Management Incentive Plan Options Exercised
04 March 2025
Kitwave Group plc
("Kitwave", the "Group" or the "Company")
Management Incentive Plan Options Exercised
Kitwave Group plc (AIM: KITW), the independent, delivered wholesale business, is pleased to announce that the Directors named below have exercised their management incentive plan ("MIP") options.
Under the MIP, which was established to retain and incentivise certain executive directors following the IPO in 2021, the Company granted Growth Shares in the Company's subsidiary, Kitwave Limited, to David Brind (Chief Financial Officer) and Ben Maxted (Group Operations Director at IPO and now Chief Executive Officer). Such Growth Shares could be converted into Ordinary Shares in the Company, subject to certain performance criteria being met in the three financial years commencing after the Company's Admission to AIM on 24 May 2021.
The performance period for the MIP ended on 31 October 2024. All performance criteria associated with the MIP have been met.
David Brind and Ben Maxted have today exercised their rights under the MIP to receive Ordinary Shares following the publication of the Company's results for the financial year ending 31 October 2024. The allotment of Ordinary Shares following the exercise of the MIP options are set out below:
|
Director/PDMR |
Position |
Number of Ordinary Shares issued to satisfy MIP options |
Number of Ordinary Shares held following exercise |
Percentage of issued share capital held following exercise |
|
Ben Maxted |
Chief Executive Officer |
2,010,974 |
2,081,430 |
2.49% |
|
David Brind |
Chief Financial Officer |
1,206,585 |
2,246,818 |
2.69% |
Each of Mr Maxted and Mr Brind has agreed not to sell any Ordinary Shares granted under the MIP for a period of 12 months from exercise without the consent of the Company and Canaccord Genuity Limited.
A summary of the MIP and the basis of its operation was set out in the Company's Admission Document, a copy of which is available on the Company's website: www.kitwave.co.uk.
The Company has today made an application for 3,217,559 Ordinary Shares to be admitted to trading on AIM ("Admission"). Admission is expected to become effective on 7 March 2025.
Following Admission, the Company will have 83,656,538 Ordinary Shares in issue, each with voting rights, which 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 Financial Conduct Authority's Disclosure Guidance and Transparency Rules. The Company does not hold any Ordinary Shares in Treasury.
|
1 |
Details of the person discharging managerial responsibilities/person closely associated |
||
|
a) |
Name: |
Ben Maxted |
|
|
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 participation, auction platform, auctioneer or auction monitor |
||
|
a) |
Name: |
Kitwave Group plc |
|
|
b) |
LEI: |
2138007DLCYPVY95UD40 |
|
|
4. |
Details of 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: Identification code: |
Ordinary Shares of 1 pence each ISIN: GB00BNYKB709 |
|
|
b) |
Nature of the transaction: |
Exercise of share option |
|
|
c) |
Price(s) and volume(s): |
Price(s) |
Volume(s) |
|
nil |
2,010,974 |
||
|
d) |
Aggregated volume: Price: |
n/a single transaction |
|
|
e) |
Date of the Transaction: |
4 March 2025
|
|
|
f) |
Place of the Transaction: |
Off Market |
|
|
1 |
Details of the person discharging managerial responsibilities/person closely associated |
||
|
a) |
Name: |
David Brind |
|
|
2 |
Reason for the notification |
||
|
a) |
Position/Status: |
Chief Financial Officer |
|
|
b) |
Initial Notification/Amendment: |
Initial Notification |
|
|
3 |
Details of the issuer, emission allowance market participation, auction platform, auctioneer or auction monitor |
||
|
a) |
Name: |
Kitwave Group plc |
|
|
b) |
LEI: |
2138007DLCYPVY95UD40 |
|
|
4. |
Details of 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: Identification code: |
Ordinary Shares of 1 pence each ISIN: GB00BNYKB709 |
|
|
b) |
Nature of the transaction: |
Exercise of share option |
|
|
c) |
Price(s) and volume(s): |
Price(s) |
Volume(s) |
|
nil |
1,206,585 |
||
|
d) |
Aggregated volume: Price: |
n/a single transaction |
|
|
e) |
Date of the Transaction: |
4 March 2025
|
|
|
f) |
Place of the Transaction: |
Off Market |
|
- Ends -
For further information please contact:
|
Kitwave Group plc Ben Maxted, Chief Executive Officer David Brind, Chief Financial Officer |
Tel: +44 (0) 191 259 2277 |
|
Canaccord Genuity Limited Bobbie Hilliam Elizabeth Halley-Stott |
Tel: +44 (0) 20 7523 8150 |
|
Yellow Jersey PR Charles Goodwin Shivantha Thambirajah Bessie Elliot |
Tel: +44 (0) 20 3004 9512 |
Company Overview
Founded in 1987, following the acquisition of a single-site confectionery wholesale business based in North Shields, United Kingdom, Kitwave is a delivered wholesale business, specialising in selling and delivering impulse products, frozen, chilled and fresh foods, alcohol, groceries and tobacco to approximately 46,000, mainly independent, customers.
With a network of 37 depots, Kitwave is able to support delivery throughout the UK to a diverse customer base, which includes independent convenience retailers, leisure outlets, vending machine operators, foodservice providers and other wholesalers, as well as leading national retailers.
The Group's growth to date has been achieved both organically and through a strategy of acquiring smaller, predominantly family-owned, complementary businesses in the fragmented UK grocery and foodservice wholesale market.
Kitwave Group plc (AIM: KITW) was admitted to trading on AIM of the London Stock Exchange on 24 May 2021.
For further information, please visit: www.kitwave.co.uk.
This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) 596/2014 as amended by regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication of this announcement, this information is now considered to be in the public domain.
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