25 July 2024
JTC
PLC
(the
"Company" and together with its subsidiaries "JTC" or the
"Group")
Grant and
Vesting of EIP Share Awards
JTC, the global provider of fund,
corporate and private client services has today granted a total of
4,748,909 awards over ordinary shares of £0.01 each in
the Company, amounting to c. £50m in value, to all eligible
current permanent Group employees, excluding the Executive
Directors, under the Employee Incentive Plan (the
"EIP").
Shared ownership has been a
cornerstone of JTC's culture for the past 26 years, dating back to
the establishment of the first JTC Employee Benefit Trust in 1998,
making all our employees 'owners' of the business. The EIP,
following in the footsteps of its predecessor schemes, aims to
recognize and reward long-term performance throughout the entire
Group. This alignment of employees' and shareholders' interests is
closely tied to multi-year business plans.
Following the successful delivery of
the Company's 'Galaxy Era' business plan, resulting in a doubling
of the size of the business, benchmarked against its 2020
performance, achieved by the end of 2023, two years ahead of plan,
and in a quadrupling of the size of the Group since listing in
2018, the Renumeration Committee has approved the
grant of an award of shares under the EIP to 1,755 eligible current
permanent employees of the Group (the 'Galaxy Era EIP Share
Award').
The Galaxy
Era EIP Award is the second award granted since the EIP was adopted
in 2018, the first award having been granted in July 2021.
Employees' individual awards are determined according to a points
system based on seniority, length of service and individual
performance. A summary of the
principal terms of the EIP is set out at appendix 1 to the AGM
circular issued on 22 April 2021.
Each Galaxy Era EIP
Award is separated into two tranches: 50% being an
'upfront' award which vests at grant and 50% a deferred award in
the form of a conditional right to receive shares on the first
anniversary of grant, subject to the achievement of the applicable
performance conditions.
The Galaxy Era EIP Awards will be
satisfied by the transfer of existing Ordinary Shares held by JTC
PLC Employee Benefit Trust (the "EBT") to each participant. As
such, this granting of shares under the EIP is non-dilutive to the
existing shareholders of the Group. The transfer of existing Ordinary Shares from the EBT to
all current Group employees will take place on 25 July
2024.
The full charge of c.£50m will
be reflected in the Group's profit and loss account as staff costs
but will be treated as a non-underlying item and will have no cash
impact on the Group.
Further options or share awards made
at the discretion of the Renumeration Committee following the date
of this announcement are subject to the dilution limits applicable
to the Company's Share Plans, which excludes shares purchased or
subscribed for at market value by the EBT.
Nigel Le Quesne, CEO of JTC,
commented:
"I am
delighted that the hard work and commitment to client service
excellence of our people has resulted in a shared ownership award
for all our c. 1,800 employee-owners globally, in recognition of
their successful delivery of our Galaxy era business plan, in which
they doubled the size of the Group in just three years. Our
commitment to shared ownership aligns the interests of our people,
our wider shareholder base, our clients and other stakeholders and
has already energised the business in this first year of our Cosmos
era."
The following notifications are
intended to satisfy the Company's obligations under Article 19 of
the Market Abuse Regulations.
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
a)
|
Name:
|
1. Iain Johns
2. Richard
Ingle
|
|
2
|
Reason for the notification
|
|
a)
|
Position/Status:
|
1. Group Head of Private
Client Services and PDMR
2. Chief Risk Officer
and PDMR
|
|
b)
|
Initial
Notification/Amendment:
|
Initial Notification
|
|
3
|
Details of the issuer, emission allowance market
participation, auction platform, auctioneer or auction
monitor
|
|
a)
|
Name:
|
JTC PLC
|
|
b)
|
LEI:
|
213800DVUG4KLF2ASK33
|
|
4.
|
Details of 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:
Identification code:
|
Ordinary shares
of £0.01 each
JE00BF4X3P53
|
|
b)
|
Nature of the
transaction:
|
Grant and vest of share awards under
the JTC PLC Employee Share Plan
|
|
c)
|
Price(s) and volume(s):
|
Price(s)
|
Volume(s)
|
|
Nil
|
1. 11,114
2. 6,402
|
|
d)
|
Aggregated volume:
Price:
|
N/A
|
|
e)
|
Date of the Transaction:
|
25 July 2024
|
|
f)
|
Place of the Transaction:
|
Outside trading venue
|
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
a)
|
Name:
|
1. Iain Johns
2. Richard
Ingle
|
|
2
|
Reason for the notification
|
|
a)
|
Position/Status:
|
1. Group Head of Private
Client Services and PDMR
2. Chief Risk Officer
and PDMR
|
|
b)
|
Initial
Notification/Amendment:
|
Initial Notification
|
|
3
|
Details of the issuer, emission allowance market
participation, auction platform, auctioneer or auction
monitor
|
|
a)
|
Name:
|
JTC PLC
|
|
b)
|
LEI:
|
213800DVUG4KLF2ASK33
|
|
4.
|
Details of 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:
Identification code:
|
Ordinary shares
of £0.01 each
JE00BF4X3P53
|
|
b)
|
Nature of the
transaction:
|
Grant of conditional share awards
under the JTC PLC Employee Incentive Plan
|
|
c)
|
Price(s) and volume(s):
|
Price(s)
|
Volume(s)
|
|
Nil
|
1. 11,114
2. 6,403
|
|
d)
|
Aggregated volume:
Price:
|
N/A
|
|
e)
|
Date of the Transaction:
|
25 July 2024
|
|
f)
|
Place of the Transaction:
|
Outside trading venue
|
Enquiries:
JTC PLC
+44 (0) 1534 700 000
Nigel Le Quesne, Chief Executive Officer
Martin Fotheringham, Chief Financial Officer
David Vieira, Chief Communications Officer
Camarco
+44 (0)
20 3757 4980
Geoffrey
Pelham-Lane
Sam
Morris
About JTC
JTC is a publicly listed, global
professional services business with deep expertise in fund,
corporate and private client services. Every JTC person is an owner
of the business and this fundamental part of our culture aligns us
with the best interests of all of our stakeholders. Our purpose is
to maximise potential and our success is built on service
excellence, long-term relationships and technology capabilities
that drive efficiency and add value.
www.jtcgroup.com