PDMR LTIP AWARDS

RNS Number : 4258D
On the Beach Group PLC
02 March 2022
 

2 March 2022

 

On the Beach Group plc

("On the Beach", the "Company" or the "Group")

 

PDMR LTIP AWARDS

 

The notifications below are all in accordance with the requirements of Article 19 (3) of the EU Market Abuse Regulation 596/2014 and the dealings were in respect of ordinary shares of 1 pence each in the share capital of On the Beach Group plc.

 

On 25 February 2022, awards over shares (the "Awards") were made under the On the Beach Group plc Long Term Incentive Plan (the "Plan"), consequently, the share interests of the under-noted directors and persons discharging managerial responsibility have changed following the making of the Awards. The Awards have been granted in accordance with the remuneration policy adopted by the Company's shareholders at the Annual General Meeting held on Friday 25 February 2022.

 

The Awards, made for nil consideration, are nil-cost options established in accordance with the rules of the Plan. Vesting is subject to total shareholder return ("TSR") targets measured over the three year period commencing on the date of grant, and Total Transaction Value ("TTV") targets measured over the final financial year of the performance period ending 30 September 2024.

 

Director/PDMR

Role

Number of shares over which Awards made

Simon Cooper

Chief Executive Officer

84,343

Shaun Morton

Chief Financial Officer

214,961

 

Adam Hansen

Director of Corporate Development

74,044

 

Bill Allen

Chief Supply Officer

83,112

 

Kirsteen Vickerstaff

General Counsel and Company Secretary

66,638

 

Oliver Garner

Chief Executive Officer, Classic Collection Holidays and Classic Package Holidays

103,572

 

Stefan Nordin

Chief Technology and Product Officer

110,666

 

Zoe Harris

Chief Marketing Officer

118,111

 

 

These awards are subject to the following performance targets:

 

Measure

Description

Weighting

Threshold

Target

Maximum

Absolute TSR

Annualised absolute TSR

25 per cent

5%

N/A

15%

Relative TSR

Ranking of the Company's TSR relative to the constituents of the FTSE All Share Travel & Leisure Index 

25 per cent

Median

N/A

Upper quartile

Group TTV

 

Total transaction value of confirmed orders across all brands in the Group

25 per cent

£798.9m

£876.8m

£958.3m

Classic TTV

 

Total transaction value of confirmed orders made via Classic Collection Holidays and Classic Package Holidays businesses

12.5 per cent

£101.4m

£117.0m

£133.7m

Long Haul TTV

Total transaction value of confirmed orders for long haul bookings across all brands in the Group

12.5 per cent

£48.5m

£59.9m

£72.5m

 

25 per cent of the Awards will vest for threshold performance, increasing on a straight line basis to 62.5 per cent for target performance (where applicable) and to 100 per cent for maximum performance. Further details relating to the operation of the LTIP can be found within the 2021 Annual Report and Accounts which is available on the Company's website.

 

There were 165,883,705 shares in issue at the time of this notification.

 

1.

Details of PDMR / person closely associated with them ("PCA")

a)

Name

SIMON COOPER

 

SHAUN MORTON

 

ADAM HANSEN

 

BILL ALLEN

 

KIRSTEEN VICKERSTAFF

 

OLIVER GARNER

 

STEFAN NORDIN

 

ZOE HARRIS

2.

Reason for the notification

a)

Position / status

SIMON COOPER - CHIEF EXECUTIVE OFFICER

SHAUN MORTON - CHIEF FINANCIAL OFFICER

ADAM HANSEN - DIRECTOR OF CORPORATE DEVELOPMENT

BILL ALLEN - CHIEF SUPPLY OFFICER

KIRSTEEN VICKERSTAFF - GENERAL COUNSEL AND COMPANY SECRETARY

OLIVER GARNER - CHIEF EXECUTIVE OFFICER, CLASSIC COLLECTION HOLIDAYS AND CLASSIC PACKAGE HOLIDAYS

STEFAN NORDIN - CHIEF TECHNOLOGY AND PRODUCT OFFICER

ZOE HARRIS - CHIEF MARKETING OFFICER

b)

Initial notification / amendment

Initial Notification

3.

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

a)

Name

On the Beach Group plc

b)

LEI

213800K51Y9BZY7F9R69

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

Identification code

Ordinary shares of 1 pence

GB00BYM1K758

b)

Nature of the transaction

Awards made pursuant to the On the Beach Group plc Long Term Incentive Plan ("LTIP")

c)

Price(s) and volume(s)

 

Price(s)

Volume(s)

Nil

SIMON COOPER - 84,343

Nil

SHAUN MORTON - 214,961

Nil

ADAM HANSEN - 74,044

Nil

BILL ALLEN - 83,112

Nil

KIRSTEEN VICKERSTAFF - 66,638

Nil

OLIVER GARNER - 103,572

Nil

STEFAN NORDIN - 110,666

Nil

ZOE HARRIS - 118,111

 

 

d)

Aggregated information

Aggregated volume

Price

N/A

e)

Date of the transaction

25 February 2022

f)

Place of the transaction

Outside a trading venue

 

For further information:

 

On the Beach Group plc

Kirsteen Vickerstaff, Company Secretary

 

via FTI Consulting

FTI Consulting

Alex Beagley

Fiona Walker

Sam Macpherson

Rafaella de Freitas

Tel: +44 (0)20 3727 1000

 

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