Performance Share Plan Awards

RNS Number : 0113H
Ten Entertainment Group PLC
01 December 2020
 

01 December 2020

Ten Entertainment Group plc

 

Performance Share Plan Awards

 

Ten Entertainment Group plc (the "Company") announces that on Tuesday 1 December 2020 its Executive Directors were granted the following share awards as nominal-cost options over ordinary shares of £0.01 each in the Company ("Shares") under the Company's Performance Share Plan ("PSP"). The awards were granted on 30 November 2020 (Date of Grant) in accordance with the remuneration policy approved by shareholders and set out in the Company's Annual Report which was published on 13 May 2020.

 

Director

Position

Number of Share  Awards Granted

Graham Blackwell

Chief Executive Officer

233,083

Antony Smith

Chief Financial Officer

195,489

 

These awards (the "PSP Awards") are subject to three performance conditions which will be measured on the Vesting Date which will be the third anniversary of the Date of Grant.

 

The first performance condition applying to the PSP Awards will be based on Earnings per Share of the Company ("EPS") and will apply to 50 per cent. of the total number of Share Awards granted. EPS will be calculated in accordance with the following table:

Results for the year to 1 January 2023 ("FY2022")

Percentage of the total number of Share Awards granted that will vest

Less than 17.00 pence

0%

17.00 pence

12.5%

Between 17.00 and 23.00 pence

Pro-rata on straight-line basis between 12.5% and 50%

More than 23.00 pence

50%

 

The EPS measure is based on adjusted fully diluted EPS as stated in the Company's accounts and is subject to such adjustments as the Remuneration Committee in its discretion determines are fair and reasonable.

 

The second performance condition will be based on Total Shareholder Return ("TSR") of the Company and a comparator group of companies and will be calculated on the third anniversary of the Date of Grant and will apply to the remaining 50 per cent. of Share Awards granted. TSR will be calculated in accordance with the following table:

TSR performance against Comparator Group Companies

Percentage of Award that vests

Below Median

0%

Median

12.5%

Between Median and Median plus 10% p.a.*

Between 12.5% and 50% on a straight line basis

Median plus 10% p.a. and above*

50%

 

The third performance condition will be based on a share price underpin whereby no Award or part of an Award may vest unless the average Share Price of the Company calculated over a three month period ending on the Vesting Date exceeds the Share price on the Date of Grant. 

 

Set out below are the notifications, made in accordance with the requirements of the EU Market Abuse Regulation, in relation to the PSP

Enquiries:

Ten Entertainment Group plc  via Instinctif Partners

Graham Blackwell  Chief Executive Officer

Antony Smith    Chief Financial Officer

 

Instinctif Partners  Tel: 020 7457 2020

 

Matthew Smallwood

Jack Devoy

 

1 - Details of the person discharging managerial responsibilities / person closely associated

Name

Graham Blackwell

2 - Reason for the notification

Position

Chief Executive Officer

Reason for the notification

Initial Notification

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

Full name of the entity

Ten Entertainment Group PLC

Legal Entity Identifier code

213800SL9HJUQ5BGPX17

4 - Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted

Description of financial instrument, type of instrument

Ordinary Shares of 1p each

Identification code

ISIN: GB00BF020D33

Nature of the transaction

Grant of PSP Performance Share Award.  The Award is structured as a nominal cost option which shall ordinarily vest and become exercisable from the third anniversary of its grant date subject to continued service and to the extent to which the performance conditions set for the Award are satisfied.

Price(s) and volume(s)

Price(s)

Volume(s)

nil

233,083

 

Aggregated information and volume price

Total volume of shares: 233,083

Total price GBP £nil

Date of transaction

01 December 2020  UK BST

Place of transaction

Outside a trading venue

 

1 - Details of the person discharging managerial responsibilities / person closely associated

Name

Antony Smith

2 - Reason for the notification

Position

Chief Financial Officer

Reason for the notification

Initial Notification

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

Full name of the entity

Ten Entertainment Group PLC

Legal Entity Identifier code

213800SL9HJUQ5BGPX17

4 - Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted

Description of financial instrument, type of instrument

Ordinary Shares of 1p each

Identification code

ISIN: GB00BF020D33

Nature of the transaction

Grant of PSP Performance Share Award.  The Award is structured as a nominal cost option which shall ordinarily vest and become exercisable from the third anniversary of its grant date subject to continued service and to the extent to which the performance conditions set for the Award are satisfied.

Price(s) and volume(s)

Price(s)

Volume(s)

nil

195,489

 

Aggregated information and volume price

Total volume of shares: 195,489

Total price GBP £nil

Date of transaction

01 December 2020  UK BST

Place of transaction

Outside a trading venue

 

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