DX (Group) PLC Amendment to Performance Share Plan (6814J)
14 December 2022 - 9:45PM
UK Regulatory
TIDMDX.
RNS Number : 6814J
DX (Group) PLC
14 December 2022
AIM: DX.
DX (Group) plc
("DX" or "the Group" or "the Company")
Company Performance Share Plan
DX, the provider of delivery solutions, including parcel
freight, secure courier and logistics services, reports an
amendment ("Amendment") to the Performance Condition of the
Company's Performance Share Plan ("PSP"), which was established in
December 2017 for directors and certain senior management of the
Company ("Participants").
The Amendment introduces a further testing date of 21 December
2023, with the objective of retaining and fairly rewarding the 36
Participants, who are currently employed by the Group, in the PSP
for a further year. The current third and final testing date for
the PSP is on 21 December 2022 and the Amendment therefore extends
the Performance Condition and adds a further measurement date in
twelve months' time.
In light of the close proximity of the date of restoration of
the Company's ordinary shares to trading on 19 October 2022 and the
third testing date for the PSP under the plan on 21 December 2022,
the Amendment creates additional time for the continued strong
trading by the Group and its positive outlook to be recognised in a
fair market price.
The Amendment also provides the further benefit of enabling DX
to defer the implementation of a replacement Long Term Incentive
Plan for a year and will help to retain and motivate the senior
managers in the PSP.
A majority of shareholders of the Company's issued share
capital, were consulted with respect to the Amendment.
Related party transaction
Under the AIM Rules for Companies, the Amendment to the PSP in
relation to David Mulligan, Paul Ibbetson, Martin Illidge, Michael
Sherry, and Kevin Galligan is classified as a Related Party
Transaction. Accordingly, Mark Hammond, Mike Russell and Jon
Kempster as Independent Directors consider, having consulted with
finnCap, the Company's Nominated Adviser, that the terms of the
Amendment are fair and reasonable insofar as its shareholders are
concerned.
Enquiries:
DX (Group) plc T: 020 3178 6378
(c/o KTZ
Jon Kempster, Senior Independent Non-executive Communications)
Director
Mike Russell, Independent Non-executive
Director
finnCap (Nominated Adviser & Joint Broker T: 020 7220 0500
to DX)
Matt Goode/Simon Hicks (Corporate Finance)
Andrew Burdis/Charlotte Sutcliffe (ECM)
Liberum (Joint Broker to DX) T: 020 3100 2000
Nick How/William Hall
KTZ Communications T: 020 3178 6378
Katie Tzouliadis
Dan Mahoney
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END
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