Last checked at 5 Jun 2023 12:23
For immediate release | 5 June 2023 |
SANDERSON DESIGN GROUP PLC
("Sanderson Design Group", the "Company" or the "Group")
Grant of Awards under LTIP
Sanderson Design Group PLC (AIM: SDG), the luxury interior design and furnishings group, announces that on 2 June 2023 it granted nil-cost options (the "Awards") over ordinary shares of 1 pence each in the Company (the "Shares") to six people discharging managerial responsibilities ("PDMR") under the Sanderson Design Group PLC 2015 Long Term Incentive Plan (the "LTIP"), based on the average closing mid-market price for the three trading days preceding the date of grant on 2 June 2023 of 123.5 pence per Share.
Details of the Awards are set out below:
Director/ PDMR | Number of Shares under Award on the basis of achieving the maximum performance targets |
Lisa Montague, Chief Executive Officer | 223,391 |
Mike Woodcock, Chief Financial Officer | 86,737 |
Mauricio Solodujin, Global Commercial Director | 35,160 |
Ben Naylor, Group Operations Director | 35,160 |
Claire Vallis, Design Director | 35,160 |
Carla Barnett, Group HR Director | 35,160 |
No payment was required for the grant of the Awards.
The LTIP was approved by shareholders at the 2015 AGM. The Awards are subject to the satisfaction of three performance condition underpins. Two underpins measure the financial performance of the Company, Operating Cash Flow over a three year period ending 31 January 2026 and growth in sales in the key US market. The third underpin is a continuous improvement in sustainability, based on a reduction of carbon footprint and contribution to the UN Sustainable Development Goals.
The Awards shall vest in three tranches as set out below
Tranche as a percentage of the Award | Normal Vesting Date of each tranche of the Award |
40% | 2 June 2026 |
40% | 2 June 2027 |
20% | 2 June 2028 |
Further details of the performance measures will be set out in the Company's 2024 Annual Report and Accounts.
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||||||||||||
a) | Name | 1. Lisa Montague 2. Mike Woodcock 3. Mauricio Solojudin 4. Ben Naylor 5. Claire Vallis 6. Carla Barnett | ||||||||||||||
2. | Reason for the notification | |||||||||||||||
a) | Position/status | 1. Chief Executive Officer 2. Chief Financial Officer 3. Global Commercial Director 4. Group Operations Director 5. Creative Director 6. Group HR Director | ||||||||||||||
b) | Initial notification/Amendment | Initial notification | ||||||||||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||||||||
a) | Name | Sanderson Design Group PLC | ||||||||||||||
b) | LEI | 213800A8K2WOUZJIQL93 | ||||||||||||||
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
GB0003061511 | ||||||||||||||
b) | Nature of the transaction | Grant of nil cost option award under the Sanderson Design Group PLC 2015 LTIP. The award will vest three years after the date of grant subject to the satisfaction of performance conditions. | ||||||||||||||
c) | Price(s) and volume(s)
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d) | Aggregated information
| Not applicable | ||||||||||||||
e) | Date of the transaction | 2 June 2023 | ||||||||||||||
f) | Place of the transaction | Outside a trading venue | ||||||||||||||
For further information:
Sanderson Design Group PLC |
c/o Buchanan +44 (0) 20 7466 5000 |
Lisa Montague, Chief Executive Officer | |
Mike Woodcock, Chief Financial Officer | |
Caroline Geary, Company Secretary | |
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Investec Bank plc (Nominated Adviser and Broker) | +44 (0) 20 7597 5970 |
David Anderson / Alex Wright / Ben Farrow | |
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Buchanan | +44 (0) 20 7466 5000 |
Mark Court / Toto Berger / Abigail Gilchrist |
SDG@buchanan.uk.com
Notes for editors:
About Sanderson Design Group
Sanderson Design Group PLC is a luxury interior furnishings company that designs, manufactures and markets wallpapers, fabrics and paints. In addition, the Company derives licensing income from the use of its designs on a wide range of products such as bed and bath collections, rugs, blinds and tableware.
Sanderson Design Group's brands include Zoffany, Sanderson, Morris & Co., Harlequin, Scion, and Clarke & Clarke.
The Company has a strong UK manufacturing base comprising Anstey wallpaper factory in Loughborough and Standfast & Barracks a fabric printing factory, in Lancaster. Both sites manufacture for the Company and for other wallpaper and fabric brands.
Sanderson Design Group employs approximately 600 people and its products are sold worldwide. It has showrooms in London, New York, Chicago, and Amsterdam.
Sanderson Design Group trades on the AIM market of the London Stock Exchange under the ticker symbol SDG.
For further information please visit: www.sandersondesigngroup.com