Last checked at 24 Aug 2020 07:00
RNS | 24 August 2020 |
Mercia Asset Management PLC
("Mercia", the "Group" or the "Company")
Grant of Options
Mercia Asset Management PLC (AIM: MERC), the proactive, regionally focused specialist asset manager, announces that options (the "Options") over a total of 9,497,000 new Ordinary shares with a nominal value of £0.00001 each in the capital of the Company ("Ordinary Shares") were granted after the market closed on 21 August 2020, pursuant to the 2014 Mercia Company Share Option Plan, at an exercise price of 21.50p per Ordinary Share (being the closing mid-market price of an Ordinary Share on 21 August 2020). The Options will, subject to the satisfaction of the performance condition, vest in three equal tranches on the third, fourth and fifth anniversary of the date of grant of the Options.
The performance condition shall be satisfied if the total shareholder return (being the increase in the price of an Ordinary Share from a 21.50p base value added to dividend yield) from the date of grant to the third anniversary of the date of grant is not less than 8.0% (compound) per annum, using a volume-weighted average share price for the 90 days prior to the third anniversary of the date of grant. All previous grants have had a 6.0% performance condition.
The Options represent, in aggregate, 2.16% of the existing issued share capital of the Company and have been awarded to a number of employees of the Company, including the three Executive Directors and two further persons discharging managerial responsibilities ("PDMRs").
Following these grants, the Company has a total of 21,672,140 unvested options pursuant to the 2014 Mercia Company Share Option Plan, equating to approximately 4.92% of the existing issued share capital of the Company.
Following this grant of Options, the Executive Directors and PDMRs hold the following Ordinary Shares and Options:
Name | Role | Grant of Options over Ordinary Shares | Total number of Options over Ordinary Shares | Interest in existing issued Ordinary Shares |
Dr. Mark Payton | Chief Executive Officer | 1,880,000 | 3,226,502 | 6,851,366 |
Martin Glanfield | Chief Financial Officer | 1,600,000 | 2,823,045 | 872,810 |
Julian Viggars | Chief Investment Officer | 1,600,000 | 3,623,045 | 633,475* |
Peter Dines | PDMR | 1,500,000 | 2,869,547 | 238,499 |
Ceri Bailey | PDMR | 50,000 | 200,000 | 21,739 |
*Including 75,000 Ordinary Shares held by Mrs Emma Viggars.
The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail.
Notification and public disclosure of transactions by person discharging managerial responsibilities.
1 | Details of the persons discharging managerial responsibilities/person closely associated | ||
a) | Name | (i) Dr. Mark Payton - Chief Executive Officer (ii) Martin Glanfield - Chief Financial Officer (iii) Julian Viggars - Chief Investment Officer (iv) Peter Dines - PDMR (v) Ceri Bailey - PDMR | |
2 | Reason for the notification | ||
a) | Position/status | Executive Directors and PDMRs of the Company | |
b) | Initial Notification /Amendment | Initial Notification | |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a) | Name | Mercia Asset Management PLC | |
b) | Legal Entity Identifier | 213800A1Q4CF57NECG66 | |
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 £0.00001 each
ISIN: GB00BSL71W47 | |
b) | Nature of the transaction | Grant of options | |
c) | Currency | GBP | |
d) | Price(s) and volume(s) | Exercise Price | No. of shares |
£0.2150 | (i) 1,880,000 | ||
£0.2150 | (ii) 1,600,000 | ||
£0.2150 | (iii) 1,600,000 | ||
£0.2150 | (iv) 1,500,000 | ||
£0.2150 | (v) 50,000 | ||
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e) | Aggregated information - Aggregated volume - Price - Aggregated total | N/A - single transactions | |
f) | Date of the transaction | 21 August 2020 | |
g) | Place of the transaction | Outside a trading venue | |
For further information, please contact:
Mercia Asset Management PLC Mark Payton, Chief Executive Officer Martin Glanfield, Chief Financial Officer www.mercia.co.uk
| +44 (0)330 223 1430
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Canaccord Genuity Limited (NOMAD and Joint Broker) | +44 (0)20 7523 8000 |
Simon Bridges, Richard Andrews |
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N+1 Singer (Joint Broker) |
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Harry Gooden, James Moat
| +44 (0)20 7496 3000 |
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FTI Consulting
| +44 (0)20 3727 1051 |
Tom Blackwell, Louisa Feltes, Shiv Talwar |
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mercia@fticonsulting.com |
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About Mercia Asset Management PLC:
Mercia is a proactive, specialist asset manager focused on supporting regional SMEs to achieve their growth aspirations. Mercia provides capital across its four asset classes of balance sheet, venture, private equity and debt capital: the Group's 'Complete Connected Capital'. The Group initially nurtures businesses via its third-party funds under management, then over time Mercia can provide further funding to the most promising companies, by deploying direct investment follow-on capital from its own balance sheet.
The Group has a strong UK footprint through its regional offices, 19 university partnerships and extensive personal networks, providing it with access to high-quality deal flow. Mercia currently has c.£800million of assets under management and, since its IPO in December 2014, has invested over £96million into its direct investment portfolio.
Mercia Asset Management PLC is quoted on AIM with the epic "MERC".