TIDMJWNG
RNS Number : 0412W
Jaywing PLC
13 April 2023
13 April 2023
Jaywing Plc
Grant of Share Options
Jaywing Plc (AIM: JWNG) ( Jaywing" or the "Company"), the
integrated agency powered by data science, today announces that it
has introduced a new Long Term Incentive Plan ("LTIP") and Company
Share Option Plan ("CSOP"). Under the LTIP and CSOP, options ("LTIP
Options" and "CSOP Options" as applicable) over ordinary shares of
5 pence each in the Company ("Shares") may be granted at the
discretion of the Remuneration Committee.
The Company has today granted LTIP Options and CSOP Options to
Andrew Fryatt (CEO) and Christopher Hughes (CFO) as detailed in the
table below.
No. of
Shares
over which
Options Type Exercise Vesting Performance
have been of Price in Price /Vesting Period
Name Position granted Options pence in pence in years
Chief
Andrew Executive
Fryatt Officer 571,000 LTIP 5.0 10.0 2
571,000 LTIP 5.0 10.0 4
1,200,000 CSOP 5.0 N/A 3
2,342,000 Total
------------- ------------ ------------ --------- ----------
Chief
Christopher Financial
Hughes Officer 1,200,000 CSOP 5.0 N/A 3
Vesting of the LTIP Options granted to Andrew Fryatt is subject
to the following performance criterion: the volume-weighted average
mid-market closing price of a Share as derived from the AIM
Appendix to the Daily Official List ("VWAP"), over a period of 45
dealing days ending on or after the second and fourth anniversaries
of the date of grant of the applicable LTIP Options above is equal
to or greater than the agreed Vesting Price as specified in the
table above. This performance criterion includes a straight-line
performance ratchet of between 70% and 100% of the Shares under
each LTIP Option between the VWAP of 10p and 40p.
The performance period for LTIP Options granted under the LTIP
will typically be four years commencing from the date of grant of
the relevant LTIP Option. In the case of Andrew Fryatt, in
recognition of his service to the Company since March 2020, 50% of
his LTIP Options will vest and be exercisable on or after the
second anniversary of the date of grant, subject to and to the
extent that the Vesting Price is met or exceeded.
Except in the event of a change of control of the Company and in
certain 'good leaver' scenarios, LTIP Options may only be exercised
after the expiry of the performance period and to the extent that
the relevant performance criterion is met. LTIP Options shall be
granted under the LTIP with an exercise price of 5 pence per Share
(being equal to the nominal value of a Share). Shares acquired on
exercise of LTIP Options shall be subject to a two-year holding
period, during which time they cannot be sold, except in certain
circumstances including, but not limited to, the sale of Shares to
meet any tax liabilities arising upon exercise of the LTIP
Options.
The Company has today granted market value CSOP Options over a
total of 4,640,000 Shares with an exercise price of 5.0 pence per
Share. This total includes the 1,200,000 CSOP Options granted to
each of Andrew Fryatt (CEO) and Christopher Hughes (CFO) as
detailed above, and 2,240,000 CSOP Options granted to certain
senior employees of the Company.
The vesting period of the CSOP Options shall be three years from
the date of grant. Except in the event of a change of control of
the Company and in certain 'good leaver' scenarios, no CSOP Options
may be exercised prior to the expiry of the vesting period. Shares
acquired on exercise of the CSOP Options shall be subject to a
holding period of one year, during which time they cannot be sold,
except in certain circumstances including, but not limited to, the
sale of Shares to cover the exercise price payable upon exercise of
the CSOP Options. No performance conditions attach to the exercise
of the CSOP Options.
The total number of Shares that can be acquired pursuant to
options granted under the LTIP and CSOP today amounts to 5,782,000,
representing approximately 5.83% of the Company's fully diluted
issued share capital. The aggregate number of Ordinary Shares that
may be used to satisfy all options granted under the LTIP and the
CSOP will not exceed 10% of the enlarged ordinary share capital of
Jaywing.
