Last checked at 4 May 2020 11:42
4 May 2020
Portmeirion Group PLC
(the "Company")
Executive Share Option Grants
The Company announces that, on 4 May 2020, it granted options to Directors and senior managers over a total of 200,500 ordinary shares of 5 pence each in the Company ("Ordinary Shares") pursuant to The Portmeirion 2012 Approved Share Option Plan and The Portmeirion 2012 Unapproved Share Option Plan (the "2012 Plans").
The options are subject to the achievement of performance criteria as determined by the Remuneration Committee, and as required under the 2012 Plans. The options granted on 4 May 2020 are normally only exercisable if the increase in the average of the Group's basic adjusted earnings per share (as adjusted for changes in accounting standards and exceptional items) for each of the two years ending 31 December 2021 and 31 December 2022 is at least 10% higher than that for the year ended 31 December 2019. The exercise price of the options is in reference to the closing middle market price of an Ordinary Share on 1 May 2020, being the latest date prior to the grant. Of the total number of options granted, 160,500 options over Ordinary Shares were granted to persons discharging managerial responsibilities ("PDMRs") of the Company, as detailed below:
Number options granted | Exercise price per Ordinary Share | Exercise period | ||
Company directors/officers: | ||||
Philip Atherton | Group Sales & Marketing Director | 21,000 | £4.46 | 5 May 2023 - 3 May 2030 |
Michael Raybould | Chief Executive | 40,000 | £4.46 | 5 May 2023 - 3 May 2030 |
Michael Knapper | Operations Director | 21,000 | £4.46 | 5 May 2023 - 3 May 2030 |
David Sproston | Group Finance Director | 29,000 | £4.46 | 5 May 2023 - 3 May 2030 |
Moira MacDonald | Group Company Secretary | 7,500 | £4.46 | 5 May 2023 - 3 May 2030 |
Subsidiary company directors: | ||||
Robert Findler | Production Director (Portmeirion UK) | 6,000 | £4.46 | 5 May 2023 - 3 May 2030 |
Samantha Pearce | HR Director (Portmeirion UK) | 6,000 | £4.46 | 5 May 2023 - 3 May 2030 |
Jacqui Gale | Managing Director (Wax Lyrical) | 10,000 | £4.46 | 5 May 2023 - 3 May 2030 |
William Robedee | President (Portmeirion USA) | 15,000 | £4.46 | 5 May 2023 - 3 May 2030 |
Allison Bertorelli | Chief Financial Officer (Portmeirion USA) | 5,000 | £4.46 | 5 May 2023 - 3 May 2030 |
Total: | 160,500 | £4.46 | 5 May 2023 - 3 May 2030 | |
The total number of Ordinary Shares over which each PDMR holds options following this notification is:
Total number of options over Ordinary Shares | |
Philip Atherton | 16,499 |
Michael Raybould | - |
Michael Knapper | 2,511 |
David Sproston | - |
Moira MacDonald | 2,693 |
Robert Findler | - |
Samantha Pearce | 100 |
Jacqui Gale | - |
William Robedee | - |
Allison Bertorelli | - |
Dick Steele, Chairman commented:
With the challenges that Covid-19 has brought to businesses worldwide, it is as important as ever that we incentivise and retain our key directors and senior managers to drive our business through this period of uncertainty. Performance-related share options are a powerful tool to do just that whilst aligning their interests with those of shareholders.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014 (MAR).
The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail.
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Notification and public disclosure of transactions by persons discharging managerial responsibilities / person closely associated with them.
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||||||||||||||||||||||
a) | Name
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2. | Reason for the notification | |||||||||||||||||||||||||
a) | Position/status | See 1(a) above for all positions - all classified as 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 | Portmeirion Group PLC | ||||||||||||||||||||||||
b) | LEI | 2138003QC9J6TLZJHO70 | ||||||||||||||||||||||||
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 | Ordinary Shares of 5 pence each | ||||||||||||||||||||||||
b) | Identification code | GB0006957293 | ||||||||||||||||||||||||
c) | Nature of the transactions | Grant of options over Ordinary Shares | ||||||||||||||||||||||||
d) | Price(s) and volume(s) | Price at grant: Nil Exercise Price: 446 pence per Ordinary Share Volume(s)
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e) | Aggregated information - Aggregated volume - Price | Nil, grant of options only | ||||||||||||||||||||||||
f) | Date of the transactions | 4 May 2020 | ||||||||||||||||||||||||
f) | Place of the transactions | Off-market | ||||||||||||||||||||||||
Name of authorised official of issuer responsible for making notification:
Moira MacDonald
Company Secretary to Portmeirion Group PLC
ENQUIRIES:
Portmeirion Group PLC: | ||
Mike Raybould Chief Executive Officer | +44 (0) 1782 743 444 | mraybould@portmeiriongroup.com |
David Sproston Group Finance Director | +44 (0) 1782 743 444 | dsproston@portmeiriongroup.com |
Hudson Sandler: | ||
Dan de Belder Nick Moore | +44 (0) 207 796 4133 | ddebelder@hudsonsandler.com nmoore@hudsonsandler.com |
Panmure Gordon: | ||
(Nominated Adviser and Broker) | +44 (0) 207 886 2500 | |
Freddy Crossley / Joanna Langley | Corporate Finance | |
James Stearns | Corporate Broking | |