TruFin PLC Grant of Share Awards under LTIP (4811H)
28 Julio 2023 - 1:00AM
UK Regulatory
TIDMTRU TIDMTRU
RNS Number : 4811H
TruFin PLC
28 July 2023
28 July 2023
TruFin plc
("TruFin" or the "Company")
Grant of share awards under Long Term Incentive Plan
As referred to in TruFin's announcement on 22 June 2023, the
Company announces that it has now adopted a new Long Term Incentive
plan (the "LTIP"). The LTIP has been implemented to appropriately
incentivise key individuals over the long term, driving retention
and performance.
The Company's intention is to operate the LTIP as a four-year
programme of awards, with awards vesting in four tranches from 31
December 2023 and each anniversary of that date until 31 December
2026.
Therefore, on 27 July 2023, the Company awarded the first three
tranches of awards under the LTIP. These are in the form of options
over a total of 3,116,667 Ordinary Shares (the "Options") to the
Chief Executive Officer and other senior employees.
The Options will vest in three tranches from 31 December 2023
and the anniversaries of that date up to and including 31 December
2025. Save for the first tranche of Options that vest on 31
December 2023, vesting of the Options granted to James van den
Bergh (CEO) and James Hussey (CFO) are subject to performance
criteria set by the Remuneration Committee of the Company based on
a share price performance metric. In addition to this metric,
Options granted to subsidiary company CEOs are subject to
subsidiary company financial performance metrics. The Options
expire 10 years post grant date.
The Company's intention is to grant the fourth tranche of
options in early 2024, following the announcement of the Company's
results for the 2023 financial year, subject to the same
performance metrics as the second and third tranches of the Options
but with a vesting date of 31 December 2026 (the "Tranche 4
Options").
Details of the grants of Options and the proposed grant of
Tranche 4 Options to PDMRs are set out below:
Name Position Options granted Tranche
4 Options
(not yet
granted)
Tranche Tranche Tranche Tranche
1 2 3 4
-------- -------- -------- -----------
James van Chief Executive
den Bergh Officer 300,000 300,000 300,000 300,000
----------------- -------- -------- -------- -----------
Chief Financial
James Hussey Officer 225,000 225,000 225,000 225,000
----------------- -------- -------- -------- -----------
These awards are intended to align the incentives of the CEO,
CFO and other senior employees with the Company's performance and
outcomes for shareholders over the long term and to provide
effective and attractive levels of reward to retain individuals who
are key to the future success of the Company, based on delivering
strong performance in a fair and proportionate manner.
Vesting will also normally be dependent on the continued
employment of the participant within the Company's group. The
awards are subject to market standard leaver, malus and clawback
provisions.
The total four-year programme of awards comprising the Options
and the Tranche 4 Options are intended to be up to 4,200,000
Ordinary Shares, representing 4.0 per cent. of the Company's
current issued share capital. Following the grant of the four
tranches, there will be total options outstanding over a total of
10,634,675 Ordinary Shares in the Company, representing 10.0 per
cent. of the Company's current issued share capital.
The following notifications are intended to satisfy the
Company's obligations under Article 19 of the UK Market Abuse
Regulation.
1. Details of the person discharging managerial responsibilities / person closely associated
a) Name James van den Bergh
James Hussey
------------------------------------------------------------------------ --------------------------------------
2. Reason for the Notification
----------------------------------------------------------------------------------------------------------------
a) Position/status Chief Executive Officer
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 TruFin Plc
------------------------------------------------------------------------ --------------------------------------
b) LEI 213800C2QPZFECSRZ964
------------------------------------------------------------------------ --------------------------------------
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 Ordinary Shares
Identification code ISIN: JE00BYVWJZ03
------------------------------------------------------------------------ --------------------------------------
b) Nature of the transaction Grant of options
------------------------------------------------------------------------ --------------------------------------
c) Price(s) and volume(s) Price Volume
---------------- --------------------
Nil 900,000
---------------------------------------------------------------------------------------------- --------------------
Nil 675,000
---------------------------------------------------------------------------------------------- --------------------
d) Aggregated information: Single transaction as in 4c) above
Aggregated volume 1,575,000
Price Nil
------------------------------------------------------------------------ --------------------------------------
e) Date of the transaction 27 July 2023
------------------------------------------------------------------------ --------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------------------------------------------------ --------------------------------------
Enquiries:
TruFin plc
0203 743
James van den Bergh, Chief Executive Officer 1340
0777 922
Kam Bansil, Investor Relations 9508
Liberum Capital Limited (Nominated Adviser and Corporate
broker)
Chris Clarke
Edward Thomas
Cara Murphy 0203 100 2000
About TruFin plc:
TruFin plc is the holding company of an operating group
comprising four growth-focused technology businesses operating in
niche markets: early payment provision, invoice finance, IFA
finance and mobile games publishing. The Company was admitted to
AIM in February 2018 and trades under the ticker symbol: TRU. More
information is available on the Company website: www.TruFin.com
.
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END
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