23 Dec 2016 14:45
23 December 2016
Bonmarché Holdings plc
("Bonmarché" or the "Company")
Grant of Options under the Bonmarché Long Term Incentive Plan ("LTIP")
and
Grant of Joining Awards
LTIP awards
Bonmarché, one of the UK's largest women's value retailers, announces that, following approval of the amendments to the LTIP by shareholders at the Company's AGM held on 28 July 2016, nil-cost options over the Company's Ordinary Shares of 1.0 pence each ("Ordinary Shares") were granted today to the following Directors of the Company:
Director | Number of Options Granted |
Helen Connolly | 173,611 |
Stephen Alldridge | 118,055 |
The options granted have a vesting period of three years, may be exercised up to the tenth anniversary of grant, and have no exercise price. Performance conditions apply such that 75% of the award has targets based on EPS performance over 3 years; and 25% of the awards have targets based on TSR performance over 3 years. The awards have been granted in the form of tax qualifying LTIP awards and consist of the nil-cost options referred to above and a separate tax qualifying option over 34,722 Shares with an exercise price of £0.864 per Share. Each tax qualifying option is subject to the same performance conditions and vesting period as apply to the nil-cost options. On the exercise of the nil-cost option and tax qualifying option, the extent to which the nil-cost option is capable of exercise shall be reduced to take account of the gain made on the exercise of the tax qualifying option to ensure that the pre-tax value delivered to the director is not increased by the grant of the tax qualifying option.
Joining awards
In addition, as referred to in the Company's Directors' Remuneration Report for the period ending 26 March 2016, the Company agreed to grant Helen Connolly share awards in connection with her recruitment to compensate for awards forfeited on leaving her previous employer. The number of shares awarded was determined by reference to the Company's share price on the three business days immediately before Mrs Connolly joined the Company on 15 August 2016.The first nil-cost option vests on a date six months from Helen Connolly's start date. The remaining nil-cost options will vest on the same dates as the forfeited awards, as set out below.
Number of Options Granted | Vesting Date |
12,466
| 15 February 2017 |
36,761 | 1 March 2017 |
31,191 | 1 March 2018 |
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||||||
a) | Name | Helen Connolly | ||||||||
2 | Reason for 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 | Bonmarché Holdings plc | ||||||||
b) | LEI | n/a | ||||||||
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 1 pence each
GB00BF8H6F45 | ||||||||
b) | Nature of the transaction | Grant of share plan awards | ||||||||
c) | Price(s) and volumes(s) |
| ||||||||
d) | Aggregated information - Aggregated volume - Price |
288,751 Nil | ||||||||
e) | Date of the transaction | 23 December 2016 | ||||||||
f) | Place of the transaction | Outside a trading venue | ||||||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||||
a) | Name | Stephen Alldridge | ||||||
2 | Reason for notification | |||||||
a) | Position / status | 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 | Bonmarché Holdings plc | ||||||
b) | LEI | n/a | ||||||
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 1 pence each
GB00BF8H6F45 | ||||||
b) | Nature of the transaction | Grant of share plan awards | ||||||
c) | Price(s) and volumes(s) |
| ||||||
d) | Aggregated information - Aggregated volume - Price |
152,777 Nil | ||||||
e) | Date of the transaction | 23 December 2016 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
ENQUIRIES: | |
Bonmarché Holdings plc Stephen Alldridge, Finance Director
|
c/o FTI +44 (0)20 3727 1000 |
FTI Consulting - Communications advisor Jonathon Brill, Georgina Goodhew
| +44 (0)20 3727 1000 |