Grant of Share Options

RNS Number : 2336G

Midwich Group PLC

23 November 2020

 

23 November 2020

Midwich Group plc

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

Grant of Share Options

Midwich Group (AIM: MIDW), a specialist audio visual distributor to the trade market with operations across the UK and Ireland, Continental Europe, Asia-Pacific and North America, today announces that it has granted 297,116 nominal cost options over ordinary shares of £0.01 each in the Company under the Midwich Group plc 2016 Long Term Incentive Plan (the "LTIP Award") to Stephen Lamb, CFO.

Performance conditions and vesting

The performance conditions have been designed to ensure alignment between the incentivisation of the Executive Directors and the interests of the Company's shareholders.

The LTIP Award is subject to performance conditions linked to the Company's profitability, such that a base award of 66,026 ordinary shares in the Company will only vest if adjusted profit before tax in the financial year ending 31 December 2022 exceeds the adjusted profit before tax for the year ending 31 December 2019.

The balance of the LTIP Award will vest in tranches subject to the achievement of stretching profit targets for the year ending 31 December 2022. The LTIP Award will ordinarily vest in 2023 and is exercisable for up to 10 years from the date of grant. The base award is subject to a two-year holding period from the date of vesting. The LTIP Award is conditional on the cancellation of the 2018 and 2019 performance share options.

The Notification of Dealing Forms can be found below. These notifications are made under article 19 of the Market Abuse Regulation ("MAR").

1.	Details of the person discharging managerial responsibilities/person closely associated
(a)	Name	Stephen Lamb
2.	Reason for the notification
(a)	Position/status	Group Finance Director
(b)	Initial notification/ Amendment	Initial notification
3.	Details of the issuer
(a)	Name	Midwich Group Plc
(b)	LEI	213800TUH2ZU68PZZN12
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	Ordinary shares of £0.01 each
(b)	Identification code of the Financial Instrument	GB00BYSXWW41
(c)	Nature of the transaction	Grant of options
(d)	Price(s) and volume(s)	Price(s)	Volume(s)
		1p	297,116
(e)	Aggregated information -  Aggregated volume -   Price	n/a
(f)	Date of the transaction	23 November 2020
(g)	Place of the transaction	London Stock Exchange

For further information:

Midwich Group plc Stephen Fenby, Managing Director Stephen Lamb, Finance Director	Tel: [phone]
Investec Bank plc  (NOMAD and Joint Broker to Midwich) James Rudd Carlton Nelson	Tel: [phone]
Berenberg  (Joint Broker to Midwich) Ben Wright Mark Whitmore Alix Mecklenberg-Solodkoff	Tel: [phone]
FTI Consulting Alex Beagley Tom Hufton Rafaella de Freitas	Tel: [phone]

About Midwich Group

Midwich is a specialist AV distributor to the trade market, with operations in the UK and Ireland, Continental Europe and Asia-Pacific and North America. The Group's long-standing relationships with over 500 vendors, including blue-chip organisations, support a comprehensive product portfolio across major audio visual categories such as large format displays, projectors, digital signage and professional audio. The Group operates as the sole or largest in-country distributor for a number of its vendors in their respective product sets.

The Directors attribute this position to the Group's technical expertise, extensive product knowledge and strong customer service offering built up over a number of years. The Group has a large and diverse base of over 20,000 customers, most of which are professional AV integrators and IT resellers serving sectors such as corporate, education, retail, residential and hospitality. Although the Group does not sell directly to end users, it believes that the majority of its products are used by commercial and educational establishments rather than consumers.

Initially a UK only distributor, the Group now has around 1,000 employees across the UK and Ireland, Continental Europe, Asia-Pacific and North America. A core component of the Group's growth strategy is further expansion of its international operations and footprint into strategically targeted jurisdictions.

For further information, please visit  www.midwichgroupplc.com

 

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