TIDMPMP

RNS Number : 5589T

Portmeirion Group PLC

25 March 2021

25 March 2021

Portmeirion Group PLC

(the "Company" or "Group")

Grant of Options and Director Dealings

The Company announces that the Group's Remuneration Committee and Board have approved the surrender of certain share options in issue ("Existing Options") and the grant of 377,500 options ("New Options") over ordinary shares of 5 pence each in the Company ("Ordinary Shares") to Directors and senior managers on 24 and 25 March 2021 respectively pursuant to The Portmeirion 2012 Approved Share Option Plan and The Portmeirion 2012 Unapproved Share Option Plan (the "2012 Plans").

The surrender of Existing Options relates to options over 74,300 Ordinary Shares with an exercise price of 980.0 pence granted on 8 August 2019. The Existing Options were surrendered for no consideration. Included within the options surrendered was a total of 41,300 options over Ordinary Shares previously granted to persons discharging managerial responsibilities ("PDMRs") of the Group as set out below. The remaining options surrendered were held by senior managers.

The grant of New Options comprises options over a total of 250,000 Ordinary Shares to PDMRs as set out below and a further 127,500 options to other senior managers. The New Options granted have a vesting period of three years, a total exercise period of seven years between 26 March 2024 and 24 March 2031 and an exercise price of 632.5 pence per Ordinary Share (being the closing mid-market price of an Ordinary Share on the dealing day immediately preceding the date of grant).

The New Options granted on 25 March 2021 are normally only exercisable if the increase in the average of the Group's basic adjusted (for changes in accounting standards and exceptional items) earnings per share for each of the three years ending 31 December 2021, 31 December 2022 and 31 December 2023 is at least 10% higher than that calculated for the year ended 31 December 2019 using the number of shares in issue (excluding treasury shares and shares held in The Portmeirion Employees Share Trust on which dividends are not paid) immediately following the equity raise completed on 29 June 2020, being 13,739,182 shares.

 
                                                           Number of         Number options           Total number 
                                                       options surrendered      granted at      of Ordinary Shares 
                                                            at 980.0           an exercise         over which each 
                                                            pence per         price of 632.5    PDMR holds options 
                                                            Ordinary            pence per           following this 
                                                              Share           Ordinary Share          notification 
 Company 
 directors/officers: 
                           --------------------------------------------------------------------------------------- 
 Michael Raybould                   Chief Executive                      -            50,000                97,275 
                          -------------------------  ---------------------  ----------------  -------------------- 
                                   Chief Commercial 
 Jacqui Gale                                Officer                 10,000            30,000                40,000 
                          -------------------------  ---------------------  ----------------  -------------------- 
 Michael Knapper                Operations Director                      -            30,000                55,365 
                          -------------------------  ---------------------  ----------------  -------------------- 
                                 President of North 
 William Robedee                            America                      -            30,000                45,000 
                          -------------------------  ---------------------  ----------------  -------------------- 
 David Sproston              Group Finance Director                  4,600            30,000                59,000 
                          -------------------------  ---------------------  ----------------  -------------------- 
 Moira MacDonald            Group Company Secretary                  4,600            12,500                20,000 
                          -------------------------  ---------------------  ----------------  -------------------- 
 Subsidiary company 
 directors: 
 Portmeirion UK 
                           --------------------------------------------------------------------------------------- 
 Gemma Copping                   Marketing Director                      -             7,500                12,500 
                          -------------------------  ---------------------  ----------------  -------------------- 
 Robert Findler                 Production Director                  7,500             7,500                13,500 
                          -------------------------  ---------------------  ----------------  -------------------- 
 Daniel Goodall                     Design Director                      -             7,500                13,500 
                          -------------------------  ---------------------  ----------------  -------------------- 
 Samantha Pearce                        HR Director                  4,600             7,500                13,500 
                          -------------------------  ---------------------  ----------------  -------------------- 
 Stephen Richardson               UK Sales Director                  5,000             7,500                12,500 
                          -------------------------  ---------------------  ----------------  -------------------- 
 Subsidiary company directors: Portmeirion                                                 - 
  North America 
                                                                            ----------------  -------------------- 
                                    Chief Financial 
 Michael Gilson                             Officer                      -             7,500                 7,500 
                          -------------------------  ---------------------  ----------------  -------------------- 
 Subsidiary company directors: Wax                                                         - 
  Lyrical 
                                                     ---------------------  ----------------  -------------------- 
 Warren Gell                    Commercial Director                  5,000             7,500                12,500 
                          -------------------------  ---------------------  ----------------  -------------------- 
 Elizabeth Kerr                    Finance Director                      -             5,000                 5,000 
                          -------------------------  ---------------------  ----------------  -------------------- 
 Lyn Place                      Operations Director                      -             5,000                 5,000 
                          -------------------------  ---------------------  ----------------  -------------------- 
 Emma Stevenson                         HR Director                      -             5,000                 5,000 
                          -------------------------  ---------------------  ----------------  -------------------- 
                                             Total:                 41,300           250,000               417,140 
 -------------------------                           ---------------------  ----------------  -------------------- 
 
