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): |
| ||||
| 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): |
| ||||
| 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): |
| |||||||||
| 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): |
| |||||||||
| 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): |
| ||||
| 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 | ||||
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