2 May
2024
Nexteq plc
("Nexteq" or the
"Group")
Grant of Options
Nexteq (AIM: NXQ), a leading
technology solutions provider to customers in selected industrial
markets, announces today that, under the Nexteq plc 2022 Long Term
Incentive Plan, the Board has granted options ("Options") over
ordinary shares of 0.1 pence each in the capital of the Company
("Ordinary Shares") consisting of 597,791 Performance Share Awards
and 68,896 Restricted Share Awards to persons discharging
managerial responsibilities ("PDMRs") in the business.
Vesting of the Performance Share
Awards is subject to performance conditions as follows:
1. The vesting of
70 per cent. of such awards (the "EPS Part") would be dependent on
the Company's adjusted earnings per share performance for the
financial year ending 31 December 2026 ("EPS 2026").
2.
- No
portion of the EPS Part can performance vest unless EPS 2026 is at
least $0.209 for
which one quarter of the EPS Part would performance vest rising on
a straight line basis to full performance vesting of the EPS Part
for EPS 2026 of $0.275 or more.
3. The vesting of
30 per cent. of such awards (the "TSR Part") would be dependent on
the Company's total shareholder return ("TSR") performance over a
three-year period commencing on the grant of the awards.
4.
- No
portion of the TSR Part can performance vest unless the Company's
TSR performance equated to a compound annual growth rate ("CAGR")
of 5% for which one quarter of the TSR Part would performance vest
rising on a straight line basis to full performance vesting of the
TSR Part for the Company's TSR performance equating to a CAGR of
15% or higher. Three month averaging periods prior to the start and
end of the measurement period would be used in relation to the TSR
calculations.
The Restricted Share Awards vest
over a three-year period and there are no performance conditions
attached. All Options are exercisable at the Company's nominal
value of 0.1 pence per Ordinary Share.
Details of the options granted to
PDMRs are as follows:
Name
|
Title
|
Number of Performance Share Awards
|
Number of Restricted Share Awards
|
Total number of Options held following this
Grant
|
Jon Jayal
|
Group CEO
|
200,864
|
-
|
570,629
|
Johan Olivier
|
Group CFO
|
149,502
|
-
|
524,716
|
Duncan Faithfull
|
EVP, Gaming Business Leader and
CCO
|
69,767
|
34,884
|
448,647
|
Simon Jones
|
EVP, Densitron CEO
|
68,023
|
34,012
|
452,288
|
Mandy Halsey
|
Group HR
Director
|
109,635
|
-
|
210,306
|
Following the Grant, there are a
total of 3,019,387 Options outstanding, representing approximately
4.5% of the current issued share capital of the Company.
Further detail is set out in the PDMR
disclosure table below.
Nexteq plc
Jon Jayal, Chief Executive Officer
Johan Olivier, Chief Financial Officer
|
Tel: +44 (0)1223 892 696
|
Nominated Adviser
and Broker:
Cavendish Capital Markets Ltd
Matt Goode / Simon Hicks (Corporate Finance)
Tim Redfern / Harriet Ward (ECM)
|
Tel: +44 (0) 20 7220 0500
|
Joint
Broker:
Canaccord Genuity Limited
Simon Bridges / Andrew Potts
|
Tel: +44 (0) 20 7523 8000
|
Financial
PR:
Alma Strategic Communications
Hilary Buchanan / Kieran Breheny
|
Tel: +44 (0)20 3405 0205
|
About
Nexteq
Nexteq (AIM: NXQ) is a strategic technology solutions
provider to customers in selected industrial markets. Its
innovative technology enables the manufacturers of global
electronic equipment to outsource the design, development and
supply of non-core aspects of their product offering. By
outsourcing elements of their technology stack to Nexteq, customers
can focus their product development effort on the most critical
drivers of their business' success.
Our solutions are delivered through a global sales
team and leverage the Group's electronic hardware, software,
display and mechanical engineering expertise. Our Taiwan operation
is at the heart of Asian supply networks and facilitates cost
effective manufacturing and strategic supply chain management.
The Group operates in six countries and services over
500 customers across 47 countries.
Nexteq operates two distinct brands: Quixant, a
specialised computer platforms provider, and Densitron, leaders in
human machine interface technology, each with dedicated sales,
account management and product innovation teams. Founded in 2005,
and later floating on the London Stock Exchange's AIM stock market
as Quixant plc, the Group rebranded to Nexteq in 2023.
Further information on Nexteq and its divisions can
be found at www.nexteqplc.com.
1.
|
Details of the
person discharging managerial responsibilities/person closely
associated
|
a)
|
Name:
|
Jon Jayal
|
2.
|
Reason for the
notification
|
a)
|
Position/status:
|
Chief Executive Officer
|
b)
|
Initial notification/Amendment:
|
Initial Notification
|
3.
|
Details of the
issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
|
a)
|
Name:
|
Nexteq plc
|
b)
|
LEI:
|
2138003VERSWQP561X71
|
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 0.1p
GB00B99PCP71
|
b)
|
Nature of the transaction:
|
Award of nominal value options over
Ordinary Shares as part of the Nexteq plc Long Term Incentive Plan
2022. The potential vesting of the award after three years is
subject to the achievement of performance conditions assessed at
the end of a three-year period. There is no price payable on the
grant or vesting of the option. On exercise, the option price of
£0.001 per share is payable.
|
c)
|
Price(s) and volume(s):
|
Price(s)
|
Volume(s)
|
0.1p
|
200,864
|
|
d)
|
Aggregated information:
· Aggregated volume:
· Price:
|
See 4 (c)
|
e)
|
Date of the transaction:
|
30 April 2024
|
f)
|
Place of the transaction:
|
Off market transaction
|
1.
