Correction to 'Award of Options' Announcement

Wynnstay Group PLC
08 February 2024
 

AIM: WYN

 

The announcement below replaces RNS Number 7856B, issued on 2 February 2024.  All details of the original announcement remain unchanged save for the additional information:  on 1 February 2024, the Company's ESOP Trust issued a further 34,280 Ordinary Shares for nil consideration to certain employees, who were recipients of the 2020 PSP. Following this, the Company's ESOP Trust has a total interest in 82,104 Ordinary Shares, representing 0.36% of the issued share capital of the Company. The full amended text is shown below.

 

WYNNSTAY GROUP PLC

("Wynnstay" or "the Company")

 

Award of Options and ESOP Trust Transactions

 

Wynnstay, the agricultural and specialist merchanting group, announces the award of options ("Options") on 1 February 2024 over ordinary shares of 25p each in the Company ("Ordinary Shares"), approved under the terms of the established Wynnstay Performance Share Plan (the "Plan").

The Options offer the recipients the entitlement to acquire a maximum number of Ordinary Shares ("Award Shares") on or after 31 October 2026 at nil cost, subject to the Company achieving the following minimum reported performance criteria:

1.

75% of the Award Shares will vest if the Company's Earnings Per Share ("EPS") grows at an annual rate exceeding the rate of growth of the Retail Price Index ("RPI") plus 8%. Where this growth is not met, provided EPS grows at an annual rate of at least RPI plus 1%, 30% of the Award Shares tested under the EPS target will vest. Between these criteria, the Award Shares will vest on a straight-line basis.  

 

2.

25% of the Award Shares will vest if the Company's Return on Capital Employed ("ROCE") is 12.6% for the financial year ending 31 October 2026. Where this target is not met, provided a minimum ROCE employed of 10% is met, the Award Shares will vest between these two criteria on a straight-line basis. 


The total number of Award Shares over which Options have been granted amounts to 285,036 including 146,210 granted to Persons Discharging Managerial responsibility (PDMR), as follows:

 

 

Name

 

Title

Maximum number of Award Shares

Gareth Davies

Chief Executive Officer

86,426

Rob Thomas

Claire Williams

Group Finance Director

Company Secretary

49,352

10,432

 

The Remuneration Committee has responsibility for determining the award of Options and the performance targets under the Plan. 

ESOP Trust Transactions

On 1 February 2024, the Company's ESOP Trust issued 6,974 and 3,664 Ordinary Shares to Gareth Davies, CEO and Claire Williams, Company Secretary, respectively in relation to the Plan.

Following these transactions, Gareth Davies, Chief Executive Officer, has a total beneficial interest in 57,117 Ordinary Shares, representing 0.25% of the issued share capital of the Company, and Claire Williams, Company Secretary, has a total beneficial interest in 6,922 Ordinary Shares, representing 0.03% of the issued share capital of the Company.

In addition on 1 February 2024, the Company's ESOP Trust issued a further 34,280 Ordinary Shares for nil consideration to certain employees, who were recipients of the 2020 PSP

Following these transactions, the Company's ESOP Trust has a total interest in 82,104 Ordinary Shares, representing 0.36% of the issued share capital of the Company.

Following these transactions and for the purposes of the Financial Conduct Authority's Disclosure and Transparency Rules, the total number of Ordinary Shares in issue will be 22,980,232 with each share carrying the right to one vote. There are no shares held in treasury. Therefore, the total number of voting rights in the Company at Admission will be 22,980,232.

The above figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure and Transparency Rules.

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

Gareth Wynn Davies

2

 

Reason for the notification

 

a)

 

Position/status

 

Chief Executive Officer

b)

 

Initial notification /Amendment

 

Initial notification

3

 

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

 

a)

 

Name

 

Wynnstay Group plc

 

b)

 

LEI

 

213800TOLA726AITR960

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, type of instrument

 

Identification code

 

Ordinary Shares of 25 pence each in the Company

 

GB0034212331

 

b)

 

Nature of the transaction

 

Award of Options under the Company's Performance Share Plan

 

 

 

 

c)

 

 

 

 

Price(s) and volume(s)

 

 

 

Price(s)

 

Volume(s)

 

Nil

 

86,426 Ordinary Shares


d)

 

Aggregated information

 

- Aggregated volume

 

- Price

 

 

 

 

N/A (single transactions)

 

e)

 

Date of the transactions

 

01/02/2024

f)

 

Place of the transaction

Outside of a trading venue.

