Last checked at 23 Jul 2020 08:43
THE PROPERTY FRANCHISE GROUP PLC
(the "Company" or the "Group")
New Long-Term Incentive Plan
The Property Franchise Group, today announces that it has granted options over ordinary shares in the Company to its Chief Executive Officer and Chief Financial Officer under the TPFG Share Option Plan. These initial awards recognise each of their roles 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; basic earnings per share adjusted for exceptional income/costs and share based payments ("adjusted EPS") and total shareholder return over the 3 years to 31 December 2022. Each performance condition will apply to 50% of the award being made.
In respect of both performance conditions, growth of 15% over the three year period will be required for threshold vesting of the awards, with growth of 35% or higher required for all of the awards to vest. The shares will be awarded on a sliding scale for growth between 15% and 35%. None of the awards will vest for adjusted EPS growth below 15% over the period.
The maximum awards are stated below.
Name Position Number of shares
subject to awards
Gareth Samples Chief Executive 100,000
David Raggett Chief Financial Officer 100,000
Prior to these awards the Company had outstanding awards granted under this and a prior incentive scheme of 2,179,800 Ordinary Shares of which 64,800 had vested but not been exercised.
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: |
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| Gareth Samples |
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| David Raggett | |
2 | Reason for notification. |
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a) | Position/Status: |
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| Chief Executive |
| Chief Financial Officer | |||
b) | Initial Notification/Amendment: |
| Initial Notification |
| Initial Notification | ||||
3 | Details of the issuer, emission allowance market participation, auction platform, | ||||||||
| auctioneer or auction monitor. |
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a) | Name: |
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| The Property Franchise Group PLC |
| The Property Franchise Group PLC | ||
b) | LEI: |
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| 2138008J5PTJ8C77I535
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| 2138008J5PTJ8C77I535
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4 | Details of transaction(s);section to berepeated 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: | Ordinary Shares of |
| Ordinary Shares of | |||||
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| 1p each |
| 1peach | ||
| Identification code: |
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| ISIN: GB00BH0WFH67 |
| ISIN: GB00BH0WFH67 | |||
b) | Nature of transaction: |
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| Grant of nil cost options |
| Grant of nil cost options | |||
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| over Company's shares |
| over Company's shares | ||
c) | Price(s) and volume(s) |
| Price(s) | Volume(s) |
| Price(s) | Volume(s) | ||
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| 1p each | 100,000 |
| 1p each | 100,000 |
d) | Aggregatted volume: |
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| n/a |
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| n/a |
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| Price: |
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| n/a |
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| n/a |
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e) | Date of Transaction: |
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| 23 July 2020 |
| 23 July 2020 | |||
f) | Place of the Transaction |
| Outside a trading venue |
| Outside a trading venue | ||||
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
For further information, please contact:
The Property Franchise Group PLC 01202 292829
Gareth Samples, Chief Executive Officer
David Raggett, Chief Financial Officer
Cenkos Securities plc 0207 397 8925
Max Hartley (Nomad),
Julian Morse (Sales)
Alma PR 020 3772 2500
Susie Hudson propertyfranchise@almapr.co.uk
Rebecca Sanders-Hewett