- Bytes Technology Group plc grants Performance Share Plan (PSP) and Deferred Share Bonus Plan (DBP) options to Directors and PDMRs.
- Neil Murphy, CEO, and Andrew Holden, CFO, among the recipients of the granted share options.
- Share options are tied to performance conditions and aim to align the interests of key individuals with the long-term success of the company.
Bytes Technology Group plc (BTG) announced the grant of Performance Share Plan (PSP) and Deferred Share Bonus Plan (DBP) options to its Directors and Persons Discharging Managerial Responsibility (PDMRs). These grants, made on 1 June 2023 under the BTG 2020 PSP and 2020 DBP, aim to align the interests of key individuals with the long-term performance of the company.
Under the BTG 2020 PSP, Neil Murphy, Director and PDMR, has been granted 125,600 PSP options, while Andrew Holden, Director and PDMR, has received 102,400 PSP options. These options represent the maximum available if specific performance conditions are met over the three-year performance period from 1 March 2023 to 28 February 2026. The performance conditions are tied to the company’s adjusted earnings per share growth and relative total shareholder return during the specified period. Detailed information regarding these conditions will be disclosed in the company’s upcoming annual report, set to be distributed to shareholders on 6 June 2023 and made available on the BTG website.
The vesting of PSP options will occur on a pro-rata basis within the threshold and maximum vesting figures. Notably, the BTG Remuneration Committee retains discretion to reduce the overall PSP vesting level if it determines that the underlying business performance does not justify it.
In addition to the PSP options, Neil Murphy has been granted 24,989 DBP options, and Andrew Holden has received 20,376 DBP options under the BTG 2020 DBP. The DBP allows for the deferral of one-third of the annual bonus awarded to each executive director for the financial year ended 28 February 2023. These DBP options vest over a two-year period and are not subject to additional performance conditions. Furthermore, the underlying share options will accrue dividend equivalents over the vesting period.
The Company has made these notifications in accordance with DTR 3.1.2-A, incorporating article 19(1) of the Market Abuse Regulation. The granting of these share options reinforces BTG’s commitment to attracting and retaining top talent while aligning their interests with the long-term success of the organization.