what's
important to customers, stakeholders and their brand as they
navigate a constantly changing world of influence and reputation
online. Its technology is used by 6,000 global organisations every
day, from blue-chip enterprises and communications agencies to
public sector organisations and not-for-profits.
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Christopher Satterthwaite
-------------------------------------- -------------------------------
2. Reason for the notification
-----------------------------------------------------------------------
a) Position/status: Non-Executive Chairman
-------------------------------------- -------------------------------
b) Initial notification/Amendment: Initial notification
-------------------------------------- -------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------
a) Name: Access Intelligence plc
-------------------------------------- -------------------------------
b) LEI: 213800PPZ4ZM8OMHGT41
-------------------------------------- -------------------------------
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 Ordinary shares of 5 pence
instrument, type of instrument: each ("Ordinary Shares")
Identification code: GB00BGQVB052
-------------------------------------- -------------------------------
b) Nature of the transaction: Grant of Options
-------------------------------------- -------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
5p 39,603
----------
-------------------------------------- -------------------------------
d) Aggregated information:
* Aggregated volume: N/A
* Price:
-------------------------------------- -------------------------------
e) Date of the transaction: 2 October 2021
-------------------------------------- -------------------------------
f) Place of the transaction: Outside a trading venue
-------------------------------------- -------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Chris Pilling
-------------------------------------- -------------------------------
2. Reason for the notification
-----------------------------------------------------------------------
a) Position/status: Non-Executive Director
-------------------------------------- -------------------------------
b) Initial notification/Amendment: Initial notification
-------------------------------------- -------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------
a) Name: Access Intelligence plc
-------------------------------------- -------------------------------
b) LEI: 213800PPZ4ZM8OMHGT41
-------------------------------------- -------------------------------
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 Ordinary shares of 5 pence
instrument, type of instrument: each ("Ordinary Shares")
Identification code: GB00BGQVB052
-------------------------------------- -------------------------------
b) Nature of the transaction: Grant of Options
-------------------------------------- -------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
5p 19,801
----------
-------------------------------------- -------------------------------
d) Aggregated information:
* Aggregated volume: N/A
* Price:
-------------------------------------- -------------------------------
e) Date of the transaction: 2 October 2021
-------------------------------------- -------------------------------
f) Place of the transaction: Outside a trading venue
-------------------------------------- -------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Katie Puris
-------------------------------------- -------------------------------
2. Reason for the notification
-----------------------------------------------------------------------
a) Position/status: Non-Executive Director
-------------------------------------- -------------------------------
b) Initial notification/Amendment: Initial notification
-------------------------------------- -------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------
a) Name: Access Intelligence plc
-------------------------------------- -------------------------------
b) LEI: 213800PPZ4ZM8OMHGT41
-------------------------------------- -------------------------------
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 Ordinary shares of 5 pence
instrument, type of instrument: each ("Ordinary Shares")
Identification code: GB00BGQVB052
-------------------------------------- -------------------------------
b) Nature of the transaction: Grant of Options
-------------------------------------- -------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
5p 19,801
----------
-------------------------------------- -------------------------------
d) Aggregated information:
* Aggregated volume: N/A
* Price:
-------------------------------------- -------------------------------
e) Date of the transaction: 2 October 2021
-------------------------------------- -------------------------------
f) Place of the transaction: Outside a trading venue
-------------------------------------- -------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Sarah Vawda
-------------------------------------- -------------------------------
2. Reason for the notification
-----------------------------------------------------------------------
a) Position/status: Non-Executive Director
-------------------------------------- -------------------------------
b) Initial notification/Amendment: Initial notification
-------------------------------------- -------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------
a) Name: Access Intelligence plc
-------------------------------------- -------------------------------
b) LEI: 213800PPZ4ZM8OMHGT41
-------------------------------------- -------------------------------
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 Ordinary shares of 5 pence
instrument, type of instrument: each ("Ordinary Shares")
Identification code: GB00BGQVB052
-------------------------------------- -------------------------------
b) Nature of the transaction: Grant of Options
-------------------------------------- -------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
5p 19,801
----------
-------------------------------------- -------------------------------
d) Aggregated information:
* Aggregated volume: N/A
* Price:
-------------------------------------- -------------------------------
e) Date of the transaction: 2 October 2021
-------------------------------------- -------------------------------
f) Place of the transaction: Outside a trading venue
-------------------------------------- -------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Lisa Gilbert
-------------------------------------- -------------------------------
2. Reason for the notification
-----------------------------------------------------------------------
a) Position/status: Non-Executive Director
-------------------------------------- -------------------------------
b) Initial notification/Amendment: Initial notification
-------------------------------------- -------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------
a) Name: Access Intelligence plc
-------------------------------------- -------------------------------
b) LEI: 213800PPZ4ZM8OMHGT41
-------------------------------------- -------------------------------
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 Ordinary shares of 5 pence
instrument, type of instrument: each ("Ordinary Shares")
Identification code: GB00BGQVB052
-------------------------------------- -------------------------------
b) Nature of the transaction: Grant of Options
-------------------------------------- -------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
5p 19,801
----------
-------------------------------------- -------------------------------
d) Aggregated information:
* Aggregated volume: N/A
* Price:
-------------------------------------- -------------------------------
e) Date of the transaction: 2 October 2021
-------------------------------------- -------------------------------
f) Place of the transaction: Outside a trading venue
-------------------------------------- -------------------------------
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