11 Jun 2021 16:24
11 June 2021
Ten Entertainment Group plc
Notification of Transactions by Persons Discharging Managerial Responsibilities ("PDMRs")
Ten Entertainment Group plc (the "Company") announces that on 11 June 2020, the Performance Share Plan awards granted in the 2018 scheme on 11 June 2018 have vested. The awards were granted to the three Executive Directors at the time, of which only Graham Blackwell is still with the Company. Continuous employment over the term of the scheme is a performance condition and thus only Graham Blackwell can exercise his options.
The Remuneration Committee reviewed the other performance conditions of the scheme with 50% applying to Earning per Share (EPS) and 50% to Total Shareholder Return (TSR). Only the TSR performance condition was met and the extent to which the award would vest is calculated in accordance with the below table:
TSR performance against Comparator Group Companies | Percentage of Award that vests |
Below Median | 0% |
Median | 12.5% |
Between Median and Upper Quartile | Between 12.5% and 50% on a straight line basis |
Upper Quartile and above | 50% |
The Company falls between Median and Upper Quartile and so the percentage of awards vesting was calculated on a straight-line basis and 21.9% of the TSR vests. The total award to Graham Blackwell was 95,149 options and so the Remuneration Committee have approved the vesting of 20,814 ordinary shares in the Company. The Company has elected to settle the awards via the issuance of ordinary shares.
Following the vesting of shares in respect of the Company's awards under the 2018 Performance Share Plan, application was made to the UK Listing Authority and the London Stock Exchange plc for 20,814 ordinary shares of 1p each in the Company ("Shares") to be admitted to the Official List.
After the allotment of the shares to the Company's employee share account, all 20,814 shares were disposed of by Graham Blackwell at an aggregated price of 243.52 pence per Ordinary Share.
The Shares will rank pari passu with the Company's existing ordinary shares. Following admission of the Shares, the Company will have a total of 68,367,784 ordinary shares in issue. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interests in, the Company under the FCA's Disclosure and Transparency Rules.
Further details regarding the share awards are set out within the Directors' Remuneration Report within the Company's 2020 Annual Report. This announcement is made in accordance with Article 19 of the EU Market Abuse Regulation
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||||
a. | Name | Graham Blackwell | ||||||
2. | Reason for the notification | |||||||
a. | Position/status | Chief Commercial Officer | ||||||
b. | Initial notification/Amendment | Initial Notification | ||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a. | Name | Ten Entertainment Group PLC | ||||||
b. | LEI | 213800SL9HJUQ5BGPX17 | ||||||
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 1p each
ISIN: GB00BF020D33 | ||||||
b. | Nature of the transaction | (1) Award of performance shares (2) Sale of shares | ||||||
c. | Price(s) and volume(s) |
| ||||||
d. | Aggregated information · Aggregated volume · Price
| N/A | ||||||
e. | Date of the transaction | 11 June 2021 | ||||||
f. | Place of the transaction | London Stock Exchange, Main Market (XLON) | ||||||
Enquiries: Ten Entertainment Group plc Graham Blackwell, Chief Executive Officer Antony Smith, Chief Financial Officer and Company Secretary
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via Instinctif Partners |
Instinctif Partners Matthew Smallwood, Jack Devoy | Tel: 020 7457 2020 |