11 Nov 2020 16:57
For immediate release | 11 November 2020 |
WALKER GREENBANK PLC
("Walker Greenbank" or the "Company")
Grant of Awards under LTIP
Walker Greenbank PLC (AIM: WGB), the luxury interior furnishings group, announces that on 11 November 2020 it granted nil-cost options (the "Awards") over ordinary shares of 1 pence each in the Company (the "Shares") to eight persons discharging managerial responsibilities ("PDMR") under the Walker Greenbank PLC 2015 Long Term Incentive Plan (the "LTIP").
Details of the Awards are set out below:
Director/ PDMR | Number of Shares under Award on the basis of achieving the maximum performance targets |
Lisa Montague, Chief Executive Officer | 292,500 |
Michael Williamson, Chief Financial Officer | 122,757 |
Mauricio Solojudin, Global Commercial Director | 68,695 |
Nigel Hunt, Global Marketing & Digital Director | 64,338 |
Ben Naylor, Group Operations Director | 49,632 |
Claire Vallis, Creative Director | 57,375 |
Carla Barnett, Group HR Director | 50,222 |
Caroline Geary, Company Secretary | 19,538 |
To help ensure the participants do not receive potential windfall gains as a result of the impact of COVID-19, a share price of 68.0 pence per Share was used when calculating the grant. This is based on the average share price for the three months prior to 1 March 2020 and for the three months up to 31 October 2020. No payment was required for the grant of the Awards.
The LTIP was approved by shareholders at the 2015 AGM. The Awards are subject to the satisfaction of three performance condition underpins. Two underpins measure the financial performance of the Company by way of Earnings before Interest and Tax (EBIT) and Free Cash Flow over a three year period, ending 31 January 2023. The third underpin is a continuous improvement in sustainability, based on a reduction of carbon footprint and contribution to the UN Sustainable Development Goals.
The Awards for Lisa Montague and Michael Williamson shall vest in three tranches as set out below:
Tranche as a percentage of the Award | Normal Vesting Date of each tranche of the Award |
40% | 11 November 2023 |
30% | 11 November 2024 |
30% | 11 November 2025 |
The Awards for the other PDMRs shall vest in three tranches as set out below
Tranche as a percentage of the Award | Normal Vesting Date of each tranche of the Award |
40% | 11 November 2023 |
40% | 11 November 2024 |
20% | 11 November 2025 |
Further details of the performance measures will be set out in the Company's 2021 Annual Report and Accounts.
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Lisa Montague | ||||
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 | Walker Greenbank PLC | ||||
b) | LEI | 213800A8K2WOUZJIQL93 | ||||
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
GB0003061511 | ||||
b) | Nature of the transaction | Grant of nil cost option award under the Walker Greenbank PLC 2015 LTIP. The award will vest three years after the date of grant subject to the satisfaction of performance conditions. | ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information
| Not applicable - single transaction | ||||
e) | Date of the transaction | 11 November 2020 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Michael Williamson | ||||
2. | Reason for the notification | |||||
a) | Position/status | Chief Financial Officer | ||||
b) | Initial notification/Amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Walker Greenbank PLC | ||||
b) | LEI | 213800A8K2WOUZJIQL93 | ||||
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
GB0003061511 | ||||
b) | Nature of the transaction | Grant of nil cost option award under the Walker Greenbank PLC 2015 LTIP. The award will vest three years after the date of grant subject to the satisfaction of performance conditions. | ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information
| Not applicable - single transaction | ||||
e) | Date of the transaction | 11 November 2020 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Mauricio Soldujin | ||||
2. | Reason for the notification | |||||
a) | Position/status | Global Commercial Director | ||||
b) | Initial notification/Amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Walker Greenbank PLC | ||||
b) | LEI | 213800A8K2WOUZJIQL93 | ||||
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
GB0003061511 | ||||
b) | Nature of the transaction | Grant of nil cost option award under the Walker Greenbank PLC 2015 LTIP. The award will vest three years after the date of grant subject to the satisfaction of performance conditions. | ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information
| Not applicable - single transaction | ||||
e) | Date of the transaction | 11 November 2020 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
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1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Nigel Hunt | ||||
2. | Reason for the notification | |||||
a) | Position/status | Global Marketing & Digital Director | ||||
b) | Initial notification/Amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Walker Greenbank PLC | ||||
b) | LEI | 213800A8K2WOUZJIQL93 | ||||
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
GB0003061511 | ||||
