20 May 2019 10:50
20 May 2019
Ten Entertainment Group plc
Performance Share Plan Awards
Ten Entertainment Group plc (the "Company") announces that on Friday 17 May 2019 its Executive Directors were granted the following share awards as nominal-cost options over ordinary shares of £0.01 each in the Company ("Shares") under the Company's Performance Share Plan ("PSP"). The awards have been granted in accordance with the remuneration policy approved by shareholders and set out in the Company's Annual Report which was published on 11 April 2019.
Director | Position | Number of Share Awards Granted |
Duncan Garrood | Chief Executive Officer | 200,000 |
Antony Smith | Chief Financial Officer | 133,333 |
Graham Blackwell | Chief Commercial Officer | 123,333 |
These awards (the "PSP Awards") are subject to two performance conditions which will be measured following the announcement of results for the year to 2 January 2022 ("FY2021").
The first performance condition applying to the PSP Awards will be based on Earnings per Share of the Company ("EPS") and will apply to 50 per cent. of the total number of Share Awards granted.
EPS - Financial Year 2021 | Percentage of the total number of Share Awards granted that will vest |
Less than 25.65 pence | 0% |
25.65 pence | 12.5% |
Between 25.65 and 27.30 pence | Pro-rata on straight-line basis between 12.5% and 50% |
More than 27.30 pence | 50% |
The EPS measure is based on adjusted fully diluted EPS as stated in the Company's accounts and is subject to such adjustments as the Remuneration Committee in its discretion determines are fair and reasonable.
The second performance condition will be based on Total Shareholder Return ("TSR") of the Company over the period from the date of grant to the announcement of results for FY2021 relative to a comparator group of companies and will apply to the remaining 50 per cent. of Share Awards granted.
It is intended that 12.5 per cent. of the total number of Share Awards will vest on achievement of median TSR performance and that 50 per cent. of such will vest on achievement of upper quartile performance. There will be straight line vesting between these points.
Set out below are the notifications, made in accordance with the requirements of the EU Market Abuse Regulation, in relation to the PSP
Enquiries:
Ten Entertainment Group plc Duncan Garrood, Chief Executive Officer Antony Smith, Chief Financial Officer
| via Instinctif Partners |
Instinctif Partners Matthew Smallwood Tom Berger | Tel: 020 7457 2020 |
1 - Details of the person discharging managerial responsibilities / person closely associated | |||||
Name | Duncan Garrood | ||||
2 - Reason for the notification | |||||
Position | Chief Executive Officer | ||||
Reason for the notification | Initial Notification | ||||
3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
Full name of the entity | Ten Entertainment Group PLC | ||||
Legal Entity Identifier code | 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; (iv) each place where transactions have been conducted | |||||
Description of financial instrument, type of instrument | Ordinary Shares of 1p each | ||||
Identification code | ISIN: GB00BF020D33 | ||||
Nature of the transaction | Grant of PSP Performance Share Award. The Award is structured as a nominal cost option which shall ordinarily vest and become exercisable from the third anniversary of its grant date subject to continued service and to the extent to which the performance conditions set for the Award are satisfied. | ||||
Price(s) and volume(s) |
| ||||
Aggregated information and volume price | Total volume of shares: 200,000 Total price GBP £nil | ||||
Date of transaction | 17 May 2019 UK BST | ||||
Place of transaction | Outside a trading venue | ||||
| |||||
1 - Details of the person discharging managerial responsibilities / person closely associated | |||||
Name | Antony Smith | ||||
2 - Reason for the notification | |||||
Position | Chief Financial Officer | ||||
Reason for the notification | Initial Notification | ||||
3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
Full name of the entity | Ten Entertainment Group PLC | ||||
Legal Entity Identifier code | 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; (iv) each place where transactions have been conducted | |||||
Description of financial instrument, type of instrument | Ordinary Shares of 1p each | ||||
Identification code | ISIN: GB00BF020D33 | ||||
Nature of the transaction | Grant of PSP Performance Share Award. The Award is structured as a nominal cost option which shall ordinarily vest and become exercisable from the third anniversary of its grant date subject to continued service and to the extent to which the performance conditions set for the Award are satisfied. | ||||
Price(s) and volume(s) |
| ||||
Aggregated information and volume price | Total volume of shares: 133,333 Total price GBP £nil | ||||
Date of transaction | 17 May 2019 UK BST | ||||
Place of transaction | Outside a trading venue | ||||
1 - Details of the person discharging managerial responsibilities / person closely associated | |||||
Name | Graham Blackwell | ||||
2 - Reason for the notification | |||||
Position | Chief Commercial Officer | ||||
Reason for the notification | Initial Notification | ||||
3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
Full name of the entity | Ten Entertainment Group PLC | ||||
Legal Entity Identifier code | 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; (iv) each place where transactions have been conducted | |||||
Description of financial instrument, type of instrument | Ordinary Shares of 1p each | ||||
Identification code | ISIN: GB00BF020D33 | ||||
Nature of the transaction | Grant of PSP Performance Share Award. The Award is structured as a nominal cost option which shall ordinarily vest and become exercisable from the third anniversary of its grant date subject to continued service and to the extent to which the performance conditions set for the Award are satisfied. | ||||
Price(s) and volume(s) |
| ||||
Aggregated information and volume price | Total volume of shares: 123,333 Total price GBP £nil | ||||
Date of transaction | 17 May 2019 UK BST | ||||
Place of transaction | Outside a trading venue | ||||