07 FEBRUARY 2024
Getech Group
plc
("Getech"
or the "Company")
Board Changes and Grant of
Share Options
Getech (AIM: GTC), a world-leading locator of subsurface resources, makes
the following announcement concerning changes to Board membership
and a Grant of Options.
Board Changes
Getech is pleased to confirm the
following previously announced changes to the Board:
·
Michael Covington, currently Acting Chairman,
shall become the Chairman with immediate effect.
·
Richard Bennett, currently Acting CEO, shall
become the CEO with immediate effect.
Additionally, Dr Stuart Paton has
notified the Company that he will not be standing for re-election
at the next AGM and, after 12 years of service, shall retire from
the Board on 31 March 2024. Getech has
commenced a recruitment process to appoint a new independent
non-executive director and shall update the market in due
course.
The newly confirmed appointments
reaffirm Getech's commitment to focus on the development of the
company's Globe geoscience
platform and to utilise artificial intelligence and machine
learning technologies to help exploration for the
subsurface resources that are vital to the energy
transition including geothermal, natural hydrogen and critical
minerals such as copper and lithium.
Grant of Options
On 6 February 2024, Getech has
granted share options in respect of a total of 6,450,000 ordinary shares in the Company to the executive team and senior leadership team under the
approved share option scheme (the "Options").
The Options include the following
awards to directors and PDMRs:
Name
|
Position
|
Number of Options
|
Richard Bennett
|
CEO
|
1,700,000
|
Andrew Darbyshire
|
CFO
|
900,000
|
Chris Jepps
|
COO
|
900,000
|
The Options all have the following
terms:
·
The Option exercise price 8.0p (the volume
weighted average closing price of the Company's ordinary shares
since 22 January 2024, the date of the most recent RNS
release)
·
The Option term is 5 years, with 50% vesting after
2 years and 50% vesting after 3 years
·
The vesting of the Options is subject to achieving
a one-month volume weighted average closing price in excess of 24p
during the term of the option.
Alongside the grant of the Options,
all previously awarded employee share options outstanding have been
cancelled, with the exception of 198,440 options that remain
outstanding from those granted on 15 March 2023.
The Company's renumeration report
will be subject to a shareholder vote at the next AGM, in
accordance with the principles of the QCA Corporate Governance Code
for Small and Mid-size Companies.
Michael Covington, Chairman "Firstly, I would like to express
the sincere thanks of the Board and employees to Dr
Stuart Paton for his long-term and passionate commitment to the
development of the business and wish him every
success.
I am very pleased to become Chairman
at this exciting time of considerable
change and opportunity for Getech. The
energy transition is already creating new markets for Getech and
requirements for highly sustainable exploration in our traditional
energy markets.
I believe the
Getech team is
strongly aligned with shareholder interests and motivated to drive
growth and value creation."
For
further information, please contact:
Getech Group plc
Richard Bennett, CEO
|
Tel: 0113 322 2200
|
|
|
Cavendish Capital Markets Limited
Neil McDonald / Pete Lynch
(Corporate Finance)
Michael Johnson / Dale Bellis
(Sales)
|
Tel: 0207 397 8900
|
|
|
Novella Communications
|
Tel: 0203 151 7008
|
Tim Robertson / Claire de Groot /
Safia Colebrook
|
|
getech@novella-comms.com
|
|
|
|
Notes to editors:
Getech Group plc (AIM: GTC) applies its world-leading geoscience data and unique
geospatial software products to accelerate the energy transition by
locating, developing and operating geoenergy and green hydrogen
projects.
For further information, please
visit www.getech.com.
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
a)
|
Name
|
Richard Bennett
|
2
|
Reason for the notification
|
a)
|
Position/status
|
CEO
|
b)
|
Initial
notification/Amendment
|
Initial notification
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
a)
|
Name
|
Getech Group plc
|
b)
|
LEI
|
213800L36BCDMGT89738
|
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
|
Options over Ordinary Shares of 0.25p
each
GB00B0HZVP95
|
b)
|
Nature of the transaction
|
Grant of Options under
the Approved
Share Option Scheme
|
c)
|
Price(s) and volume(s)
|
|
Price(s)
|
Volume(s)
|
1.
|
8p
|
1,700,000
|
|
|
|
|
|
d)
|
Aggregated information
-
|
Aggregated volume
|
-
|
Price
|
|
|
e)
|
Date of the transaction
|
6 February 2024
|
f)
|
Place of the transaction
|
Outside a trading venue
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
a)
|
Name
|
Andrew Darbyshire
|
2
|
Reason for the notification
|
a)
|
Position/status
|
CFO
|
b)
|
Initial
notification/Amendment
|
Initial notification
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
a)
|
Name
|
Getech Group plc
|
b)
|
LEI
|
213800L36BCDMGT89738
|
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
|
Options over Ordinary Shares of 0.25p
each
GB00B0HZVP95
|
b)
|
Nature of the transaction
|
Grant of Options under
the Approved
Share Option Scheme
|
c)
|
Price(s) and volume(s)
|
|
Price(s)
|
Volume(s)
|
1.
|
8p
|
900,000
|
|
|
|
|
|
d)
|
Aggregated information
-
|
Aggregated volume
|
-
|
Price
|
|
|
e)
|
Date of the transaction
|
6 February 2024
|
f)
|
Place of the transaction
|
Outside a trading venue
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
a)
|
Name
|
Christopher Jepps
|
2
|
Reason for the notification
|
a)
|
Position/status
|
COO
|
b)
|
Initial
notification/Amendment
|
Initial notification
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
a)
|
Name
|
Getech Group plc
|
b)
|
LEI
|
213800L36BCDMGT89738
|
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
|
Options over Ordinary Shares of 0.25p
each
GB00B0HZVP95
|
b)
|
Nature of the transaction
|
Grant of Options under
the Approved
Share Option Scheme
|
c)
|
Price(s) and volume(s)
|
|
Price(s)
|
Volume(s)
|
1.
|
8p
|
900,000
|
|
|
|
|
|
d)
|
Aggregated information
-
|
Aggregated volume
|
-
|
Price
|
|
|
e)
|
Date of the transaction
|
6 February 2024
|
f)
|
Place of the transaction
|
Outside a trading venue
|