 

 

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

Rob Thomas

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

 

Wynnstay Group plc

 

b)

 

LEI

 

213800TOLA726AITR960

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, type of instrument

 

Identification code

 

Ordinary Shares of 25 pence each in the Company

 

GB0034212331

 

b)

 

Nature of the transaction

 

Award of Options under the Company's Performance Share Plan

 

 

 

c)

 

 

 

 Price(s) and volume(s)

 

 

 

Price(s)

 

Volume(s)

 

Nil

 

49,352 Ordinary Shares


d)

 

Aggregated information

 

- Aggregated volume

 

- Price

 

 

 

 

N/A (single transactions)

 

e)

 

Date of the transactions

 

01/02/2024

f)

 

Place of the transaction

Outside of a trading venue.

 

 

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

Claire Alexander Williams

2

 

Reason for the notification

 

a)

 

Position/status

 

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

 

Wynnstay Group plc

 

b)

 

LEI

 

213800TOLA726AITR960

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, type of instrument

 

Identification code

 

Ordinary Shares of 25 pence each in the Company

 

GB0034212331

 

b)

 

Nature of the transaction

 

Award of Options under the Company's Performance Share Plan

 

 

 

c)

 

 

 

 

Price(s) and volume(s)

 

 

 

 

Price(s)

 

Volume(s)

 

Nil

 

10,432 Ordinary Shares

 

d)

 

Aggregated information

 

- Aggregated volume

 

- Price

 

 

 

 

N/A (single transactions)

 

e)

 

Date of the transactions

 

01/02/2024

f)

 

Place of the transaction

Outside of a trading venue.

 

 

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

Gareth Wynn Davies

2

 

Reason for the notification

 

a)

 

Position/status

 

Chief Executive Officer

b)

 

Initial notification /Amendment

 

Initial notification

3

 

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

 

a)

 

Name

 

Wynnstay Group plc

 

b)

 

LEI

 

213800TOLA726AITR960

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, type of instrument

 

Identification code

 

Ordinary Shares of 25 pence each in the Company

 

GB0034212331

 

b)

 

Nature of the transaction

 

(1)  Exercise of Options to receive Ordinary Shares

 

 

 

 

c)

 

 

 

 

Price(s) and volume(s)

 

 

 

Price(s)

 

Volume(s)

 

0 pence per share

 

6,974 Ordinary Shares


d)

 

Aggregated information

 

- Aggregated volume

 

- Price

 

 

 

 

N/A (single transactions)

 

e)

 

Date of the transactions

 

01/02/2024

f)

 

Place of the transaction

 

(1)  Outside of a trading venue.

 

 

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

Claire Alexander Williams

2

 

Reason for the notification

 

a)

 

Position/status

 

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

 

Wynnstay Group plc

 

b)

 

LEI

 

213800TOLA726AITR960

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, type of instrument

 

Identification code

 

Ordinary Shares of 25 pence each in the Company

 

GB0034212331

 

b)

 

Nature of the transaction

 

(1)  Exercise of Options to receive Ordinary Shares

 

 

 

 

c)

 

 

 

 

Price(s) and volume(s)

 

 

 

 

Price(s)

 

Volume(s)

 

0 pence per share

 

3,664 Ordinary Shares

 

d)

 

Aggregated information

 

- Aggregated volume

 

- Price

 

 

 

 

N/A (single transactions)

 

e)

 

Date of the transactions

 

01/02/2024

f)

 

Place of the transactions

 

(1)  Outside of a trading venue.

 

 

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

Wynnstay ESOP Trust (the "ESOP")

2

 

Reason for the notification

 

a)

 

Position/status

 

 

Gareth Davies and Rob Thomas, both directors of the Company, are trustees of the ESOP

b)

 

Initial notification /Amendment

 

Initial notification

3

 

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

 

a)

 

Name

 

Wynnstay Group plc

 

b)

 

LEI

 

213800TOLA726AITR960

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, type of instrument

 

Identification code

 

Ordinary Shares of 25 pence each in the Company

 

GB0034212331

 

b)

 

Nature of the transaction

 

(1)  Fulfilment of PSP options for Ordinary Shares

 

 

 

 

c)

 

 

 

 

Price(s) and volume(s)

 

 

 

Price(s)

 

Volume(s)

 

0 pence per share

 

44,918 Ordinary Shares

 

d)

 

Aggregated information

 

- Aggregated volume

 

- Price

 

 

 

 

N/A single transactions

e)

 

Date of the transactions

 

(1)  01/02/2024

(2) 

f)

 

Place of the transactions

       (1) Outside of a trading venue.

 

Enquiries:

 

Wynnstay Group plc

Gareth Davies, Chief Executive

Rob Thomas, Group Finance Director

T: 01691 827 142




KTZ Communications

 

Katie Tzouliadis / Robert Morton

T: 020 3178 6378

Shore Capital

(Nomad and Broker)

Stephane Auton / Tom Knibbs /Rachel Goldstein (Corporate Advisory)

Henry Willcocks (Corporate Broking)

T: 020 7408 4090

 

 

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