Last checked at 30 Nov 2021 07:00
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the company's obligations under Article 17 of MAR. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
30 November 2021
Fintel plc
("Fintel" or the "Company")
Implementation of Value Builder Plan, and PDMR dealing
Fintel plc (AIM: FNTL) is pleased to announce the implementation of its Value Builder Plan ("VB Plan") and a number of initial grants of awards under the VB Plan to colleagues. The VB Plan has been created, following extensive consultation with many of the Company's shareholders, to incentivise our executive and senior teams to deliver long-term value creation for shareholders.
Closure of MIP scheme
The Management Incentive Plan ("MIP") has been satisfied in full via the allotment of shares (see RNS 0179S of 11 November 2021 for full details). No further awards will be made under the MIP and the scheme is therefore closed.
New Value Builder Plan
The VB plan creates a distributable value pot ("Value Pot"), the size of which is determined as being a fixed proportion of the growth in the market capitalisation of the Company over three-year performance periods. It is the intention to base the VB Plan on annual awards ("Tranches"), and the first Tranche has a performance period from 01 May 2021 to 30 April 2024.
The size of the Value Pot in any one Tranche is set at 5.5% of the growth in market capitalisation achieved in the relevant performance period.
In addition, the awards will be subject to a floor of Earnings Per Share (EPS) growth, set by the Remuneration Committee ("RemCo").
The Value Pot for each Tranche will be allocated at the discretion of RemCo, and will consist of each participant receiving a fixed allocation of units ("Units"), from a total of 100 notional Units. Any unallocated Units may be allocated later at RemCo's discretion.
Each annual award will allow for up to a two-year vesting window following the end of the respective performance period, and RemCo will retain the authority to determine whether to make settlement (which will be settled net of any income tax or national insurance arising) in ordinary shares in Fintel plc ("Fintel Shares") or in cash.
RemCo have full discretion to amend the terms of the VB Plan to take account of, for example, corporate activities such as acquisitions to ensure the performance targets remain appropriate.
Award size and performance conditions
On 29 November 2021, the first awards were allocated under the VB Plan ("Tranche 1"). The value that will accrue under Tranche 1 is fixed at 5.5% of the growth in market capitalisation between 1 May 2021 and 30 April 2024.
42 Units were allocated to Directors in the amounts listed in the table below and 40 Units were allocated to other PDMRs details of which are in the disclosure tables further below. An additional 18 units were allocated amongst 18 key personnel within the Company (non-PDMR's).
Director | Role | No of Units |
Neil Stevens | Joint Chief Executive Officer | 14 |
Matt Timmins | Joint Chief Executive Officer | 14 |
David Thompson | Chief Financial Officer | 14 |
The notification below, made in accordance with the requirements of the EU Market Abuse Regulation as incorporated into UK law, provides further detail.
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 | Neil Stevens |
2 | Reason for the notification | |
a) | Position/status | Joint Chief Executive Officer (PDMR) |
b) | Initial notification/Amendment | Initial notification |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | Fintel plc |
b) | LEI | 213800DXP1VY21GCTH04 |
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 | Units convertible into ordinary shares of 1p each (Units)
ISIN: GB00BG1THS43 |
b) | Nature of the transaction | Grant of Units |
c) | Price(s) and volume(s) | Price(s) Nil
Volume(s) 14 Units |
d) | Aggregated information | N/a - single transaction |
e) | Date of transaction | 29 November 2021 |
f) | Place of transaction | Outside a trading venue |
1 | Details of the person discharging managerial responsibilities/person closely associated | |
a) | Name | Matt Timmins |
2 | Reason for the notification | |
a) | Position/status | Joint Chief Executive Officer (PDMR) |
b) | Initial notification/Amendment | Initial notification |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | Fintel plc |
b) | LEI | 213800DXP1VY21GCTH04 |
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 | Units convertible into ordinary shares of 1p each (Units)
ISIN: GB00BG1THS43 |
b) | Nature of the transaction | Grant of Units |
c) | Price(s) and volume(s) | Price(s) Nil
Volume(s) 14 Units |
d) | Aggregated information | N/a - single transaction |
e) | Date of transaction | 29 November 2021 |
f) | Place of transaction | Outside a trading venue |
1 | Details of the person discharging managerial responsibilities/person closely associated | |
a) | Name | David Thompson |
2 | Reason for the notification | |
a) | Position/status | Chief Financial Officer (PDMR) |
b) | Initial notification/Amendment | Initial notification |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | Fintel plc |
b) | LEI | 213800DXP1VY21GCTH04 |
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 | Units convertible into ordinary shares of 1p each (Units)
ISIN: GB00BG1THS43 |
b) | Nature of the transaction | Grant of Units |
c) | Price(s) and volume(s) | Price(s) Nil
