Nouveaux programmes de partage
26 Avril 2024
Groupe Alpha International plc
(« Alpha » ou la « Société »)
Nouveaux programmes de partage
Alpha Group International plc (AIM: ALPH), a high-tech, high-touch provider of financial solutions, dedicated to corporates and institutions operating internationally, today wishes to provide an update with regard to changes to the Group's Employee Share Schemes.
J Share Growth Scheme
The Group will be adopting a growth share scheme, in addition to and on similar terms to the existing F Share Growth Scheme under which 550 ordinary shares ("J Shares") in Alpha FX Limited will be issued in total to certain employees of the Group ("J Share Growth Scheme").
The J Shares contain a put option, allowing the holder to convert their J shares into ordinary shares in Alpha. The J Shares allocated to each employee will vest in five equal tranches, occurring annually, in respect of the Financial Years for 2024, 2025, 2026, 2027 and 2028, subject to the Group achieving the target growth rates for that year. The relevant target growth rates are as follows:- Group revenue growth of 20% in Financial Year 2024, 20% in Financial Year 2025, 20% in Financial Year 2026, 15% in Financial Year 2027 and 15% in Financial Year 2028. Once vested the employee has the right to exercise their put option to convert their J shares into ordinary shares of Alpha. The number of ordinary shares of Alpha issued to the employees is calculated by dividing the value of the employee's holding of J shares by the average of the closing price of Alpha over 60 days prior to the date of vesting. The value of each of the employee's J shares on vesting is calculated with reference to the gain in market capitalisation of Alpha between the allotment date (£761 million) and the vesting date (based on an average of the closing price of Alpha over 60 days prior to the date of vesting, subject to a cap of £1,694 million) divided by the number of relevant Alpha FX Limited shares in issue at the date of vesting.
L Share Growth Scheme
The Group will be adopting a new growth share scheme, under which 820 ordinary shares ("L Shares") in Alpha FX Limited will be issued in total to certain employees of the Group ("L Share Growth Scheme"). The L Share Growth Scheme will replace the existing G Growth Share Scheme and H Share Growth Scheme launched in 2022 and ensures that employees within the UK Corporate division are part of a single unified scheme.
The L Shares contain a put option, allowing the holder to convert their L shares into ordinary shares in Alpha. The L Shares allocated to each employee will vest in five equal tranches, occurring annually, in respect of the Financial Years for 2024, 2025, 2026, 2027 and 2028, subject to the London Corporate division (and the corporate division in Spain) achieving the target growth rates for that year. The relevant target growth rates are as follows:- London Corporate division (and the corporate division in Spain) revenue growth of 15% in Financial Year 2024, 15% in Financial Year 2025, 15% in Financial Year 2026, 10% in Financial Year 2027 and 10% in Financial Year 2028. Once vested the employee has the right to exercise their put option to convert their L shares into ordinary shares of Alpha. The number of ordinary shares of Alpha issued to the employees is calculated by dividing the value of the employee's holding of L shares by the average of the closing price of Alpha over 60 days prior to the date of vesting. The value of each of the employee's L shares on vesting is calculated with reference to the gain in market capitalisation of Alpha between the allotment date (£761 million) and the vesting date (based on an average of the closing price of Alpha over 60 days prior to the date of vesting, subject to a cap of £1,694 million) divided by the number of relevant Alpha FX Limited shares in issue at the date of vesting.
Fund Finance Share Scheme
Following the launch of the Fund Finance division in 2023, the Group is putting in place an employee share ownership scheme for certain individuals (the "Fund Finance Participants"). A new class of shares ("K Shares") in Alpha FX Limited is being created, with 75% owned by the Group and 25% owned by the remaining Fund Finance Participants. The value of the K Shares will be linked to the performance of the Fund Finance division. From March 2026, the Fund Finance Participants will have the option to convert 25% of their holding of K Shares into ordinary shares in the Company each year for four years (with the final option being exercisable in March 2029). The value of the shares upon conversion is based on an 8x multiple of the operation's annual profit after tax, and therefore is designed to be accretive on an EPS basis for our Group shareholders as long as Alpha's valuation stays in excess of an 8x multiple of earnings and Group earnings continue to grow sufficiently.
Italy Share Scheme
In order to incentivise the key personnel within the Italian Branch of Alpha FX Europe Limited, the Group is putting in place an employee share ownership scheme for certain individuals (the "Italy Branch Participants"). A new class of shares ("Actions de catégorie A") in Alpha FX Europe Limited is being created, with 82.5% owned by the Group and 17.5% owned by the remaining Italy Branch Participants. The value of the Class A Shares will be linked to the performance of the Italian Branch of Alpha FX Europe Limited. From March 2026, the Italy Branch Participants will have the option to convert 25% of their holding of Class A Shares into ordinary shares of the Company each year for four years (with the final option being exercisable in March 2029). The value of the shares upon conversion is based on an 8x multiple of the operation's annual profit after tax, and therefore is designed to be accretive on an EPS basis for our Group shareholders as long as Alpha's valuation stays in excess of an 8x multiple of earnings and Group earnings continue to grow sufficiently.
