Last checked at 24 Mar 2021 16:13
24 March 2021
THE PROPERTY FRANCHISE GROUP PLC
("TPFG", the "Company" or the "Group")
Grant of Option
PDMR Dealings
CEO Bonus deferred to Share Award
The Property Franchise Group PLC, the UK's largest property franchisor, today announces that it has deferred the majority of the bonus payable to its Chief Executive Officer, Gareth Samples, into an award of an option over 100,000 ordinary shares of 1p each in the Company.
The deferral of two thirds of his annual bonus demonstrates Gareth's commitment to his growth plans for TPFG and to becoming fully aligned with the Company's shareholders by building a meaningful stake in the Company.
The award of the nil cost is in substitution for two thirds of the total £150,000 performance-based cash bonus payable to Gareth for the last financial year to 31 December 2020, with a 100% uplift based on a 30-day VWAP applied to the deferred element, and will become exercisable in two years' time subject to continued employment, vesting criteria and malus conditions. Under the award, Gareth will not be able to dispose of any of the acquired shares for a further period of two years (save as required to pay tax due on exercise).
Paul Latham, Chair of the TPFG Remuneration Committee commented:
"The deferral of two thirds of the annual bonus into an option represents a further step forward in Gareth's intention to build a meaningful stake in TPFG, as outlined on his appointment. Over the past twelve months Gareth has demonstrated outstanding leadership, delivering results across the whole of the business which in the depths of the Covid pandemic appeared highly unlikely. New management structures have been implemented, exciting new opportunities identified and, of course, Gareth has been instrumental in delivering the recently completed acquisition of Hunters."
Gareth Samples, CEO of TPFG, further commented:
"I am delighted to accept the deferral of the majority of my bonus into an option. I hope that it will reinforce that I share the ambition of all our shareholders, to see substantial further growth for TPFG. This past year has indeed been challenging. However, I am confident that the new management structures, together with our newly refined growth strategy and the outstanding opportunities afforded by the recently completed acquisition of Hunters, will translate into returns delivered for our shareholders."
Further detail is provided below in accordance with Article 19.3 of the EU Market Abuse Regulation.
1
| Details of the person discharging managerial responsibilities / person closely associated | |||||
a)
| Name
| Gareth Samples | ||||
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
| The Property Franchise Group PLC | ||||
b)
| LEI
| 2138008J5PTJ8C77I535 | ||||
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
ISIN: GB00BH0WFH67 | ||||
b)
| Nature of the transaction
| Grant of options over ordinary shares | ||||
c)
| Price(s) and volume(s)
|
| ||||
d)
| Aggregated information
- Aggregated volume
- Price
|
100,000 | ||||
e)
| Date of the transaction
| 24/03/2021 | ||||
f)
| Place of the transaction
| Outside a trading venue | ||||
For further information, please contact:
The Property Franchise Group PLC Gareth Samples, Chief Executive Officer David Raggett, Chief Financial Officer | 01202 405549
| |
Cenkos Securities plc Max Hartley, Callum Davidson (Financial Adviser and Nominated Adviser) Julian Morse (Sales)
| 0207 397 8900
| |
Alma PR Susie Hudson Justine James Harriet Jackson
| 0203 405 0209 | |
About The Property Franchise Group PLC:
The Property Franchise Group PLC (AIM: TPFG) is the largest property franchisor in the UK and one of the leaders in UK estate agency and lettings.
The Company was founded in 1986 and has since grown to a diverse portfolio of nine brands operating throughout the UK, comprising longstanding high-street focused brands and a hybrid, no sale no fee agency.
The Property Franchise Group's brands are Martin & Co, EweMove, Hunters, CJ Hole, Ellis & Co, Parkers, Whitegates, Mullucks & Country Properties.
Headquartered in Bournemouth, UK, the Company was listed on AIM on the London Stock Exchange in 2013. More information is available at www.propertyfranchise.co.uk