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