Volume(s) 14 Units |
d) | Aggregated information | N/a - single transaction |
e) | Date of transaction | 29 November 2021 |
f) | Place of transaction | Outside a trading venue |
1 | Details of the person discharging managerial responsibilities/person closely associated | |
a) | Name | Kyle Augustin |
2 | Reason for the notification | |
a) | Position/status | Fintel Chief Operating Officer (PDMR) |
b) | Initial notification/Amendment | Initial notification |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | Fintel plc |
b) | LEI | 213800DXP1VY21GCTH04 |
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 | Units convertible into ordinary shares of 1p each (Units)
ISIN: GB00BG1THS43 |
b) | Nature of the transaction | Grant of Units |
c) | Price(s) and volume(s) | Price(s) Nil
Volume(s) 8 Units |
d) | Aggregated information | N/a - single transaction |
e) | Date of transaction | 29 November 2021 |
f) | Place of transaction | Outside a trading venue |
1 | Details of the person discharging managerial responsibilities/person closely associated | |
a) | Name | Daniel Russell |
2 | Reason for the notification | |
a) | Position/status | Managing Director, Distribution Solutions (PDMR) |
b) | Initial notification/Amendment | Initial notification |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | Fintel plc |
b) | LEI | 213800DXP1VY21GCTH04 |
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 | Units convertible into ordinary shares of 1p each (Units)
ISIN: GB00BG1THS43 |
b) | Nature of the transaction | Grant of Units |
c) | Price(s) and volume(s) | Price(s) Nil
Volume(s) 8 Units |
d) | Aggregated information | N/a - single transaction |
e) | Date of transaction | 29 November 2021 |
f) | Place of transaction | Outside a trading venue |
1 | Details of the person discharging managerial responsibilities/person closely associated | |
a) | Name | Martin Reynolds |
2 | Reason for the notification | |
a) | Position/status | CEO Simply Biz Mortgages (PDMR) |
b) | Initial notification/Amendment | Initial notification |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | Fintel plc |
b) | LEI | 213800DXP1VY21GCTH04 |
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 | Units convertible into ordinary shares of 1p each (Units)
ISIN: GB00BG1THS43 |
b) | Nature of the transaction | Grant of Units |
c) | Price(s) and volume(s) | Price(s) Nil
Volume(s) 8 Units |
d) | Aggregated information | N/a - single transaction |
e) | Date of transaction | 29 November 2021 |
f) | Place of transaction | Outside a trading venue |
1 | Details of the person discharging managerial responsibilities/person closely associated | |
a) | Name | John Milliken |
2 | Reason for the notification | |
a) | Position/status | CEO, Defaqto (PDMR) |
b) | Initial notification/Amendment | Initial notification |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | Fintel plc |
b) | LEI | 213800DXP1VY21GCTH04 |
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 | Units convertible into ordinary shares of 1p each (Units)
ISIN: GB00BG1THS43 |
b) | Nature of the transaction | Grant of Units |
c) | Price(s) and volume(s) | Price(s) Nil
Volume(s) 8 Units |
d) | Aggregated information | N/a - single transaction |
e) | Date of transaction | 29 November 2021 |
f) | Place of transaction | Outside a trading venue |
1 | Details of the person discharging managerial responsibilities/person closely associated | |
a) | Name | Matt West |
2 | Reason for the notification | |
a) | Position/status | Fintel Chief Revenue Officer (PDMR) |
b) | Initial notification/Amendment | Initial notification |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | Fintel plc |
b) | LEI | 213800DXP1VY21GCTH04 |
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 | Units convertible into ordinary shares of 1p each (Units)
ISIN: GB00BG1THS43 |
b) | Nature of the transaction | Grant of Units |
c) | Price(s) and volume(s) | Price(s) Nil
Volume(s) 7 Units |
d) | Aggregated information | N/a - single transaction |
e) | Date of transaction | 29 November 2021 |
f) | Place of transaction | Outside a trading venue |
1 | Details of the person discharging managerial responsibilities/person closely associated | |
a) | Name | Vicky Williams |
2 | Reason for the notification | |
a) | Position/status | Fintel Company Secretary (PDMR) |
b) | Initial notification/Amendment | Initial notification |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | Fintel plc |
b) | LEI | 213800DXP1VY21GCTH04 |
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 | Units convertible into ordinary shares of 1p each (Units)
ISIN: GB00BG1THS43 |
b) | Nature of the transaction | Grant of Units |
c) | Price(s) and volume(s) | Price(s) Nil
Volume(s) 1 Unit |
d) | Aggregated information | N/a - single transaction |
e) | Date of transaction | 29 November 2021 |
f) | Place of transaction | Outside a trading venue |
For further information please contact:
Fintel plc via Instinctif Partners
Matt Timmins (Joint Chief Executive Officer)
Neil Stevens (Joint Chief Executive Officer)
Zeus Capital (Nominated Adviser and Joint Broker) +44 (0) 20 3829 5000
Martin Green
Dan Bate
Pippa Hamnett
Investec Bank (Joint Broker) +44 (0) 20 7597 5095
Bruce Garrow
David Anderson
Harry Hargreaves
Instinctif Partners (Financial PR) +44 (0) 20 7457 2020
Mark Walter fintel@instinctif.com
George Peele