Grant of Options

Portmeirion Group PLC

08 May 2024

 

8 May 2024

Portmeirion Group PLC

("Portmeirion" or the "Company")

Grant of Options

The Portmeirion Group 2022 Approved Share Option Plan,  The Portmeirion Group 2022 Unapproved Share Option Plan, The Portmeirion 2012 Approved Share Option Plan and The Portmeirion 2012 Unapproved Share Option Plan (the "Option Plans")

The Company announces that the Company's Remuneration Committee and Board, have approved, as part of its long-term employee remuneration and retention incentives, the surrender of 482,500 options over ordinary shares of 5 pence each in the Company ("Ordinary Shares") in issue ("Existing Options") on 3 May 2024 and the grant of 323,000 options over Ordinary Shares ("New Options") on 7 May 2024 to Directors and senior managers pursuant to the Option Plans.

The surrender of Existing Options relates to options over 192,500 Ordinary Shares and 290,000 Ordinary Shares with an exercise price of 570.0 pence and 469.0 pence granted on 25 April 2022 and 2 May 2023 respectively.  The Existing Options were surrendered for no consideration.  Included within the Existing Options surrendered was a total of 296,000 Existing Options previously granted to persons discharging managerial responsibilities ("PDMRs") of the Company as set out below.  The remaining Existing Options surrendered were held by senior managers. All Existing Options granted on 23 March 2021 under the Option Plans lapsed without exercise on 26 March 2024.

The grant of New Options comprises options over a total of 175,000 Ordinary Shares to PDMRs as set out below and a further 148,000 options to other senior managers pursuant to The Portmeirion Group 2022 Approved Share Option Plan and The Portmeirion Group 2022 Unapproved Share Option Plan (the "2022 Options Plans").  The New Options granted have a vesting period of three years, a total exercise period of seven years between 8 May 2027 and 6 May 2034 and an exercise price of 257.5 pence per Ordinary Share (being the closing mid-market price of an Ordinary Share on the dealing day immediately preceding the date of grant).

The New Options are subject to the achievement of performance targets as determined by the Remuneration Committee, and as required under the 2022 Option Plans. The New Options granted on 7 May 2024 are 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 the three years ending 31 December 2024, 31 December 2025 and 31 December 2026 is at least 65% higher than that calculated for the year ended 31 December 2023. The calculation of basic adjusted EPS shall take account of the number of shares and effective tax rates at the date of grant.

		Number of Existing Options surrendered at 570.0 pence per Ordinary Share	Number of Existing Options surrendered at 469.0 pence per Ordinary Share	Number of New Options granted at an exercise price of 257.5 pence per Ordinary Share
Company directors/officers:
Michael Raybould	Chief Executive	40,000	50,000	50,000
Michael Knapper	Group Operations Director	25,000	35,000	35,000
William Robedee	Global Sales Director	25,000	35,000	35,000
David Sproston	Group Finance Director	25,000	35,000	35,000
Moira MacDonald	Group Company Secretary	11,000	15,000	20,000
	Total:	126,000	170,000	175,000

.

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 the above transactions are as follows:

	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	66,088	11,886	0.08%
Michael Knapper	43,192	8,191	0.06%
William Robedee	45,915	-	-
David Sproston	41,366	3,815	0.03%
Moira MacDonald	20,000	2,693	0.02%

*In addition to the New Options, includes options held under The Portmeirion Group 2018 Deferred Incentive Share Option Plan granted in 2022 and 2023: M. Raybould: 16,088; M. Knapper: 8,192; W. Robedee: 10,915 and D. Sproston: 6,366.

The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide 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	Performance related, Grant of options under 2022 Option Plans. Exercise period 8 May 2027 - 6 May 2034.
d)	Price(s) and volume(s)	In respect of Grant of options under 2022 Option Plans Price at grant: Nil Exercise Price:  £2.575 per Ordinary Share Volume(s) Options over Ordinary Shares Michael Raybould 50,000
e)	Aggregated information -     Aggregated volume -     Price	In respect of Grant of options under 2022 Option Plans Nil, grant of options only
f)	Date of the transactions	In respect of Grant of options under 2022 Option Plans - - Off-market 7 May 2024
g)	Place of the transactions	In respect of Grant of options under 2022 Option Plans - - 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	Performance related, Grant of options under 2022 Option Plans. Exercise period 8 May 2027 - 6 May 2034.
d)	Price(s) and volume(s)	In respect of Grant of options under 2022 Option Plans Price at grant: Nil Exercise Price:  £2.575 per Ordinary Share Volume(s) Options over Ordinary Shares Michael Knapper 35,000
e)	Aggregated information -     Aggregated volume -     Price	In respect of Grant of options under 2022 Option Plans Nil, grant of options only
f)	Date of the transactions	In respect of Grant of options under 2022 Option Plans - - Off-market 7 May 2024
g)	Place of the transactions	In respect of Grant of options under 2022 Option Plans - - 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	Performance related, Grant of options under 2022 Option Plans. Exercise period 8 May 2027 - 6 May 2034.
d)	Price(s) and volume(s)	In respect of Grant of options under 2022 Option Plans Price at grant: Nil Exercise Price:  £2.575 per Ordinary Share Volume(s) Options over Ordinary Shares William Robedee 35,000
e)	Aggregated information -     Aggregated volume -     Price	In respect of Grant of options under 2022 Option Plans Nil, grant of options only
f)	Date of the transactions	In respect of Grant of options under 2022 Option Plans - - Off-market 7 May 2024
g)	Place of the transactions	In respect of Grant of options under 2022 Option Plans - - 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	Performance related, Grant of options under 2022 Option Plans. Exercise period 8 May 2027 - 6 May 2034.
d)	Price(s) and volume(s)	In respect of Grant of options under 2022 Option Plans Price at grant: Nil Exercise Price:  £2.575 per Ordinary Share Volume(s) Options over Ordinary Shares David Sproston 35,000
e)	Aggregated information -     Aggregated volume -     Price	In respect of Grant of options under 2022 Option Plans Nil, grant of options only
f)	Date of the transactions	In respect of Grant of options under 2022 Option Plans - - Off-market 7 May 2024
g)	Place of the transactions	In respect of Grant of options under 2022 Option Plans - - 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	Performance related, Grant of options under 2022 Option Plans. Exercise period 8 May 2027 - 6 May 2034.
d)	Price(s) and volume(s)	In respect of Grant of options under 2022 Option Plans Price at grant: Nil Exercise Price:  £2.575 per Ordinary Share Volume(s) Options over Ordinary Shares Moira MacDonald 20,000
e)	Aggregated information -     Aggregated volume -     Price	In respect of Grant of options under 2022 Option Plans Nil, grant of options only
f)	Date of the transactions	In respect of Grant of options under 2022 Option Plans - - Off-market 7 May 2024
g)	Place of the transactions	In respect of Grant of options under 2022 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		[e-mail]
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