Last checked at 25 Mar 2021 07:00
25 March 2021
Ten Lifestyle Group plc
(the "Group" or the "Company")
Share Option Grants / PDMR Dealing
Ten Lifestyle Group plc (AIM: TENG), a leading technology-enabled global concierge platform for the world's wealthy and mass affluent, announces a fourth initiative whereby the Group has granted share options in exchange for voluntary salary sacrifice.
The Group's performance continues to be adversely affected by the COVID-19 pandemic, as most recently described in the Group's trading update on 19 March 2021. Continued prudent cost-saving measures, alongside improvements to efficiency, are therefore being taken to effectively manage cash.
As such, the Group has offered a fourth salary sacrifice initiative to its employees and contractors, following the Group's three previous initiatives that ran concurrently from March 2020 to February 2021.
Pursuant to this fourth salary sacrifice initiative, the Group has granted options over a total of 1,770,471 Ordinary Shares of 0.1p each to certain employees and contractors of the Group. For every £1 of salary participating employees and contractors forego over a 4-month period they will receive four options. Over 60 individuals have chosen to participate in the fourth salary sacrifice initiative. The total cash saving to the Group over the 4-month period will be £0.5m.
The fourth salary sacrifice initiative includes grants of options to 'persons discharging managerial responsibilities' ("PDMRs"), as listed below. These have an exercise price of £1.10, exercisable for up to two years from the date of grant (the "Options"). The value of an Option has been determined to be £0.19 using the Black Scholes model for option pricing.
PDMR | Position | Value of gross salary foregone (£) | Number of new Options granted | Resulting total options held over Ordinary Shares |
Alex Cheatle | CEO | 49,833.33 | 199,333 | 1,431,041 |
Andrew Long | Group COO and CEO (Asia) | 43,344.91 | 173,380 | 1,062,469 |
Sarah Hornbuckle | Client Services Director | 12,001.65 | 48,007 | 327,735 |
Alan Donald | CFO | 19,400.00 | 77,600 | 547,108 |
The Board considers the benefits achieved by the salary sacrifice initiatives, including cost savings and enhanced employee engagement, are aligned with shareholders' interests. As the participants have waived entitlement to salary in lieu of payment for the share options, with expected net dilution only once the proceeds exceed the value of the salary sacrificed, the Board has considered it appropriate to exclude these options from general headroom limits pursuant to the Company's Share Plans.
The notification below, made in accordance with the Market Abuse Regulation, provides further details in relation to these PDMR dealings.
For further information, please visit https://www.tengroup.com/ or contact:
Ten Lifestyle Group Plc Alex Cheatle, Chief Executive Officer Alan Donald, Chief Financial Officer
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+44 (0)20 7850 2796 |
Peel Hunt LLP, Nominated Advisor and Broker Edward Knight Paul Gillam Nick Prowting
| +44 (0) 20 7418 8900 |
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1
| Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Alex Cheatle | ||||
2 | Reason for the notification | |||||
a) | Position/status | Chief Executive 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 Lifestyle Group Plc | ||||
b) | LEI | 213800YK94ZUOJUMN686 | ||||
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 | Options over Ordinary shares of 0.1p each, exercisable at a price of £1.10 per new Ordinary share, for up to 2 years from the date of grant | ||||
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Identification code | ISIN: GB00BF188X60 | |||||
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b) | Nature of the transaction | Issue of Options | ||||
c) |
| Price(s) and volume(s) |
| Price(s) | Volume(s) |
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| £0.19 per Option | 199,333 |
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d)
| Aggregated information |
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- Aggregated volume | 199,333 | |||||
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- Price | £49,833.33 | |||||
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e) | Date of the transaction | 25 March 2021 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1
| Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Andrew Long | ||||
2 | Reason for the notification | |||||
a) | Position/status | Group Chief Operational Officer and Chief Executive Officer (Asia) | ||||
b) | Initial notification /Amendment | Initial Notification | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Ten Lifestyle Group Plc | ||||
b) | LEI | 213800YK94ZUOJUMN686 | ||||
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 | Options over Ordinary shares of 0.1p each, exercisable at a price of £1.10 per new Ordinary share, for up to 2 years from the date of grant | ||||
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Identification code | ISIN: GB00BF188X60 | |||||
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b) | Nature of the transaction | Issue of Options | ||||
c) |
| Price(s) and volume(s) |
| Price(s) | Volume(s) |
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| £0.19 per Option | 173,380 |
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d)
| Aggregated information |
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- Aggregated volume | 173,380 | |||||
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- Price | £43,344.91 | |||||
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e) | Date of the transaction | 25 March 2021 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1
| Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Sarah Hornbuckle | ||||
2 | Reason for the notification | |||||
a) | Position/status | Client Services Director | ||||
b) | Initial notification /Amendment | Initial Notification | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Ten Lifestyle Group Plc | ||||
b) | LEI | 213800YK94ZUOJUMN686 | ||||
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 | Options over Ordinary shares of 0.1p each, exercisable at a price of £1.10 per new Ordinary share, for up to 2 years from the date of grant | ||||
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Identification code | ISIN: GB00BF188X60 | |||||
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b) | Nature of the transaction | Issue of Options | ||||
c) |
| Price(s) and volume(s) |
| Price(s) | Volume(s) |
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| £0.19 per Option | 48,007 |
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d)
| Aggregated information |
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- Aggregated volume | 48,007 | |||||
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- Price | £12,001.54 | |||||
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e) | Date of the transaction | 25 March 2021 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1
| Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Alan Donald | ||||
2 | Reason for the notification | |||||
a) | Position/status | Chief Finance 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 Lifestyle Group Plc | ||||
b) | LEI | 213800YK94ZUOJUMN686 | ||||
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 | Options over Ordinary shares of 0.1p each, exercisable at a price of £1.10 per new Ordinary share, for up to 2 years from the date of grant | ||||
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Identification code | ISIN: GB00BF188X60 | |||||
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b) | Nature of the transaction | Issue of Options | ||||
c) |
| Price(s) and volume(s) |
| Price(s) | Volume(s) |
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| £0.19 per Option | 77,600 |
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d)
| Aggregated information |
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- Aggregated volume | 77,600 | |||||
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- Price | £19,400.00 | |||||
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e) | Date of the transaction | 25 March 2021 | ||||
f) | Place of the transaction | Outside a trading venue | ||||