LoopUp Group PLC Measures relating to 2018 and 2019 options grants (6192V)
04 December 2019 - 6:01PM
UK Regulatory
TIDMLOOP
RNS Number : 6192V
LoopUp Group PLC
04 December 2019
4 December 2019
LOOPUP GROUP PLC
("LoopUp Group" or the "Group")
Measures relating to 2018 and 2019 options grants
LoopUp Group plc (LSE AIM: LOOP), the premium remote meetings
company, announces that the Group's Remuneration Committee and
Board have approved an offer to be made to current employees -
excluding co-CEOs Steve Flavell and Michael Hughes - concerning
options granted in August 2018 and June 2019.
On 20 August 2018, the Group approved the grant of 2,285,000
options to employees at an exercise price of 440 pence, and on 4
June 2019 the Group approved the grant of 1,078,750 options to
employees at an exercise price of 317.5 pence. In both cases these
grants included Executive Directors and PDMRs, and were made
pursuant to the Group's existing share option schemes.
The Group's Remuneration Committee and the Board consider that
these grants have become ineffective in their primary purpose: the
future retention of business-critical staff. The Remuneration
Committee and Board believe that measures are required to safeguard
the retention of key staff and future value for shareholders, and
have therefore approved the following measures.
-- All current employees not under notice who were granted
options in August 2018 and June 2019 will be given the choice
whether to keep those grant contracts as is, or whether to cancel
those grant contracts and enter simultaneously into new contracts
with different terms as follows:
For re-grants relating to the August 2018 original grant, a 10%
reduction in the number of options re-granted, and for re-grants
relating to the June 2019 original grant, a 20% reduction in the
number of options re-granted
Re-granted options to vest over a fresh four-year period, with
one quarter vesting one year after the re-grant and the remaining
three quarters vesting monthly over the subsequent 36-month period
subject to continuing employment
An exercise price of 75 pence, 11% above the closing middle
market price on 2 December 2019 of 67.5 pence, and equal to the
exercise price relating to the last batch of options granted prior
to the Group's IPO in 2016
-- Co-CEOs, Steve Flavell and Michael Hughes, will waive
re-grants relating to the 180,000 options granted to each of them
in August 2018 and the 60,000 options granted to each of them in
June 2019
This process will result in up to 2,655,000 options granted in
August 2018 and June 2019 being cancelled and replaced by up to
2,297,500 new options with an exercise price of 75 pence. The Group
will update the market further when the results of these choices
put to current employees are confirmed.
Market abuse regulation:
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
For further information, please contact:
LoopUp Group plc via FTI
Steve Flavell, co-CEO
+44 (0) 20 7886
Panmure Gordon (UK) Limited 2500
Dominic Morley / Alina Vaskina (Corporate
Finance)
Erik Anderson (Corporate Broking)
+44 (0) 20 7260
Numis Securities Limited 1000
Simon Willis / Jonny Abbott (Corporate Finance)
Tom Ballard (Corporate Broking)
+44 (0) 20 3727
FTI Consulting, LLP 1000
Matt Dixon / Jamille Smith / Shamma Kelly
About LoopUp Group plc:
LoopUp (LSE AIM: LOOP) is a premium remote meetings solution.
LoopUp helps technology leaders to unlock the true potential of
remote meetings in their organisations by combining simple,
progressive software with best-in-class audio reliability. Over
2,000 organisations worldwide trust LoopUp's award-wining SaaS
solution with their remote meetings, including 20 of the world's
top-100 law firms, 24 of the world's top-100 private equity firms,
and enterprises such as Travelex, Kia Motors, Planet Hollywood and
National Geographic. The Group is headquartered in London, with
offices in San Francisco, New York, Boston, Chicago, Dallas, Los
Angeles, Atlanta, Denver, Cardiff, Milton Keynes, Madrid, Berlin,
Malmo, Hong Kong, Sydney and Barbados, and is listed on the AIM
market of the London Stock Exchange (LOOP). For further
information, please visit: www.loopup.com.
This information is provided by RNS, the news service of the
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contact rns@lseg.com or visit www.rns.com.
END
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