|
Details of the
person discharging managerial responsibilities/person closely
associated
|
a)
|
Name:
|
Johan Olivier
|
2.
|
Reason for the
notification
|
a)
|
Position/status:
|
Chief Financial Officer
|
b)
|
Initial notification/Amendment:
|
Initial Notification
|
3.
|
Details of the
issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
|
a)
|
Name:
|
Nexteq plc
|
b)
|
LEI:
|
2138003VERSWQP561X71
|
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 0.1p
GB00B99PCP71
|
b)
|
Nature of the transaction:
|
Award of nominal value options over
Ordinary Shares as part of the Nexteq plc Long Term Incentive Plan
2022. The potential vesting of the award after three years is
subject to the achievement of performance conditions assessed at
the end of a three-year period. There is no price payable on the
grant or vesting of the option. On exercise, the option price of
£0.001 per share is payable.
|
c)
|
Price(s) and volume(s):
|
Price(s)
|
Volume(s)
|
0.1p
|
149,502
|
|
d)
|
Aggregated information:
· Aggregated volume:
· Price:
|
See 4 (c)
|
e)
|
Date of the transaction:
|
30 April 2024
|
f)
|
Place of the transaction:
|
Off market transaction
|
1.
|
Details of the
person discharging managerial responsibilities/person closely
associated
|
a)
|
Name:
|
Duncan Faithfull
|
2.
|
Reason for the
notification
|
a)
|
Position/status:
|
EVP, Gaming Business Leader and CCO
|
b)
|
Initial notification/Amendment:
|
Initial Notification
|
3.
|
Details of the
issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
|
a)
|
Name:
|
Nexteq plc
|
b)
|
LEI:
|
2138003VERSWQP561X71
|
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 0.1p
GB00B99PCP71
|
b)
|
Nature of the transaction:
|
1)
Performance share award: Award of nominal value
options over Ordinary Shares as part of the Nexteq plc Long Term
Incentive Plan 2022. The potential vesting of the award after three
years is subject to the achievement of performance conditions
assessed at the end of a three-year period. There is no price
payable on the grant or vesting of the option. On exercise, the
option price of £0.001 per share is payable.
2)
Restricted shares award: Grant of nil cost
restricted share award over Ordinary Shares under the Nexteq plc
Long Term Incentive Plan 2022. The vesting of the award after three
years is not subject to performance conditions. On exercise, the
option price of £0.001 per share is payable.
|
c)
|
Price(s) and volume(s):
|
|
Price(s)
|
Volume(s)
|
1) Performance share award
|
0.1p
|
69,767
|
2) Restricted share
award
|
0.1p
|
34,884
|
|
d)
|
Aggregated information:
· Aggregated volume:
· Price:
|
See 4 (c)
|
e)
|
Date of the transaction:
|
30 April 2024
|
f)
|
Place of the transaction:
|
Off market transaction
|
1.
|
Details of the
person discharging managerial responsibilities/person closely
associated
|
a)
|
Name:
|
Simon Jones
|
2.
|
Reason for the
notification
|
a)
|
Position/status:
|
EVP, Densitron CEO
|
b)
|
Initial notification/Amendment:
|
Initial Notification
|
3.
|
Details of the
issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
|
a)
|
Name:
|
Nexteq plc
|
b)
|
LEI:
|
2138003VERSWQP561X71
|
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 0.1p
GB00B99PCP71
|
b)
|
Nature of the transaction:
|
1)
Performance share award: Award of nominal value
options over Ordinary Shares as part of the Nexteq plc Long Term
Incentive Plan 2022. The potential vesting of the award after three
years is subject to the achievement of performance conditions
assessed at the end of a three-year period. There is no price
payable on the grant or vesting of the option. On exercise, the
option price of £0.001 per share is payable.
2)
Restricted share award: Grant of nil cost
restricted share award over Ordinary Shares under the Nexteq plc
Long Term Incentive Plan 2022. The vesting of the award after three
years is not subject to performance conditions. On exercise, the
option price of £0.001 per share is payable.
|
c)
|
Price(s) and volume(s):
|
|
Price(s)
|
Volume(s)
|
1) Performance share award
|
0.1p
|
68,023
|
2)Restricted share award
|
0.1p
|
34,012
|
|
d)
|
Aggregated information:
· Aggregated volume:
· Price:
|
See 4 (c)
|
e)
|
Date of the transaction:
|
30 April 2024
|
f)
|
Place of the transaction:
|
Off market transaction
|
1.
|
Details of the
person discharging managerial responsibilities/person closely
associated
|
a)
|
Name:
|
Mandy Halsey
|
2.
|
Reason for the
notification
|
a)
|
Position/status:
|
Group HR Director
|
b)
|
Initial notification/Amendment:
|
Initial Notification
|
3.
|
Details of the
issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
|
a)
|
Name:
|
Nexteq plc
|
b)
|
LEI:
|
2138003VERSWQP561X71
|
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 0.1p
GB00B99PCP71
|
b)
|
Nature of the transaction:
|
1)
Award of nominal value options over Ordinary
Shares as part of the Nexteq plc Long Term Incentive Plan 2022. The
potential vesting of the award after three years is subject to the
achievement of performance conditions assessed at the end of a
three-year period. There is no price payable on the grant or
vesting of the option. On exercise, the option price of £0.001 per
share is payable.
|
c)
|
Price(s) and volume(s):
|
Price(s)
|
Volume(s)
|
0.1p
|
109,635
|
|
d)
|
Aggregated information:
· Aggregated volume:
· Price:
|
See 4 (c)
|
e)
|
Date of the transaction:
|
30 April 2024
|
f)
|
Place of the transaction:
|
Off market transaction
|