Grant and variation of Options

Mercia Asset Management PLC
27 March 2024
 

RNS

27 March 2024

 

Mercia Asset Management PLC

 

("Mercia", the "Company" or the "Group")

 

Grant and variation of Options

 

Mercia Asset Management PLC (AIM: MERC), the proactive, regionally focused specialist asset manager with c.£1.5billion of assets under management, announces that options (the "CSOP Options") over a total of 1,000,000 new Ordinary shares ("Ordinary Shares") were awarded to Jocelyne Bath, the new Chief Operating Officer of the Group and a person discharging managerial responsibilities ("PDMR") pursuant to the 2014 Mercia Company Share Option Plan ("2014 CSOP"), at an exercise price of 33.00p per Ordinary Share (being the closing mid-market price of an Ordinary Share on 26 March 2024). The Options will, subject to the satisfaction of the performance condition, vest in three equal tranches on the third, fourth and fifth anniversary of the date of grant of the Options.

 

The Company further announces that, pursuant to the existing 2021 Performance Share Plan, the performance period for the existing 8,800,000 nominal cost options (the "PSP Options") over Ordinary Shares granted on 9 July 2021 to the Executive Directors and one further PDMR, has been extended.

 

Pursuant to the rules of the Mercia CSOP, the Company's Remuneration Committee has elected to vary the vesting period in which the performance condition of the PSP Options has to be satisfied, by an additional year.  The Remuneration Committee considers that this is the most appropriate way of continuing to align the interests of the Executive Directors and one further PDMR with the shareholders of the Company, whilst continuing to provide a strong incentive. This facilitates the retention of high calibre individuals, who are leading the delivery of positive investment returns for Mercia's clients and as a direct consequence, the continuing successful growth of Mercia's Assets under Management and its profitability.

The PSP Options will, subject to the satisfaction of the performance condition, now vest on 9 July 2025, being the fourth anniversary of the date of grant of the options (the "Vesting Date") and will continue to be subject to a subsequent two-year holding period. The number of PSP Options which will vest on the Vesting Date will depend on the Company's total shareholder return ("TSR") over a performance period of four financial years, which started on 1 April 2021. The number of PSP Options vesting will be calculated as follows: 50% of the PSP Options will vest based on the achievement of 10.0% TSR per annum (compounded) over the new four-year performance period. Vesting will then increase on a straight-line basis to full vesting for the achievement of 20.0% TSR per annum (compounded). 

 

Following the grant of the CSOP Options and the amendment to the PSP Options above, the Company has a total of 35,039,150 options in issue pursuant to the 2014 CSOP, equating to 8.6% of the existing issued share capital of the Company.

 

Following the grant of the CSOP Options and the amendment to the PSP Options above, the PDMRs listed below hold the following options and Ordinary Shares:

 

PDMR

Role

Grant of CSOP Options or amendment of PSP Options under 2014 CSOP

Total number of options over Ordinary Shares

Interest in existing issued Ordinary Shares

Mark Payton*

Chief Executive Officer

2,596,430

5,422,932

7,184,876

Martin Glanfield**

Chief Financial Officer

2,113,652

4,536,697

1,744,947

Julian Viggars***

Chief Investment Officer

2,113,652

4,536,697

978,640

Peter Dines

Chief Operating Officer

1,976,266

4,245,813

1,078,389

Jocelyne Bath

Chief Operating Officer

1,000,000

1,000,000

-

*     Including 12,793 Ordinary shares held by Katharine Yeo

**   Including 125,784 Ordinary shares held by Bryonie Glanfield

*** Including 84,064 Ordinary shares held by Emma Viggars

 

 

Notification and public disclosure of transactions by persons discharging managerial responsibilities:

 

1

Details of the persons discharging managerial responsibilities/person closely associated

a)

Name

(i)         Mark Payton, Chief Executive Officer

(ii)        Martin Glanfield, Chief Financial Officer

(iii)       Julian Viggars, Chief Investment Officer

(iv)       Peter Dines, Chief Operating Officer

(v)        Jocelyne Bath, Chief Operating Officer

2

Reason for the notification

a)

Position/status

Executive Directors and PDMRs of the Company

b)

Initial Notification/ Amendment

Initial Notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Mercia Asset Management PLC

b)

Legal Entity Identifier

213800A1Q4CF57NECG66

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

Ordinary Shares of £0.00001 each

 

ISIN - GB00BSL71W47

b)

Nature of transaction

(i) to (iv): variation of performance condition of existing options.

(v): grant of options

c)

Currency

GBP

d)

Price(s) and volume(s)

Exercise Price

No. of Ordinary Shares

£0.00001

(i)            2,596,430

£0.00001

(ii)           2,113,652

£0.00001

(iii)          2,113,652

£0.00001

(iv)         1,976,266

£0.3300

(v)          1,000,000

e)

Aggregate information

- Aggregate volume

- Price

- Aggregate total

N/A - single transactions

f)

Date of the transaction

26 March 2024

g)

Place of the transaction

Outside a trading venue

 

- Ends -

 

For further information, please contact:

 

Mercia Asset Management PLC

Mark Payton, Chief Executive Officer

Martin Glanfield, Chief Financial Officer

www.mercia.co.uk   

 

+44 (0)330 223 1430

 

Canaccord Genuity Limited (NOMAD and Joint Broker)

+44 (0)20 7523 8000

Simon Bridges, Emma Gabriel




Singer Capital Markets (Joint Broker)

+44 (0)20 7496 3000

Harry Gooden, James Moat




FTI Consulting

 +44 (0)20 3727 1051

Tom Blackwell, Jenny Boyd


mercia@fticonsulting.com


 

About Mercia Asset Management PLC

Mercia is a proactive, specialist asset manager focused on supporting regional SMEs to achieve their growth aspirations. Mercia provides capital across its four asset classes of venture, private equity, debt and proprietary capital: the Group's 'Complete Connected Capital'. The Group initially nurtures businesses via its third-party funds under management, then over time Mercia can provide further funding to the most promising companies, by deploying direct investment follow-on capital from its own balance sheet.

 

The Group has a strong UK footprint through its regional offices, university partnerships and extensive personal networks, providing it with access to high-quality deal flow.

 

Mercia Asset Management PLC is quoted on AIM with the EPIC "MERC".

 

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