b) | Nature of the transaction | Grant of nil cost option award under the Walker Greenbank PLC 2015 LTIP. The award will vest three years after the date of grant subject to the satisfaction of performance conditions. | ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information
| Not applicable - single transaction | ||||
e) | Date of the transaction | 11 November 2020 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
|
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1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Ben Naylor | ||||
2. | Reason for the notification | |||||
a) | Position/status | Group Operations Director | ||||
b) | Initial notification/Amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Walker Greenbank PLC | ||||
b) | LEI | 213800A8K2WOUZJIQL93 | ||||
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
GB0003061511 | ||||
b) | Nature of the transaction | Grant of nil cost option award under the Walker Greenbank PLC 2015 LTIP. The award will vest three years after the date of grant subject to the satisfaction of performance conditions. | ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information
| Not applicable - single transaction | ||||
e) | Date of the transaction | 11 November 2020 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Claire Vallis | ||||
2. | Reason for the notification | |||||
a) | Position/status | Creative Director | ||||
b) | Initial notification/Amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Walker Greenbank PLC | ||||
b) | LEI | 213800A8K2WOUZJIQL93 | ||||
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
GB0003061511 | ||||
b) | Nature of the transaction | Grant of nil cost option award under the Walker Greenbank PLC 2015 LTIP. The award will vest three years after the date of grant subject to the satisfaction of performance conditions. | ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information
| Not applicable - single transaction | ||||
e) | Date of the transaction | 11 November 2020 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
|
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1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Carla Barnett | ||||
2. | Reason for the notification | |||||
a) | Position/status | Group HR Director | ||||
b) | Initial notification/Amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Walker Greenbank PLC | ||||
b) | LEI | 213800A8K2WOUZJIQL93 | ||||
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
GB0003061511 | ||||
b) | Nature of the transaction | Grant of nil cost option award under the Walker Greenbank PLC 2015 LTIP. The award will vest three years after the date of grant subject to the satisfaction of performance conditions. | ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information
| Not applicable - single transaction | ||||
e) | Date of the transaction | 11 November 2020 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
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|
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1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Caroline Geary | ||||
2. | Reason for the notification | |||||
a) | Position/status | Company Secretary | ||||
b) | Initial notification/Amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Walker Greenbank PLC | ||||
b) | LEI | 213800A8K2WOUZJIQL93 | ||||
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
GB0003061511 | ||||
b) | Nature of the transaction | Grant of nil cost option award under the Walker Greenbank PLC 2015 LTIP. The award will vest three years after the date of grant subject to the satisfaction of performance conditions. | ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information
| Not applicable - single transaction | ||||
e) | Date of the transaction | 11 December 2019 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
For further information:
Walker Greenbank PLC | +44 (0)1895 221068 |
Lisa Montague, Chief Executive Officer Michael Williamson, Chief Financial Officer | |
Caroline Geary, Company Secretary | |
Investec Bank plc (Nominated Adviser and Broker) | +44 (0) 20 7597 5970 |
David Anderson / Alex Wright | |
Henry Reast | |
Buchanan | +44 (0) 20 7466 5000 |
Mark Court / Toto Berger / Charlotte Slater |
Notes for editors:
About Walker Greenbank
Walker Greenbank PLC is a luxury interior furnishings company that designs, manufactures and markets wallpapers, fabrics and paints. In addition, the Company derives significant licensing income from the use of its designs on a wide range of interior products such as bed linen, rugs and tableware.
Walker Greenbank's brands include Zoffany, Sanderson, Morris & Co., Harlequin, Scion, Anthology, Clarke & Clarke and Studio G.
The Company has a strong UK manufacturing base comprising a wallpaper factory in Loughborough and a fabric printing factory in Lancaster. Both factories manufacture for the Company and for other wallpaper and fabric brands.
Walker Greenbank employs approximately 600 people and its products are sold in more than 85 countries worldwide. It has showrooms in London, New York, Chicago, Paris, and Dubai.
Walker Greenbank trades on the AIM market of the London Stock Exchange under the ticker symbol WGB.
For further information please visit: www.walkergreenbank.com/