Grant of Share Options and deferred bonus award

RNS Number : 3408U

Manolete Partners PLC

01 August 2022

 

1 August 2022

Manolete Partners plc

("Manolete" or the "Company")

Grant of Share Options and deferred bonus award

Manolete, a leading UK insolvency litigation financing company announces that on 29 July 2022, it granted nominal cost share options over ordinary shares of 0.4p each in the Company to its executive directors as set out in the table below.

Director	Award type	Number of shares subject to option
Steven Cooklin	Performance share award	163,797
Mark Tavener	Performance share award	64,234
Mark Tavener	Deferred bonus award	16,058
Philomena Halton	Performance share award	120,269

The options were granted under the Company's share option plan.

The performance share awards will ordinarily vest on the third anniversary of their grant subject to the grantee's continued service and the satisfaction of performance conditions based on (with equal weighting) (i) earnings per share for the Company's financial year ending 31 March 2025; (ii) average share price over the three months preceding the third anniversary of the grant of the options; and (iii) the group's strategic objectives for the period of three financial years ending 31 March 2025. Sliding scale performance targets apply in respect of the earnings per share and average share price elements, with 25% of the relevant portion of each option vesting for threshold performance, rising on a straight-line basis for full vesting of the relevant portion of each option for stretch performance or better. The extent of vesting of the strategic element will be dependent on the remuneration committee of the Board's assessment of related performance.

The deferred bonus award will ordinarily vest on the first anniversary of its grant subject to the grantee's continued service. The deferred bonus award relates to a deferred bonus awarded in shares for the Company's financial year ended 31 March 2022 and sits alongside the annual cash bonus disclosed in the latest report and accounts for the same year.

Each option has a per share exercise price equal to the nominal value of a share.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them. The announcement, including the notification(s) below, is made in accordance with the requirements of the Market Abuse Regulation.

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Steven Cooklin
2.	Reason for the Notification
a)	Position/status	Chief Executive Officer
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Manolete Partners plc
b)	LEI	213800R2X9V3KWCC4H47
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	Ordinary shares of 0.4p
	Identification code	GB00BYWQCY12
b)	Nature of the transaction	Options over ordinary shares with an exercise price per ordinary share equal to the nominal value of an ordinary share
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 163,797
d)	Aggregated information: · Aggregated volume · Price	See 4 (c) above
e)	Date of the transaction	29 July 2022
f)	Place of the transaction	Outside of a trading venue

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Mark Tavener
2.	Reason for the Notification
a)	Position/status	Chief Financial Officer
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Manolete Partners plc
b)	LEI	213800R2X9V3KWCC4H47
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	Ordinary shares of 0.4p
	Identification code	GB00BYWQCY12
b)	Nature of the transaction	Options over ordinary shares with an exercise price per ordinary share equal to the nominal value of an ordinary share
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 64,234 Nil 16,058
d)	Aggregated information: · Aggregated volume · Price	See 4 (c) above · 80,292
e)	Date of the transaction	29 July 2022
f)	Place of the transaction	Outside of a trading venue

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Philomena Halton
2.	Reason for the Notification
a)	Position/status	Managing Director
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Manolete Partners plc
b)	LEI	213800R2X9V3KWCC4H47
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	Ordinary shares of 0.4p
	Identification code	GB00BYWQCY12
b)	Nature of the transaction	Options over ordinary shares with an exercise price per ordinary share equal to the nominal value of an ordinary share
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 120,269
d)	Aggregated information: · Aggregated volume · Price	See 4 (c) above
e)	Date of the transaction	29 July 2022
f)	Place of the transaction	Outside of a trading venue

For further information, please contact:

Manolete Partners Plc	Via Instinctif Partners
Steven Cooklin (Chief Executive Officer)
Peel Hunt (NOMAD and Broker)	[phone]
Paul Shackleton
James Britton
Instinctif Partners (Financial PR)	[phone]
Tim Linacre	[e-mail]
Victoria Hayns

 

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