SYS1 System1 Group Plc

TIDMSYS1

RNS Number : 1515R

System1 Group PLC

26 June 2020

System1 Group PLC (AIM: SYS1)

("System1", or "the Company", or "the Group")

26 June 2020

Appointment of new executive director

System1 Group plc (AIM: SYS1) today announces that it has appointed Stefan Barden to the board of directors of the Company as an executive director with immediate effect. From November 2018, Stefan has been an adviser to the board of directors on strategy and technology, and has recently taken on the executive role of chief operating officer to assist the Company through its next phase of development. He will return to the advisory role when this is complete, expected to be in around a year.

Stefan has over 20 years of General Manager, Managing Director and CEO experience after graduating from McKinsey Management Consultancy and Unilever's fast track managment development programme. These include CEO of Northern Foods, CEO Heinz UK and Ireland, as well more latterly CEO of the internet business Wiggle which he took from GBP140m to GBP360m in sales in 3 years. Semi-retired, he also supports several CEOs, often founders, in developing high growth businesses. System1 is one of these companies.

Details in respect of Stefan Barden, as required pursuant to Rule 17 and Schedule 2(g) of the AIM Rules for Companies, are as set out below.

Additional Information

Stefan Barden, age 57, is currently or has been a director of the following companies within the past five years:

 
 Current Directorships     Previous directorships 
 Victus Advisory Limited   Two11 Limited 
                           Mapil Midco 1 Ltd 
                           Mapil Midco 2 Ltd 
                           Mapil TopCo Ltd 
                           Wiggle Ltd 
                           Mapil Bidco Limited 
                           Ensco 503 Ltd 
                           Decade Europe Ltd 
                           Hotlines Europe Ltd 
                           Chain Reaction Cycles Ltd 
                           Chain Reaction Cycles Retail 
                            Ltd 
 

Stefan Barden owns 716,062 ordinary shares in System1, representing 5.7% of the Company's voting share capital. In addition, on 18 April 2019 he received an equity award, comprising 300,000 zero cost stock options, which were approved at the Company's 2019 annual general meeting. They comprise three tranches of 100,000 options each, with the following performance conditions:

100,000 zero-priced stock options

-- Vest: when audited Gross Profit in any financial year exceeds GBP45m, subject to the Company's share price exceeding GBP5.00 per share for a 30 day consecutive period prior to the lapse date;

   --    Lapse: on 30 July 2024. 

100,000 zero-priced stock options

-- Vest: when audited Gross Profit in any financial year exceeds GBP68m, subject to the Company's share price exceeding GBP7.50 per share for a 30 day consecutive period prior to the lapse date;

   --    Lapse: on 30 July 2029. 

100,000 zero-priced stock options

-- Vest: when audited Gross Profit in any financial year exceeds GBP90m subject to share price exceeding GBP10.00 per share for a 30 day consecutive period prior to the lapse date;

   --    Lapses: on 30 July 2032. 

There are no further disclosures required in accordance with AIM Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies.

For further information, please contact:

 
 System1 Group PLC                 Tel: +44 (0)20 7043 
                                                  1000 
 John Kearon, Chief Executive 
  Officer 
 Chris Willford, Chief Financial 
  Officer 
 
 Canaccord Genuity Limited           Tel: +44 (0)20 7523 
                                                    8000 
 S imon Bridges / Andrew Potts 
 

The Company can be found at www.system1group.com .

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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