07 FEBRUARY 2024
Getech Group plc
("Getech" or the "Company")
Board Changes and Grant of Share Options
Getech (AIM: GTC), a world-leading locator of subsurface resources, makes the following announcement concerning changes to Board membership and a Grant of Options.
Board Changes
Getech is pleased to confirm the following previously announced changes to the Board:
· Michael Covington, currently Acting Chairman, shall become the Chairman with immediate effect.
· Richard Bennett, currently Acting CEO, shall become the CEO with immediate effect.
Additionally, Dr Stuart Paton has notified the Company that he will not be standing for re-election at the next AGM and, after 12 years of service, shall retire from the Board on 31 March 2024. Getech has commenced a recruitment process to appoint a new independent non-executive director and shall update the market in due course.
The newly confirmed appointments reaffirm Getech's commitment to focus on the development of the company's Globe geoscience platform and to utilise artificial intelligence and machine learning technologies to help exploration for the subsurface resources that are vital to the energy transition including geothermal, natural hydrogen and critical minerals such as copper and lithium.
Grant of Options
On 6 February 2024, Getech has granted share options in respect of a total of 6,450,000 ordinary shares in the Company to the executive team and senior leadership team under the approved share option scheme (the "Options").
The Options include the following awards to directors and PDMRs:
| Name | Position | Number of Options |
| Richard Bennett | CEO | 1,700,000 |
| Andrew Darbyshire | CFO | 900,000 |
| Chris Jepps | COO | 900,000 |
The Options all have the following terms:
· The Option exercise price 8.0p (the volume weighted average closing price of the Company's ordinary shares since 22 January 2024, the date of the most recent RNS release)
· The Option term is 5 years, with 50% vesting after 2 years and 50% vesting after 3 years
· The vesting of the Options is subject to achieving a one-month volume weighted average closing price in excess of 24p during the term of the option.
Alongside the grant of the Options, all previously awarded employee share options outstanding have been cancelled, with the exception of 198,440 options that remain outstanding from those granted on 15 March 2023.
The Company's renumeration report will be subject to a shareholder vote at the next AGM, in accordance with the principles of the QCA Corporate Governance Code for Small and Mid-size Companies.
Michael Covington, Chairman "Firstly, I would like to express the sincere thanks of the Board and employees to Dr Stuart Paton for his long-term and passionate commitment to the development of the business and wish him every success.
I am very pleased to become Chairman at this exciting time of considerable change and opportunity for Getech. The energy transition is already creating new markets for Getech and requirements for highly sustainable exploration in our traditional energy markets.
I believe the Getech team is strongly aligned with shareholder interests and motivated to drive growth and value creation."
For further information, please contact:
| Getech Group plc Richard Bennett, CEO |
Tel: 0113 322 2200 |
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| Cavendish Capital Markets Limited Neil McDonald / Pete Lynch (Corporate Finance) Michael Johnson / Dale Bellis (Sales) |
Tel: 0207 397 8900
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| Novella Communications | Tel: 0203 151 7008 |
| Tim Robertson / Claire de Groot / Safia Colebrook | |
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Notes to editors:
Getech Group plc (AIM: GTC) applies its world-leading geoscience data and unique geospatial software products to accelerate the energy transition by locating, developing and operating geoenergy and green hydrogen projects.
For further information, please visit www.getech.com.
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||||||
| a) | Name | Richard Bennett | ||||||||||
| 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 | Getech Group plc | ||||||||||
| b) | LEI | 213800L36BCDMGT89738 | ||||||||||
| 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 | Options over Ordinary Shares of 0.25p each | ||||||||||
| b) | Nature of the transaction | Grant of Options under the Approved Share Option Scheme | ||||||||||
| c) | Price(s) and volume(s) |
| ||||||||||
| d) | Aggregated information
|
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| e) | Date of the transaction | 6 February 2024 | ||||||||||
| f) | Place of the transaction | Outside a trading venue | ||||||||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||||||
| a) | Name | Andrew Darbyshire | ||||||||||
| 2 | Reason for the notification | |||||||||||
| a) | Position/status | CFO | ||||||||||
| b) | Initial notification/Amendment | Initial notification | ||||||||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||||
| a) | Name | Getech Group plc | ||||||||||
| b) | LEI | 213800L36BCDMGT89738 | ||||||||||
| 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 | Options over Ordinary Shares of 0.25p each | ||||||||||
| b) | Nature of the transaction | Grant of Options under the Approved Share Option Scheme | ||||||||||
| c) | Price(s) and volume(s) |
| ||||||||||
| d) | Aggregated information
|
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| e) | Date of the transaction | 6 February 2024 | ||||||||||
| f) | Place of the transaction | Outside a trading venue | ||||||||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||||||
| a) | Name | Christopher Jepps | ||||||||||
| 2 | Reason for the notification | |||||||||||
| a) | Position/status | COO | ||||||||||
| b) | Initial notification/Amendment | Initial notification | ||||||||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||||
| a) | Name | Getech Group plc | ||||||||||
| b) | LEI | 213800L36BCDMGT89738 | ||||||||||
| 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 | Options over Ordinary Shares of 0.25p each | ||||||||||
| b) | Nature of the transaction | Grant of Options under the Approved Share Option Scheme | ||||||||||
| c) | Price(s) and volume(s) |
| ||||||||||
| d) | Aggregated information
|
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| e) | Date of the transaction | 6 February 2024 | ||||||||||
| f) | Place of the transaction | Outside a trading venue | ||||||||||
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