BPM B.p. Marsh & Partners Plc

TIDMBPM

RNS Number : 0183U

B.P. Marsh & Partners PLC

20 November 2023

20 November 2023

B.P. Marsh & Partners Plc

("B.P. Marsh" or the "Company")

Further information regarding Share Option Plan

Further to its announcement on 15 November 2023 and the details contained in its half year results released on 17 October 2023, B.P. Marsh, the specialist investor in early-stage financial services businesses, announces further detail regarding the Share Option Plan (the "Plan") and the recent granting of Share Options ("Options") over 1,682,500 ordinary shares of 10p each in the Company, in aggregate, to 12 employees, including to Directors of the Company. These awards recognise the roles and responsibilities of key staff in implementing the Company's strategy and are designed to appropriately incentivise these individuals.

Each of the Options will vest, on a ratchet basis, subject to certain Net Asset Value ("NAV") growth targets being achieved for the three consecutive financial years ending 31 January 2026 (together, the "Performance Period"). The first exercise date is 6 September 2026 whereby 50% of vested Options will be exercisable at 10p per share, with the remaining 50% exercisable at 10p per share from 6 September 2027.

The number of Options which vest will vary depending on the level of NAV growth achieved, subject to the growth performance criteria as set out below, alongside the percentage of options that will vest at each value:

 
 NAV growth                         % vesting of 
                                     Options 
 < 8.5% Compound annual Growth 
  over the Performance Period                 0% 
                                   ------------- 
 8.5% Compound annual Growth 
  over the Performance Period                25% 
                                   ------------- 
 9.25% Compound annual Growth 
  over the Performance Period                50% 
                                   ------------- 
 10% Compound annual Growth over 
  Performance Period                        100% 
                                   ------------- 
 

For these purposes, NAV is defined as "audited Total Assets less Total Liabilities for the consolidated Group plus any dividends or other form of shareholder return that are paid in the relevant Financial Year".

Therefore, for all Options to vest, the Net Asset Value (as defined above) would need to exceed GBP252.2m.

The total number of Options granted under the Plan represents approximately 4.26% of the fully diluted shares outstanding.

 
 For further information: 
 B.P. Marsh & Partners Plc                            www.bpmarsh.co.uk 
  Brian Marsh OBE                                      +44 (0)20 7233 3112 
 Panmure Gordon (UK) Limited 
  Atholl Tweedie / Stephen Jones / Amrit Mahbubani 
  / Ailsa MacMaster                                   +44 (0)20 7886 2500 
 Tavistock Communications Limited                     bpmarsh@tavistock.co.uk 
  Simon Hudson / Tim Pearson / Katie Hopkins           +44 (0)20 7920 3150 
 

Notes to Editors:

B.P. Marsh's current portfolio contains fourteen companies. More detailed descriptions of the portfolio can be found at www.bpmarsh.co.uk .

Since formation over 30 years ago, the Company has assembled a management team with considerable experience both in the financial services sector and in managing private equity investments. Many of the directors have worked with each other in previous roles, and all have worked with each other for approaching ten years.

- Ends -

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November 20, 2023 07:35 ET (12:35 GMT)

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