Fintel (FNTL) has made further grants of B, C and D shares under its Growth Share Plan and, in addition, has created and granted a new class of E shares under the same plan.
The plan was introduced in August 2023 as a repeatable incentive structure, with initial awards made then and a further award made in May 2024. Following a remuneration review, the remuneration committee has decided to make a further award of B, C and D shares to CEO Matt Timmins and CFO David Thompson, reflecting additional contribution and responsibility following the departure of joint chief executive Neil Stevens. It has also created the E share class to incentivise a wider group of existing and new employees.
On 2 February 2026 certain E Shares were allocated under the plan. The final determination date of those E Shares is consistent with the B, C and D shares and they will vest in August 2028. The value pot in respect of the E shares is comprised of 8% of value of market capitalisation between £400m and £500m. In total there are 400 E shares which share in this value pot, of which 281 have been awarded.
Value will only accrue to holders of E shares to the extent that the market capitalisation during the measurement period is above £400m. The return thresholds exclude dividends paid to shareholders. Should the market capitalisation during the measurement period exceed £500m, the maximum award for each holder of E shares would be accrued, representing a value of £8m for delivering at least £100m of shareholder value, excluding dividends.
The 2026 awards have been made to 27 key employees across the business, including executive directors, the executive committee and other senior management, with some shares left unallocated for potential future grants. The latest B, C and D awards comprise 75 shares for Timmins (maximum potential value £1,969,830) and 60 shares for Thompson (maximum potential value £1,435,920). The company also noted the executives will cash fund a crystallised dry tax charge of £104,000 in aggregate for the 2026 awards, which is not refundable if targets are not met.
Looking at cumulative holdings under the plan, Timmins holds 265 B, C and D shares with a stated maximum potential value of £6,507,148, while Thompson holds 295 shares with a stated maximum potential value of £6,223,199.
The grants to directors and certain subsidiary directors are treated as related party transactions under the AIM Rules. Alongside the CEO and CFO awards, the related party awards also cover Alex Whitson, Laura Chuck, Paul Dagley-Morris, James Goad, Steve Lomax, Russell Naglis, Ben Rogers and Paul Simcock.
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This is a clear attempt to keep incentives aligned as the business scales, with the new E shares explicitly tied to meaningful market capitalisation growth by 2028.