Netherlands and Germany Option Scheme
In order to incentivise the key personnel within the German Branch of Alpha FX Europe Limited and within Alpha FX Netherlands Limited, the Group is putting in place two new employee option schemes for certain individuals. The option schemes are being launched under the terms of Alpha's new Group Incentive Plan that has been put in place as part of the move to the Main Market. The options are being granted over shares in Alpha and the number of options awarded are linked to the performance of the German Branch of Alpha FX Europe Limited and Alpha FX Netherlands Limited, respectively. The German option scheme will entitle holders to exercise 25% of their options into ordinary shares in the Company from March 2027 each year for four years (with the final option being exercisable in March 2030). The Netherlands option scheme will entitle holders to exercise 25% of their options into ordinary shares in the Company from March 2026 each year for four years (with the final option being exercisable in March 2029).
Alpha confirms that no shares or options have been granted to any executive director in connection with the above schemes.
Alpha further confirms that in order to maintain good corporate governance, it will include the shares issued in connection with the above share and option schemes when assessing its share plan dilution limit post admission to the Main Market.
135 of the L Shares are being issued to Alex Howorth, who is a PDMR of the Company, and therefore the relevant regulatory disclosure has been made in the table below.
1
| Coordonnées de la personne exerçant des responsabilités managériales / personne étroitement liée
| ||||
a)
| Nom
| Alex Howorth | |||
2
| Motif de la notification
| ||||
a)
| Poste/statut
| Group Managing Director, FX Risk Management | |||
b)
| Notification initiale/Modification
| Initiales | |||
3
| Coordonnées de l'émetteur, du participant au marché des quotas d'émission, de la plate-forme d'enchères, du commissaire-priseur ou du contrôleur des enchères
| ||||
a)
| Nom
| Groupe Alpha International plc | |||
b)
| LEI
| 213800RESM1FPUXY6K31 | |||
4
| Détails de la (des) transaction (s): section à répéter pour (i) chaque type d'instrument; (ii) chaque type de transaction; (iii) chaque date; et (iv) chaque lieu où des transactions ont été effectuées
| ||||
a)
| Description de l'instrument financier, type d'instrument | L ordinary shares in Alpha FX Limited, which may be convertible into ordinary shares in Alpha Group International plc | |||
Code d'identification | ISIN : GB00BF1TM596 | ||||
b)
| Nature de la transaction
| Issue of L Shares | |||
c)
| Prix(s) et volume(s) | ||||
Des prix) | Volume(s) | ||||
N/D | 135 L Shares | ||||
d)
| Informations agrégées | N/D | |||
- Volume agrégé | |||||
- Prix | |||||
e)
| Date de la transaction
| 26 Avril 2024 | |||
f)
| Lieu de la transaction
| Hors marché |
Enquêtes
Groupe Alpha International plc Morgan Tillbrook, fondateur et PDG Tim Powell, directeur financier | Via Alma
|
Liberum (conseiller désigné et co-conseiller Broker) Max Jones Ben Cryer Anake Singh |
+ 44 (0) 20 3100 2000
|
Peel Hunt (Communiqué Broker) Neil Patel Paul Gillam Kate Bannatyne |
+ 44 (0) 20 7418 8900 |
Alma Communications Stratégiques (Relations publiques financières) Josh Royston Andy Bryant Kieran Breheny |
+ 44 (0) 20 3405 0205 |
Notes aux rédacteurs
Alpha est un fournisseur de haute technologie et de haute technologie de solutions financières améliorées dédiées aux entreprises et aux institutions du monde entier. Travaillant avec des clients dans plus de 50 pays, nous combinons les capacités humaines intelligentes avec les nouvelles technologies pour offrir aux clients une alternative améliorée à leur banque, avec des solutions couvrant : la gestion des risques de change, les paiements de masse des comptes mondiaux, le financement de fonds et la gestion bancaire.
La clé de notre succès réside dans notre équipe - plus de 400 personnes réparties dans sept bureaux mondiaux, réunies par une culture de haute performance et une structure de partenariat qui leur permet d'agir en tant que propriétaires de notre entreprise.
Bien que nous soyons une entreprise établie cotée à la Bourse de Londres, nous restons sans relâche concentrés sur le maintien du même niveau d'agilité opérationnelle et d'orientation client que nous avions lors de nos débuts en 2009. Cette dynamique, combinée à la passion de nos collaborateurs, a permis nous devons faire une différence substantielle et durable pour nos clients et offrir une histoire de croissance à la hauteur.
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