IQGeo Group PLC Results of Annual General Meeting (0064Q)
June 15 2020 - 10:33AM
UK Regulatory
TIDMIQG
RNS Number : 0064Q
IQGeo Group PLC
15 June 2020
IQGeo Group plc
(the "Company" or the "Group")
Result of Annual General Meeting, Grant of Options &
Directorate Change
IQGeo Group plc (AIM: IQG), announces that, at the Company's
Annual General Meeting ("AGM") held earlier today at its offices at
CB1 Business Centre, 20 Station Road, Cambridge CB1 2JD, all
resolutions put to shareholders were duly passed.
Following approval of resolution 12 with regard to the adoption
of a new share option plan, and consultation with its largest
shareholders on these awards, the Company confirms the issue of a
total of 1,800,000 options to employees as well as 1,721,000 to
directors over new ordinary shares ("Options"). This includes the
award of 1,600,000 Options to Richard Petti (CEO) and of 121,000
Options to Paul Taylor (Non-executive Chairman). Following these
awards, and noting that Options previously held have lapsed,
Richard Petti holds 1,600,000 Options and Paul Taylor holds 121,000
Options.
The terms of the Options are as stated in the Notice of AGM,
being that they vest in portions of one third on the first, second
and third anniversaries of grant and have no further performance
conditions other than ongoing employment on the date of vesting and
of exercise. Awards will be subject to a two-year holding period
from vesting point, with participants only permitted to sell shares
sufficient to cover the exercise cost and any tax liability within
this holding period. Awards made in the UK have an exercise price
of GBP0.46 being the price of the 2019 tender offer, whilst awards
to employees in the USA and Canada have an exercise price of
GBP0.625 (converted to USD0.783) being the market price as of 12
June 2020. The Options will vest on a change of control.
Annual awards in the form of market value options may also be
granted to the Directors and employees in future periods on
comparable terms (thought the Remuneration Committee has discretion
to vary terms if appropriate). The maximum number of Options in
issue that have not been exercised or lapsed will be limited to 15%
of the Company's issued share capital.
Directorate Change:
Tim Gingell, as previously notified, stepped down as CFO and as
a director of the Company at the Company's AGM held earlier today.
The search for a successor is proceeding well and further
announcements will be made as soon as possible. Tim Gingell will
remain with the Company as company secretary for at least a
transitional period.
For further information contact:
IQGeo Group plc +44 1223 606655
Richard Petti
Tim Gingell
finnCap Ltd +44 20 7220 0500
Henrik Persson, Matthew Radley (Corporate Finance)
Tim Redfern, Richard Chambers (ECM)
Notes to Editors
About IQGeo
IQGeo(TM) (AIM: IQG) a leading developer of geospatial software
that improves productivity and collaboration across enterprise
planning, design, construction, maintenance and sales processes for
telecoms and utility network operators. Our mobile-first enterprise
solutions create and maintain, an accurate view of complex network
assets that is easily accessible by anyone, wherever and whenever
needed. Specialized applications combined with our open IQGeo
Platform help network operators create a single source of network
truth to meet their digital transformation ambitions and
operational KPIs. Our award-winning, cloud-enabled solutions save
time and money, and improve safety and productivity, while
enhancing customer satisfaction. Headquartered in Cambridge, with
offices in Denver, Frankfurt and Tokyo, we work with some of the
largest network infrastructure operators in the world. For more
information visit: https://www.iqgeo.com/
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Richard Petti
2. Reason for the Notification
a) Position/status CEO
b) Initial notification/Amendment Initial Notification
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
a) Name IQGEO Group plc
b) LEI 213800P2PCLCEFANB194
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 Options over ordinary shares of 2 pence
instrument, type of instrument each
Identification code ISIN: GB00B3NCXX73
b) Nature of the transaction Grant of Options
c) Price(s) and volume(s) Price(s) Volume(s)
46 pence 1,600,000
d) Aggregated information:-- 1,600,000 options over ordinary shares
Aggregated volume of 2 pence each, granted at 46 pence
Price per ordinary share
e) Date of the transaction 15 June 2020
f) Place of the transaction Outside of trading venue
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Paul Taylor
2. Reason for the Notification
a) Position/status Non-Executive Chairman
b) Initial notification/Amendment Initial Notification
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
a) Name IQGEO Group plc
b) LEI 213800P2PCLCEFANB194
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 Options over ordinary shares of 2 pence
instrument, type of instrument each
Identification code ISIN: GB00B3NCXX73
b) Nature of the transaction Grant of Options
c) Price(s) and volume(s) Price(s) Volume(s)
46 pence 121,000
d) Aggregated information: 121,000 options over ordinary shares
-- Aggregated volume of 2 pence each, granted at 46 pence
-- Price per ordinary share
e) Date of the transaction 15 June 2020
f) Place of the transaction Outside of trading venue
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END
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