Last checked at 30 Mar 2022 07:00
30 March 2022
THE PEBBLE GROUP PLC
(the "Company")
Grant of performance share awards under Long Term Incentive PlanandNotification of transactions by PDMRs
The Pebble Group plc (AIM: PEBB), a leading provider of technology, services and products to the global promotional products industry, announces that on 29 March 2022 the Company made awards of 1,719,986 in the form of nil cost options or conditional share awards ("Performance Shares") under The Pebble Group plc Long Term Incentive Plan ("LTIP") to a number of senior employees across the Group, including to the Persons Discharging Managerial Responsibilities, as detailed below ("PDMR"):
PDMR | Number of Performance Shares |
Christopher Lee | 280,788 |
Claire Thomson | 206,897 |
Louisa Hesketh | 22,660 |
Ashley McCune | 195,705 |
Karl Whiteside | 129,842 |
The vesting of all the Performance Shares is conditional on meeting performance conditions measured over a three-year period as described below.
Performance conditions
1. Adjusted Earnings Per Share ("EPS") Target
Up to 70% of the total Performance Shares will vest dependent upon the achievement of cumulative adjusted EPS targets for the three years ending 31 December 2024, determined as follows:
Cumulative Adjusted EPS for the three year period to 31 December 2024 | Portion of Ordinary Shares vesting subject to Adjusted EPS target |
Below 17.6p | No vesting |
17.6p | 25% |
18.8p | 60% |
19.9p | 100% |
2. Total Shareholder Return ("TSR") Target
Up to 30% of the total Performance Shares will vest dependent upon the performance of the Company's Absolute TSR measured over the three year period ending 31 December 2024. The share price at the start of this period was 132.50 pence, being the average closing price of the Company's shares over the three trading days ending on the day before the start of the performance period.
Annualised TSR for the three year period to 31 December 2024 | Portion of Ordinary Shares vesting subject to TSR Target |
Below 8.0% per annum | No vesting |
8.0% per annum | 25% |
11.3% per annum | 60% |
15% per annum | 100% |
A holding period of two years from date of vesting is applicable to the LTIP awards granted to the Executive Directors of the Company.
The making of these awards at these levels and with these performance conditions is considered by the Remuneration Committee to be in accordance with the Company's Remuneration Policy with regard to the Executive Directors.
The Remuneration Committee has discretion to adjust the level of vesting if in its opinion such level of vesting resulting from the application of the performance conditions is considered not to be a fair and accurate reflection of the performance of the Company or a fair and accurate reflection of the award holder's performance or where there is any other factor or any other circumstances which would make the level of vesting inappropriate without adjustment.
The information set out below is provided in accordance with the requirements of Regulation 19(3) of the EU Market Abuse Regulation No 596/2014:
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
(a) | Name | 1. Christopher Lee 2. Claire Thomson 3. Louisa Hesketh 4. Ashley McCune 5. Karl Whiteside
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2 | Reason for the notification | |||||||
(a) | Position/status | 1. Chief Executive Officer 2. Chief Financial Officer 3. Group Financial Controller 4. President, Facilisgroup 5. Group MD, Brand Addition | ||||||
(b) | Initial notification/Amendment | Initial notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
(a) | Name | The Pebble Group plc | ||||||
(b) | LEI | 213800LZUQAYBHDEQY04 | ||||||
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 ISIN GB00BK71XP16 PEBB.L
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(b) | Nature of the transaction | Award of nil-cost options or conditional share awards pursuant to The Pebble Group plc Long Term Incentive Plan | ||||||
(c) | Price(s) and volume(s) |
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(d) | Aggregated information - Aggregated volume - Price | N/A | ||||||
(e) | Date of the transaction | 29 March 2022 | ||||||
(f) | Place of the transaction | Outside a trading venue | ||||||
Enquiries:
The Pebble Group plc Chris Lee, Chief Executive Officer Claire Thomson, Chief Financial Officer | +44 (0) 7385 024855 |
Grant Thornton UK LLP (Nominated Adviser) Samantha Harrison / Harrison Clarke / Ciara Donnelly | +44 (0) 20 7383 5100 |
Berenberg (Corporate Broker) Chris Bowman / Jen Clarke / Arnav Kapoor | +44 (0) 20 3207 7800 |
Belvedere Communications (Financial PR) Cat Valentine Keeley Clarke
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+44 (0) 7715 769 078 +44 (0) 7967 816 525 thepebblegrouppr@belvederepr.com
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About The Pebble Group plc - www.thepebblegroup.com
The Pebble Group is a provider of digital commerce, products and related services to the global promotional products industry, comprising two differentiated businesses, focused on specific areas of the promotional products market:
Facilisgroup - www.facilisgroup.com
Facilisgroup focuses on supporting the growth of mid-sized promotional product businesses in North America by providing a digital commerce platform, which enables those businesses to benefit from significant business efficiency and gain meaningful supply chain advantage from the ability to purchase from quality suppliers under preferred terms. The value to our clients is reflected in the very high retention rates of the business.
Brand Addition - www.brandaddition.com
Brand Addition focuses upon providing promotional products and related services under contract to some of the world's most recognisable brands. Its largest contracts are valued in the millions of pounds with the products and services supplied being used for brand building, customer engagement and employee rewards. Working in close collaboration with its clients, Brand Addition designs products and product ranges, hosts client-branded global web stores and provides international sourcing and distribution solutions.
We categorise our revenues into two divisions, Corporate Programmes, that supports our clients' general marketing activities, and Consumer Promotions, that supports our clients in driving their own sales volumes.
The Pebble Group aims to act responsibility through effective management of its Environmental, Social and Governance ("ESG"). To find out more, read our ESG report - The Pebble Group ESG report 2021.