Executive Share Option Grants

RNS Number : 8327L

Portmeirion Group PLC

04 May 2020

 

4 May 2020

Portmeirion Group PLC

(the "Company")

Executive Share Option Grants

The Company announces that, on 4 May 2020, it granted options to Directors and senior managers over a total of 200,500 ordinary shares of 5 pence each in the Company ("Ordinary Shares") pursuant to The Portmeirion 2012 Approved Share Option Plan and The Portmeirion 2012 Unapproved Share Option Plan (the "2012 Plans").

The options are subject to the achievement of performance criteria as determined by the Remuneration Committee, and as required under the 2012 Plans.  The options granted on 4 May 2020 are normally only exercisable if t he increase in the average of the Group's basic adjusted earnings per share (as adjusted for changes in accounting standards and exceptional items) for each of the two years ending 31 December 2021 and 31 December 2022 is at least 10% higher than that for the year ended 31 December 2019. The exercise price of the options is in reference to the closing middle market price of an Ordinary Share on 1 May 2020, being the latest date prior to the grant. Of the total number of options granted, 160,500 options over Ordinary Shares were granted to persons discharging managerial responsibilities ("PDMRs") of the Company, as detailed below:

		Number options granted	Exercise price per Ordinary Share	Exercise period
Company directors/officers:
Philip Atherton	Group Sales & Marketing Director	21,000	£4.46	5 May 2023 - 3 May 2030
Michael Raybould	Chief Executive	40,000	£4.46	5 May 2023 - 3 May 2030
Michael Knapper	Operations Director	21,000	£4.46	5 May 2023 - 3 May 2030
David Sproston	Group Finance Director	29,000	£4.46	5 May 2023 - 3 May 2030
Moira MacDonald	Group Company Secretary	7,500	£4.46	5 May 2023 - 3 May 2030
Subsidiary company directors:
Robert Findler	Production Director (Portmeirion UK)	6,000	£4.46	5 May 2023 - 3 May 2030
Samantha Pearce	HR Director (Portmeirion UK)	6,000	£4.46	5 May 2023 - 3 May 2030
Jacqui Gale	Managing Director (Wax Lyrical)	10,000	£4.46	5 May 2023 - 3 May 2030
William Robedee	President (Portmeirion USA)	15,000	£4.46	5 May 2023 - 3 May 2030
Allison Bertorelli	Chief Financial Officer (Portmeirion USA)	5,000	£4.46	5 May 2023 - 3 May 2030
	Total:	160,500	£4.46	5 May 2023 - 3 May 2030

The total number of Ordinary Shares over which each PDMR holds options following this notification is:

	Total number of options over Ordinary Shares
Philip Atherton	16,499
Michael Raybould	-
Michael Knapper	2,511
David Sproston	-
Moira MacDonald	2,693
Robert Findler	-
Samantha Pearce	100
Jacqui Gale	-
William Robedee	-
Allison Bertorelli	-

Dick Steele, Chairman commented:

With the challenges that Covid-19 has brought to businesses worldwide, it is as important as ever that we incentivise and retain our key directors and senior managers to drive our business through this period of uncertainty.  Performance-related s hare options are a powerful tool to do just that whilst aligning their interests with those of shareholders .

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014 (MAR).

The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail.

_____________________________________________

Notification and public disclosure of transactions by persons discharging managerial responsibilities / person closely associated with them.

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Company directors/officers: Philip Atherton Group Sales & Marketing Director Michael Raybould Chief Executive Michael Knapper Operations Director David Sproston Group Finance Director Moira MacDonald Group Company Secretary Subsidiary company directors: Robert Findler Production Director (Portmeirion UK) Samantha Pearce HR Director (Portmeirion UK) Jacqui Gale Managing Director (Wax Lyrical) William Robedee President (Portmeirion USA) Allison Bertorelli Chief Financial Officer (Portmeirion USA)
2.	Reason for the notification
a)	Position/status	See 1(a) above for all positions - all classified as 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	Portmeirion Group PLC
b)	LEI	2138003QC9J6TLZJHO70
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 5 pence each
b)	Identification code	GB0006957293
c)	Nature of the transactions	Grant of options over Ordinary Shares
d)	Price(s) and volume(s)	Price at grant: Nil Exercise Price:  446 pence per Ordinary Share Volume(s) Options over Ordinary Shares Philip Atherton 21,000 Michael Raybould 40,000 Michael Knapper 21,000 David Sproston 29,000 Moira MacDonald 7,500 Robert Findler 6,000 Samantha Pearce 6,000 Jacqui Gale 10,000 William Robedee 15,000 Allison Bertorelli 5,000
e)	Aggregated information -  Aggregated volume -  Price	Nil, grant of options only
f)	Date of the transactions	4 May 2020
f)	Place of the transactions	Off-market

Name of authorised official of issuer responsible for making notification:

Moira MacDonald

Company Secretary to Portmeirion Group PLC

ENQUIRIES:

Portmeirion Group PLC:
Mike Raybould Chief Executive Officer	[phone]	[e-mail]
David Sproston Group Finance Director	[phone]	[e-mail]
Hudson Sandler:
Dan de Belder Nick Moore	[phone]	[e-mail] [e-mail]
Panmure Gordon:
(Nominated Adviser and Broker)	[phone]
Freddy Crossley / Joanna Langley		Corporate Finance
James Stearns		Corporate Broking

 

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