Grant of Options

RNS Number : 4061J

Portmeirion Group PLC

26 April 2022

 

26 April 2022

Portmeirion Group PLC

(the "Company")

Grant of Options

The Portmeirion 2012 Approved Share Option Plan and The Portmeirion 2012 Unapproved Share Option Plan (the "Option Plans") and The Portmeirion Group 2018 Deferred Incentive Share Option Plan (the "Deferred Plan")

As part of its long-term employee remuneration and retention incentives, the Company announces that, on 25 April 2022, the following transactions occurred for the persons discharging managerial responsibilities ("PDMRs") as shown below:

		Option Plans number of options granted at an exercise price of 570 pence per Ordinary Share (A)	Deferred Plan number of options granted at an exercise price of £1.00 (B)
Company directors/officers:
Michael Raybould	Chief Executive	40,000	10,813
Jacqui Gale	Chief Commercial Officer	25,000	5,706
Michael Knapper	Group Operations Director	25,000	5,506
William Robedee	President of North America	25,000	7,051
David Sproston	Group Finance Director	25,000	4,279
Moira MacDonald	Group Company Secretary	11,000	-
	Total:	151,000	33,355

Note:

(A)  Grant of options under Option Plans.  

(B)  Grant of new options under Deferred Plan against 2021 performance and incentive arrangements (further detail below).

The Company granted 151,000 options over Ordinary Shares to the PDMRs shown above and a further 144,500 options over Ordinary Shares to other senior managers pursuant to the Option Plans.  T he options are subject to the achievement of performance targets as determined by the Remuneration Committee, and as required under the Option Plans.  The options granted on 25 April 2022 are normally only exercisable if the increase in the average of the Group's basic adjusted (for changes in accounting standards and exceptional items) earnings per share for each of the three years ending 31 December 2022, 31 December 2023 and 31 December 2024 is at least 20% higher than that for the year ended 31st December 2021. The calculation of basic adjusted earnings per share shall take account of the number of shares and effective tax rates at the date of grant.

In addition, the Company granted 33,355 options to Executive Directors shown above over Ordinary Shares pursuant to the Deferred Plan.  In accordance with the rules of the Deferred Plan, the number of options granted is based on the gross incentive payment earned by the relevant Director in respect of the year ended 31 December 2021.

PDMR Shareholdings

The total number of Ordinary Shares over which each PDMR holds options and the total number of Ordinary Shares with voting rights held following this Admission is:

	Total number of options over Ordinary Shares		Total number  of Ordinary Shares with voting rights	Ordinary Shares percentage of Company's Ordinary Shares with voting rights
Michael Raybould	145,171	5,548		0.04%
Jacqui Gale	70,706	-		-
Michael Knapper	84,121	5,576		0.04%
William Robedee	77,051	-		-
David Sproston	88,279	1,315		0.01%
Moira MacDonald	31,000	2,693		0.02%

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: Michael Raybould Chief Executive Jacqui Gale Chief Commercial Officer Michael Knapper Group Operations Director William Robedee President of North America David Sproston Group Finance Director Moira MacDonald Group Company Secretary
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	(A)  Performance related, Grant of options under Option Plans. Exercise period 26 April 2025 - 24 April 2032. (B)  Grant of new options under The Portmeirion Group 2018 Deferred Incentive Share Option Plan (the "Deferred Plan").
d)	Price(s) and volume(s)	In respect of (A) Grant of options under Option Plans Price at grant: Nil Exercise Price:  £5.70 pence per Ordinary Share Volume(s) Options over Ordinary Shares Michael Raybould 40,000 Jacqui Gale 25,000 Michael Knapper 25,000 William Robedee 25,000 David Sproston 25,000 Moira MacDonald 11,000 In respect of (B) Grant of options under Deferred Plan Price at grant: Nil Exercise Price (per PDMR in respect of all options granted): £1 Options over Ordinary Shares Michael Raybould 10,813 Jacqui Gale 5,706 Michael Knapper 5,506 William Robedee 7,051 David Sproston 4,279
e)	Aggregated information -  Aggregated volume -  Price	In respect of (A) Grant of options under Option Plans Nil, grant of options only In respect of (B) Grant of options under Deferred Plan Nil, grant of options only
f)	Date of the transactions	In respect of (A) Grant of options under Option Plans - 25 April 2022 In respect of (B) Grant of options under Deferred Plan 25 April 2022
g)	Place of the transactions	In respect of (A) Grant of options under Option Plans - - Off-market In respect of (B) Grant of options under Deferred Plan - 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	[phone]		[e-mail]
David Sproston, Group Finance Director	[phone]		[e-mail]
Hudson Sandler:
Dan de Belder	[phone]		[e-mail]
Nick Moore			[e-mail]
Panmure Gordon
(Nominated Adviser and Broker):
[phone]
Freddy Crossley
Rupert Dearden	Corporate Broking
Singer Capital Markets (Joint Broker):		[phone]
Peter Steel / Asha Chotai		Investment Banking
Rachel Hayes

 

END

 

 

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