Last checked at 17 May 2023 07:00
17 May 2023
THE PROPERTY FRANCHISE GROUP PLC
(the "Company" or the "Group")
Grant of Options
The Property Franchise Group PLC, the UK's largest property franchisor, today announces that it has granted nominal cost options over 255,952 ordinary shares in the Company to its Chief Executive Officer, Chief Financial Officer and members of its senior management team under the TPFG Share Option Plan. These awards recognise each of their roles and responsibilities in developing and implementing the Company's strategic plans and are designed to continue to incentivise them appropriately.
The awards will be subject to two performance conditions; adjusted basic earnings per share adjusted for exceptional income/costs, amortisation arising on consolidation and share-based payment charges ("adjusted EPS") and total shareholder return ("TSR") over the 3 years to 31 December 2025. Each performance condition will apply to 50% of the awards being made.
In respect of adjusted EPS, growth of 20% over the three-year period will be required for threshold vesting of the award (the "collar"), with growth of 42% or higher required for full vesting of the award (the "cap"). In respect of TSR, growth of 48% over the three-year period will be required for threshold vesting of the award (the "collar"), with growth of 72% or higher required for full vesting of the award (the "cap"). Straight-line vesting applies between the collar and the cap for both performance conditions.
The maximum awards for directors and PDMRs are stated below:
Name | Position | Number of shares subject to awards |
Gareth Samples | Chief Executive Officer | 109,127 |
David Raggett | Chief Financial Officer | 63,492 |
Nick Neill | Managing Director of EweMove | 12,000 |
Immediately prior to these awards the Company's issued share capital was 32,041,966 ordinary shares and it had outstanding awards granted under prior incentive schemes of 2,213,000 ordinary shares.
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 | 1. Gareth Samples 2. David Raggett 3. Nick Neill
| |
2 | Reason for the notification | ||
a) | Position/status
| 1. PDMR, Chief Executive Officer 2. PDMR, Chief Financial Officer 3. PDMR, Managing Director of EweMove
| |
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 1 pence each
ISIN: GB00BH0WFH67 | |
b)
| Nature of the transaction
| Grant of nil cost options over Company's shares | |
c)
| Price(s) and volume(s)
| Price(s)
| Volume(s) |
1. 1p each 2. 1p each 3. 1p each
| 1. 109,127 2. 63,492 3. 12,000
| ||
d)
| Aggregated information
- Aggregated volume
- Price
|
184,619
1p each | |
e)
| Date of the transaction
| 16 May 2023 | |
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
|
|
Canaccord Genuity Limited (Nominated Adviser and Joint Broker) Max Hartley Tom Diehl
| 0207 523 8000
|
|
Singer Capital Markets (Joint Broker) Rick Thompson James Fischer
| 020 7496 3000
| |
Alma PR Justine James Joe Pederzolli
| 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 manages the second largest estate agency network and portfolio of lettings properties in the UK.
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