The grant of the CSOP and LTIP options to Andrew Fryatt
comprises a related party transaction pursuant to Rule 13 of the
AIM Rules for Companies. The independent directors of Jaywing
consider, having consulted with its nominated adviser, that the
terms of the transaction are fair and reasonable insofar as its
shareholders are concerned.
This announcement contains inside information
Enquiries :
Jaywing plc
Christopher Hughes (CFO/Company Tel: 0333 370 6500
Secretary)
Cenkos Securities plc
Callum Davidson Tel: 020 7397 8920
Nicholas Wells
Note: This and other press releases are available at the
Company's website:
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Andrew Fryatt
-------------------------------------- -----------------------------------------------------
2 Reason for the notification
---------------------------------------------------------------------------------------------
a) Position/status Chief Executive Officer
-------------------------------------- -----------------------------------------------------
b) Initial notification Initial notification
/Amendment
-------------------------------------- -----------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------------------------
a) Name Jaywing plc
-------------------------------------- -----------------------------------------------------
b) LEI 2138005USCN3ESKGRU20
-------------------------------------- -----------------------------------------------------
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 Ordinary shares of 5 pence each
financial instrument,
type of instrument
Identification code GB00BF5KDY46
b) Nature of the transaction Grant of options over new ordinary shares
pursuant to Long Term Incentive Plan ("LTIP")
-------------------------------------- -----------------------------------------------------
c) Price(s) and volume(s)
------------------------------- -----------------
Price Volume
------------------------------- -----------------
Exercise price
of 5p 1,142,000
--------------------------------------------------------------------------- -----------------
d) Aggregated information
- Aggregated volume N/A
- Price
e) Date of the transaction 13 April 2023
-------------------------------------- -----------------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------------- -----------------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Andrew Fryatt
-------------------------------------- ------------------------------------------------------
2 Reason for the notification
----------------------------------------------------------------------------------------------
a) Position/status Chief Executive Officer
-------------------------------------- ------------------------------------------------------
b) Initial notification Initial notification
/Amendment
-------------------------------------- ------------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------------------------
a) Name Jaywing plc
-------------------------------------- ------------------------------------------------------
b) LEI 2138005USCN3ESKGRU20
-------------------------------------- ------------------------------------------------------
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 Ordinary shares of 5 pence each
financial instrument,
type of instrument
Identification code GB00BF5KDY46
b) Nature of the transaction Grant of options over new ordinary shares
pursuant to Company Share Option Plan ("CSOP")
-------------------------------------- ------------------------------------------------------
c) Price(s) and volume(s)
------------------------------- ------------------
Price Volume
------------------------------- ------------------
Exercise price
of 5p 1,200,000
--------------------------------------------------------------------------- ------------------
d) Aggregated information
- Aggregated volume N/A
- Price
e) Date of the transaction 13 April 2023
-------------------------------------- ------------------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------------- ------------------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Christopher Hughes
-------------------------------------- ------------------------------------------------------
2 Reason for the notification
----------------------------------------------------------------------------------------------
a) Position/status Chief Financial Officer
-------------------------------------- ------------------------------------------------------
b) Initial notification Initial notification
/Amendment
-------------------------------------- ------------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------------------------
a) Name Jaywing plc
-------------------------------------- ------------------------------------------------------
b) LEI 2138005USCN3ESKGRU20
-------------------------------------- ------------------------------------------------------
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 Ordinary shares of 5 pence each
financial instrument,
type of instrument
Identification code GB00BF5KDY46
b) Nature of the transaction Grant of options over new ordinary shares
pursuant to Company Share Option Plan ("CSOP")
-------------------------------------- ------------------------------------------------------
c) Price(s) and volume(s)
------------------------------- ------------------
Price Volume
------------------------------- ------------------
Exercise price
of 5p 1,200,000
--------------------------------------------------------------------------- ------------------
d) Aggregated information
- Aggregated volume N/A
- Price
e) Date of the transaction 13 April 2023
-------------------------------------- ------------------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------------- ------------------------------------------------------
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END
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