Last checked at 11 Jul 2017 07:00
Mulberry Group plc ("Mulberry" or the "Company")
Renaming of "Mulberry Group PLC Long Term Incentive Plan" to "Mulberry Group plc 2017 Performance Share Plan" and Grant of Options under the renamed plan
On 10 July 2017 the Board of Mulberry (the "Board") approved certain amendments to the Mulberry Group PLC Long Term Incentive Plan and its renaming to the Mulberry Group plc 2017 Performance Share Plan (the "Plan").
On the same date, the Remuneration Committee of the Board (the "Remuneration Committee) granted options (the "New Options") over ordinary shares of 5 pence each in the Company ("Ordinary Shares") to certain directors and other senior management of the Company under the Plan as set out below:
Name | Maximum number of New Options |
Thierry Andretta (CEO) | 200,000 |
Neil Ritchie (CFO) | 50,000 |
Other senior management employees | 130,500 |
The New Options are granted as nil cost options with no exercise price and shall vest upon the achievement by the Company of certain revenue and profit before interest and tax ("PBIT") targets set by the Remuneration Committee for the financial year ending 31 March 2020 (the "Results"). The number of New Options vesting shall be dependent on the Company's performance against these targets, with equal weighting given to revenue and PBIT. 25% of the New Options will vest provided the Results meet the lower end of the target range, increasing on a prorated basis to full vesting in the event that the Results meet the upper end of the target range.
The New Options will only vest following the announcement by the Company of its consolidated audited results for the year ending 31 March 2020 and the determination by the Remuneration Committee of the extent to which the vesting conditions have been met. Any resultant vesting of the New Options is, therefore, expected to occur by the end of July 2020 (the "Vesting Date"). The New Options will be exercisable between the Vesting Date and 10 July 2027.
Following the grant of New Options, Thierry Andretta and Neil Ritchie, both directors of the Company, hold options over Ordinary Shares as follows:
Name | Options under the Mulberry Group plc 2008 Unapproved Share Option Plan | Maximum number of New Options under the Mulberry Group plc 2017 Performance Share Plan |
Thierry Andretta | 300,415 | 200,000 |
Neil Ritchie | 24,500 | 50,000 |
The Company publicly discloses the following notifications:
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||
a)
| Name
| Thierry Andretta | ||||
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
| Mulberry Group plc | ||||
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
| Options over Ordinary Shares
GB0006094303
| ||||
b)
| Nature of the transaction
| Award made pursuant to the Mulberry Group plc 2017 Performance Share Plan
| ||||
c)
| Price(s) and volume(s)
|
| ||||
d)
| Aggregated information
- Aggregated volume
- Price
|
NA | ||||
e)
| Date of the transaction
| 10 July 2017 | ||||
f)
| Place of the transaction
| Outside a trading venue | ||||
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||
a)
| Name
| Neil Ritchie | ||||
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 participant, auction platform, auctioneer or auction monitor
| |||||
a)
| Name
| Mulberry Group plc | ||||
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
| Options over Ordinary Shares
GB0006094303
| ||||
b)
| Nature of the transaction
| Award made pursuant to the Mulberry Group plc 2017 Performance Share Plan
| ||||
c)
| Price(s) and volume(s)
|
| ||||
d)
| Aggregated information
- Aggregated volume
- Price
|
NA | ||||
e)
| Date of the transaction
| 10 July 2017 | ||||
f)
| Place of the transaction
| Outside a trading venue | ||||
FOR FURTHER DETAILS PLEASE CONTACT:
Bell Pottinger Daniel de Belder / Elizabeth Snow |
0203 772 2561 |
Mulberry Investor Relations Allegra Perry |
0207 605 6795 |
GCA Altium Sam Fuller / Tim Richardson |
0207 484 4040
|
Barclays Nicola Tennent / Thomas Dugarin |
0203 134 9801
|