Grant of Options

Portmeirion Group PLC

03 May 2023

 

3 May 2023

Portmeirion Group PLC

("Portmeirion" or the "Company")

Grant of Options

The Portmeirion Group 2022 Approved Share Option Plan and The Portmeirion Group 2022 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 2 May 2023, 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 £4.69 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	50,000	5,275
Michael Knapper	Group Operations Director	35,000	2,686
William Robedee	Global Sales Director	35,000	3,864
David Sproston	Group Finance Director	35,000	2,087
Moira MacDonald	Group Company Secretary	15,000	-
	Total:	170,000	13,912

Note:

(A)   Grant of options under Option Plans.

(B)    Grant of new options under Deferred Plan against 2022 performance and incentive arrangements (further detail below).

The Company granted 170,000 options over Ordinary Shares to the PDMRs shown above and a further 153,000 options over Ordinary Shares to other senior managers pursuant to the Option Plans.  The 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 2 May 2023 are normally only exercisable if the increase in the average of the Company's basic adjusted (for changes in accounting standards and exceptional items) earnings per share for each of the three years ending 31 December 2023, 31 December 2024 and 31 December 2025 is at least 10% higher than that for the year ended 31 December 2022. The calculation of basic adjusted earnings per share shall take account of the number of shares in issue and effective tax rates at the date of grant.

In addition, the Company granted 13,912 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 2022.

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	156,088	11,886	0.08%
Michael Knapper	98,192	8,191	0.06%
William Robedee	100,915	-	-
David Sproston	96,366	3,815	0.03%
Moira MacDonald	38,500	2,693	0.02%

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	Michael Raybould
2.	Reason for the notification
a)	Position/status	Chief Executive
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 3 May 2026 - 1 May 2033. (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:  £4.69 per Ordinary Share Volume(s) Options over Ordinary Shares Michael Raybould 50,000 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 5,275
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 - 2 May 2023 In respect of (B) Grant of options under Deferred Plan 2 May 2023
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

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Michael Knapper
2.	Reason for the notification
a)	Position/status	Group Operations Director
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 3 May 2026 - 1 May 2033. (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:  £4.69 per Ordinary Share Volume(s) Options over Ordinary Shares Michael Knapper 35,000 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 Knapper 2,686
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 - 2 May 2023 In respect of (B) Grant of options under Deferred Plan 2 May 2023
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

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	William Robedee
2.	Reason for the notification
a)	Position/status	Global Sales Director
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 3 May 2026 - 1 May 2033. (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:  £4.69 per Ordinary Share Volume(s) Options over Ordinary Shares William Robedee 35,000 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 William Robedee 3,864
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 - 2 May 2023 In respect of (B) Grant of options under Deferred Plan 2 May 2023
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

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	David Sproston
2.	Reason for the notification
a)	Position/status	Group Finance Director
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 3 May 2026 - 1 May 2033. (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:  £4.69 per Ordinary Share Volume(s) Options over Ordinary Shares David Sproston 35,000 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 David Sproston 2,087
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 - 2 May 2023 In respect of (B) Grant of options under Deferred Plan 2 May 2023
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

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Moira MacDonald
2.	Reason for the notification
a)	Position/status	Group Company Secretary
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 3 May 2026 - 1 May 2033.
d)	Price(s) and volume(s)	In respect of (A) Grant of options under Option Plans Price at grant: Nil Exercise Price:  £4.69 per Ordinary Share Volume(s) Options over Ordinary Shares Moira MacDonald 15,000
e)	Aggregated information -     Aggregated volume -     Price	In respect of (A) Grant of options under Option Plans Nil, grant of options only
f)	Date of the transactions	In respect of (A) Grant of options under Option Plans - 2 May 2023
g)	Place of the transactions	In respect of (A) Grant of options under Option Plans - - 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 Emily Brooker
Shore Capital: (Nominated Adviser and Joint Broker):	[phone]
Patrick Castle Lucy Bowden	Corporate Advisory
Malachy McEntyre	Corporate Broking
Singer Capital Markets (Joint Broker):	[phone]
Peter Steel	Investment Banking
Asha Chotai

 

END