Last checked at 24 Oct 2019 07:00
Revolution Bars Group plc
("Revolution" or the "Company")
Grant of awards under the Revolution Bars Group Plc Performance Share Plan (the "Plan)
The Company announces that on 23 October 2019, it granted options under the Plan with an exercise price of £0.001 per share over, in aggregate, 916,269 ordinary shares of £0.001 each in the Company ("Ordinary Shares") (the "PSP Options") to directors and other persons discharging managerial responsibility ("PDMRs") as set out in the table below.
The PSP Options shall vest and become exercisable on the date the Remuneration Committee determines that the performance targets set out below have been met, which is likely to be on the date that is the later of the preliminary announcement of the results for the year ended June 2022 and 23 October 2022.
Name | Position | Number of Ordinary Shares under PSP Option |
Rob Pitcher | CEO | 531,269 |
Kate Eastwood | Sales and Marketing Director | 50,000 |
Mark Walter | Operations Director Revolution South | 50,000 |
Alex Stanhope | Property Director | 50,000 |
Beth Anderson | Head of People | 25,000 |
Myles Doran | Commercial Director | 50,000 |
Andy Dyson | Operations Director Revolution North | 50,000 |
Clinton Ghent | Operations Director Revolucion de Cuba | 50,000 |
The award to Rob Pitcher relates to the commitment given in his offer letter and equates to 100% salary based on the average mid-market share price in the five days prior to issue.
The performance targets relating to the PSP Options have been amended following feedback from a number of investors. They are as follows:
(i) 70% of the award is based on Earnings per Share (EPS) growth. An EPS of 7 pence per share for the year to 30 June 2022 will provide for 25% of this part of an award vesting, increasing pro rata to 100% of this part of the award vesting at 11.5 pence. These EPS targets equate to annualised growth rates of c27% per annum and 50% per annum compared to the original 7% per annum and 13% per annum targets set out in the Directors' Remuneration Report for the year ended June 2019; and
(ii) 30% of the awards are based on Total Shareholder Return - no changes have been made to this element of the award as set out in the Directors' Remuneration Report for the year ended June 2019.