360 Capital Group (ASX:TGP) Announces Changes to LTI and STI Programs
Cancellation of LTI Securities
360 Capital Group (ASX:TGP) has announced the cancellation of the remaining 12 million securities issued under the FY2023 Long-Term Incentive (LTI) program. This follows a previous announcement regarding the cancellation of 6 million LTI securities. The only remaining LTI securities are 3.9 million retention LTI equity rights. A separate Appendix 3C will detail these updates.
Amendments to STI Program
The Group’s independent directors have revised the Short-Term Incentive (STI) program to align more closely with the Group’s strategy for growing its funds management platform. The updated program will now focus 80% on financial measures, including revenue growth from third-party capital and funds management activities. The remaining 20% will concentrate on non-financial criteria, such as compliance and risk management, as well as the implementation of key strategic initiatives.
The STI program will maintain a cap at 100% of the total participant base salaries, including superannuation. The changes aim to enhance the performance incentives linked to the Group’s funds management activities, which are expected to positively impact Group earnings per security.
Future Outlook
360 Capital Group plans to release its half-year results for FY25 in late February 2025, offering further updates on earnings and activities at that time. The amendments made to the LTI and STI programs are in response to a comprehensive review aimed at achieving strategic alignment and operational excellence.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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