 

Amendment of Performance Conditions for Executive Share Options Granted in 2020

In addition, the Remuneration Committee has determined that the earnings per share performance conditions set for the options granted on 4 May 2020 under the 2012 Plans and the Portmeirion Group Phantom Share Plan (the "2020 Options") be rebased to take account of the number of shares in issue at the time of grant in May 2020 rather than the increased number of issued shares as a result of the June 2020 equity raise. The 2020 Options will therefore normally only be exercisable if t he increase in the average of the Group's basic adjusted (for changes in accounting standards and exceptional items) earnings per share for each of the two years ending 31st December 2021 and 31st December 2022 is at least 10% higher than that for the year ended 31st December 2019. The number of the Group's shares in issue (excluding treasury shares and shares held in The Portmeirion Employees Share Trust on which dividends are not paid) to be used in the calculations shall be that at the time of grant of the options on 4 May 2020, being 10,642,578 shares.

The Group's Remuneration Committee believes it is key that the Group incentivise and retain Directors and senior managers to drive the business forward as they have admirably done over the last challenging year, whilst aligning their interests with those of shareholders .

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014 (MAR).

The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail.

_____________________________________________

Notification and public disclosure of transactions by persons discharging managerial responsibilities / person closely associated with them.

 
 1.   Details of the person discharging managerial responsibilities/person 
       closely associated 
 a)   Name                              Company directors/officers: 
                                         Michael Raybould                    Chief Executive 
                                                             ------------------------------- 
                                         Jacqui Gale                Chief Commercial Officer 
                                                             ------------------------------- 
                                         Michael Knapper                 Operations Director 
                                                             ------------------------------- 
                                         William Robedee                  President of North 
                                                                                     America 
                                                             ------------------------------- 
                                         David Sproston               Group Finance Director 
                                                             ------------------------------- 
                                         Moira MacDonald             Group Company Secretary 
                                                             ------------------------------- 
                                         Subsidiary company directors: 
                                         Gemma Copping                    Marketing Director 
                                                                            (Portmeirion UK) 
                                                             ------------------------------- 
                                         Robert Findler                  Production Director 
                                                                            (Portmeirion UK) 
                                                             ------------------------------- 
                                         Daniel Goodall         Design Director (Portmeirion 
                                                                                         UK) 
                                                             ------------------------------- 
                                         Samantha Pearce            HR Director (Portmeirion 
                                                                                         UK) 
                                                             ------------------------------- 
                                         Stephen Richardson   UK Sales Director (Portmeirion 
                                                                                         UK) 
                                                             ------------------------------- 
                                         Michael Gilson              Chief Financial Officer 
                                                                            (Portmeirion US) 
                                                             ------------------------------- 
                                         Warren Gell                     Commercial Director 
                                                                               (Wax Lyrical) 
                                                             ------------------------------- 
                                         Elizabeth Kerr                Finance Director (Wax 
                                                                                    Lyrical) 
                                                             ------------------------------- 
                                         Lyn Place                       Operations Director 
                                                                               (Wax Lyrical) 
                                                             ------------------------------- 
                                         Emma Stevenson            HR Director (Wax Lyrical) 
                                                             ------------------------------- 
     -------------------------------  ----------------------------------------------------------- 
 2.   Reason for the notification 
     -------------------------------------------------------------------------------------------- 
 a)   Position/status                  See 1(a) above for all positions 
                                        - all classified as PDMRs of the 
                                        Company 
     -------------------------------  ----------------------------------------------------------- 
 b)   Initial notification/Amendment   Initial Notification 
     -------------------------------  ----------------------------------------------------------- 
 3.   Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     -------------------------------------------------------------------------------------------- 
 a)   Name                             Portmeirion Group PLC 
     -------------------------------  ----------------------------------------------------------- 
 b)   LEI                              2138003QC9J6TLZJHO70 
     -------------------------------  ----------------------------------------------------------- 
 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     Ordinary Shares of 5 pence each 
       instrument 
     -------------------------------  ----------------------------------------------------------- 
 b)   Identification code              GB0006957293 
     -------------------------------  ----------------------------------------------------------- 
 c)   Nature of the transactions       Surrender and Grant of options over 
                                        Ordinary Shares 
     -------------------------------  ----------------------------------------------------------- 
 d)                                    Surrender for no consideration of 
                                        41,300 options over Ordinary Shares 
                                        with an exercise price of 980.0 
                                        pence.                         Number of options 
                                                                surrendered at 980.0 
                                                                 pence per Ordinary 
                                                                       Share 
                                         Jacqui Gale                          10,000 
                                                              ---------------------- 
                                         David Sproston                        4,600 
                                                              ---------------------- 
                                         Moira MacDonald                       4,600 
                                                              ---------------------- 
        Price(s) and volume(s)           Robert Findler                        7,500 
                                                              ---------------------- 
                                         Samantha Pearce                       4,600 
                                                              ---------------------- 
                                         Stephen Richardson                    5,000 
                                                              ---------------------- 
                                         Warren Gell                           5,000 
                                                              ---------------------- 
 
