Grant of Restricted Share Units

RNS Number : 5993R

Manx Financial Group PLC

07 July 2022

 

  7 July 2022

Manx Financial Group PLC (the 'Group')

Grant of Restricted Share Units

Manx Financial Group PLC announces that on 5 July 2022, the Group granted Restricted Share Units ("RSUs") under its 2022 Restricted Share Unit Plan. This plan was considered and approved by shareholders at the Group's 2022 Annual General Meeting.

The Group has issued, in total, RSUs over 2,120,000 ordinary shares representing 1.8% of the issued share capital of the Group with 1,100,000 to certain directors and 1,020,000 to certain employees. The RSUs will have a 2-year term and are subject to certain vesting conditions based upon an overall growth in profitability, both at the Group and Company level, the satisfaction of individual performance targets and other metrics, including the achievement of additional sources of liquidity for increased lending requirements. Any RSUs granted will fall away should the recipient leave employment before the 2-year term expires. Should the individual vesting conditions be satisfied at the end of the term, the stock will be granted at nil cost.

The directors who received RSUs are as follows:

· Douglas Grant, Group Chief Executive Officer, who currently owns 533,951 ordinary shares in the Company representing a holding of 0.46% was issued 925,000 RSUs. Including 700,000 Share Options issued 24 June 2014, he would hold a total of 2,158,951 ordinary shares, being 1.8% of the issued share capital of the Company on a fully diluted basis.

· James Smeed, Group Finance Director, was issued 175,000 RSUs. On the same basis, he would hold 0.15% of the new issued share capital of the Company.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU No. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.

For further information, please contact:

Manx Financial Group PLC Denham Eke, Executive Vice Chairman Tel [phone]

Beaumont Cornish Limited Roland Cornish/James Biddle Tel [phone]

Greentarget Limited Dafina Grapci-Penney Tel [phone]

 

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