Last checked at 7 Oct 2015 07:00
07 October 2015
Eclectic Bar Group plc
("Eclectic" or the "Company")
Cancellation and Grant of Options
Eclectic Bar Group plc, one of the leading operators of premium bars in the UK, announces that, further to the announcement made on 15 June 2015, it has on 6 October 2015 cancelled certain of its existing options over the Company's ordinary shares of 25 pence each ("Ordinary Shares") previously granted to certain directors of the Company and has granted new options to certain directors at an exercise price commensurate with the existing price per Ordinary Share to incentivise the option holders. The cancellation and grant is as follows:
John Smith and Reuben Harley
Reuben Harley, Chief Executive Officer, and John Smith, Finance Director, have both today surrendered their respective existing Enterprise Management Incentive ("EMI") option over 40,625 Ordinary Shares granted in November 2013.
In replacement, Mr Harley and Mr Smith have both today been granted a new EMI option for 40,625 Ordinary Shares each at an exercise price of 63.5 pence per Ordinary Share. Under the terms of the option, 50% of their respective option vests on issue, 25% of their respective option vests on 30 June 2016, and the remaining 25% of their respective option vests on 30 June 2017.
Leigh Nicolson
Leigh Nicolson has today surrendered his existing EMI option over 156,249 Ordinary Shares granted in November 2013.
In replacement, Mr Nicholson has today been granted a new EMI option over 190,000 Ordinary Shares at an exercise price of 63.5 pence per Ordinary Share. Under the terms of the option, 50% of Mr Nicholson's option vests on issue, 25% of his option vests on 30 June 2016, and the remaining 25% of his option vests on 30 June 2017.
Paul Viner
Following the appointment of Paul Viner as a Non-Executive Director on 31 July 2015, the Company has today granted to him an unapproved option over 40,625 Ordinary Shares at an exercise price of 63.5 pence per Ordinary Share. Under the terms of the unapproved option plan, 25% of the option will vest annually, starting from 30 June 2016, with the final 25% vesting on 30 June 2019.
Enquiries:
Eclectic Bar Group plc (www.eclecticbars.co.uk) | Tel: 020 7376 6300 |
Reuben Harley, CEO John Smith, CFO | |
Panmure Gordon | Tel: 020 7886 2500 |
Corporate Finance | |
Andrew Godber / Atholl Tweedie / Duncan Monteith | |
Corporate Broking | |
Charles Leigh-Pemberton | |
Instinctif Partners | Tel: 020 7457 2020 |
Matthew Smallwood | |
Justine Warren |
About Eclectic Group
The Group is a leading operator of premium bars in the UK. Eclectic's portfolio comprises 19 venues trading in major towns and cities, predominantly targeting a customer base of sophisticated students midweek and stylish over 21s and young professionals at weekends. The Group focuses on delivering added value for its customers, with premium product ranges, high-quality music and entertainment, and a commitment to high service levels and standards. Eclectic trades across its estate under a variety of concepts, including Embargo Republica, Lola Lo, Sakura, Lowlander, Dirty Blonde, Coalition, Po Na Na and Fez Club.
The Group's management team, led by Luke Johnson, who has been involved in the hospitality industry for over 20 years, and Reuben Harley, who has over 25 years' experience of working in the UK pub and bar industry, is implementing a strategy to grow the business through the development of new sites either under the Company's existing formats or those of acquired businesses as appropriate opportunities present themselves.
Lola Lo (9 sites)
Brighton
Bristol
Cambridge
Edinburgh
Derby
Lincoln
Oxford
Reading
Manchester
Sakura (2 sites)
Manchester
Reading
Po Na Na (2 sites)
Bath
Wimbledon
Fez Club (2 sites)
Cambridge
Putney
Coalition
Brighton
Dirty Blonde
Brighton
Lowlander
Covent Garden
Embargo Republica
Kings Road