                                        Grant of 250,000 options over Ordinary 
                                        Shares with an exercise price of 
                                        632.5 pence.                       Number options granted 
                                                                at an exercise price 
                                                                 of 632.5 pence per 
                                                                   Ordinary Share 
                                         Michael Raybould                      50,000 
                                                              ----------------------- 
                                         Jacqui Gale                           30,000 
                                                              ----------------------- 
                                         Michael Knapper                       30,000 
                                                              ----------------------- 
                                         William Robedee                       30,000 
                                                              ----------------------- 
                                         David Sproston                        30,000 
                                                              ----------------------- 
                                         Moira MacDonald                       12,500 
                                                              ----------------------- 
                                         Gemma Copping                          7,500 
                                                              ----------------------- 
                                         Robert Findler                         7,500 
                                                              ----------------------- 
                                         Daniel Goodall                         7,500 
                                                              ----------------------- 
                                         Samantha Pearce                        7,500 
                                                              ----------------------- 
                                         Stephen Richardson                     7,500 
                                                              ----------------------- 
                                         Michael Gilson                         7,500 
                                                              ----------------------- 
                                         Warren Gell                            7,500 
                                                              ----------------------- 
                                         Elizabeth Kerr                         5,000 
                                                              ----------------------- 
                                         Lyn Place                              5,000 
                                                              ----------------------- 
                                         Emma Stevenson                         5,000 
                                                              ----------------------- 
     -------------------------------  ----------------------------------------------------------- 
 e)        Aggregated information      Surrender for no consideration of 
             *    Aggregated volume     41,300 options over Ordinary Shares 
                                        with an exercise price of 980.0 
                                        pence. 
             *    Price                 Grant of 250,000 options over Ordinary 
                                        Shares with an exercise price of 
                                        632.5 pence. 
     -------------------------------  ----------------------------------------------------------- 
 f)   Date of the transactions         24 March 2021 - Surrender of options 
                                        25 March 2021 - Grant of options 
     -------------------------------  ----------------------------------------------------------- 
 f)   Place of the transactions        Off-market 
     -------------------------------  ----------------------------------------------------------- 
 

Name of authorised official of issuer responsible for making notification:

Moira MacDonald

Company Secretary to Portmeirion Group PLC

ENQUIRIES:

 
 Portmeirion Group PLC: 
 Mike Raybould               +44 (0) 1782        mraybould@portmeiriongroup.com 
                              743 443 
 Chief Executive 
  David Sproston               +44 (0) 1782        dsproston@portmeiriongroup.com 
                               743 443 
 Group Finance Director 
 Hudson Sandler: 
 Dan de Belder               +44 (0) 207 796     ddebelder@hudsonsandler.com 
                              4133 
 Nick Moore                                      nmoore@hudsonsandler.com 
 
   Panmure Gordon 
   (Nominated Adviser and      +44 (0) 207 886 
   Broker):                    2500 
 Freddy Crossley / Joanna    Corporate Finance 
  Langley 
 Rupert Dearden              Corporate Broking 
 
 
 
 N+1 Singer                   +44 (0) 207 496 
  (Joint Broker):             3000 
 Peter Steel / Sebastian    Corporate Finance 
  Burke 
 Rachel Hayes               Sales 
 

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END

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March 25, 2021 13:35 ET (17:35 GMT)

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