Property Franchise Group PLC (The) New Long-Term Incentive Plan (6523W)
27 Abril 2021 - 3:30AM
UK Regulatory
TIDMTPFG
RNS Number : 6523W
Property Franchise Group PLC (The)
27 April 2021
27 April 2021
THE PROPERTY FRANCHISE GROUP PLC
(the "Company" or the "Group")
New Long-Term Incentive Plan
The Property Franchise Group PLC, the UK's largest property
franchisor, 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
awards recognise each of their roles in developing and implementing
the Company's strategic plans and are designed to continue to
incentivise them appropriately. A further grant to certain PDMRs
will be made in due course.
The awards will be subject to two performance conditions;
adjusted basic earnings per share adjusted for exceptional
income/costs, amortisation arising on consolidation and share-based
payment charges ("adjusted EPS") and total shareholder return
("TSR") over the 3 years to 31 December 2023. Each performance
condition will apply to 50% of the award being made.
In respect of both performance conditions, growth of 60% in
adjusted EPS and 80% in TSR over the three-year period will be
required for threshold vesting of the awards, with growth of 65% or
higher in adjusted EPS and 90% or higher in TSR required for all of
the awards to vest. At threshold vesting, 75% of the shares subject
to each performance condition, will vest.
The maximum number of shares subject to the awards are 700,000
for Gareth Samples as CEO and 400,000 for David Raggett as CFO.
Prior to these awards the Company had outstanding awards granted
under prior incentive schemes of 868,550 Ordinary Shares of which
568,550 had vested but not been exercised.
The grant of the awards constitutes a related party transaction
for the purposes of AIM Rule 13. The independent directors
consider, having consulted with the Company's nominated adviser,
that the terms of the transaction are fair and reasonable insofar
as its shareholders are concerned.
Further detail is provided below in accordance with Article 19.3
of the EU Market Abuse Regulation.
Details of the person discharging managerial responsibilities/person
1 closely associated.
--------------------------------------------------------------------------------------------------------
a) Name: Gareth Samples David Raggett
------------------------------ ---------------------- ---------- ---------------------------------
2 Reason for notification.
-------------------------------- ---------------------- ---------- --------------------- ----------
a) Position/Status: Chief Executive Chief Financial Officer
------------------------------- ---------------------------------- ---------------------------------
b) Initial Notification/Amendment: Initial Notification Initial Notification
-------------------------------- ---------------------------------- ---------------------------------
Details of the issuer, emission allowance market participation,
3 auction platform,
auctioneer or
auction monitor.
-------------------------------- ---------------------- ---------- --------------------- ----------
a) Name: The Property Franchise The Property Franchise
Group PLC Group PLC
------------------------------ ---------------------------------- ---------------------------------
b) LEI: 2138008J5PTJ8C77I535 2138008J5PTJ8C77I535
------------------------------ ---------------------- ---------- --------------------- ----------
Details of transaction(s);section to berepeated for (i) each
4 type of instrument; (ii) each type
of transaction; (iii) each date; and (iv) each place where transactions
have been conducted.
--------------------------------------------------------------------------------------------------------
a) Description of Ordinary Shares of Ordinary Shares of
the financial
instrument:
1p each 1peach
Identification ISIN: GB00BH0WFH67 ISIN: GB00BH0WFH67
code:
------------------------------- ---------------------------------- ---------------------------------
b) Nature of transaction: Grant of nil cost options Grant of nil cost options
over Company's shares over Company's shares
------------------------------ ---------------------------------- ---------------------------------
c) Price(s) and Price(s) Volume(s) Price(s) Volume(s)
volume(s)
---------- ----------
1p each 700,000 1p each 400,000
---------- ----------
d) Aggregatted n/a n/a
volume:
Price: n/a n/a
--------------------------------- ------------------------ ---------- --------------------- ----------
e) Date of Transaction: 27 April 2021 27 April 2021
------------------------------- ---------------------------------- ---------------------------------
f) Place of the Outside a trading venue Outside a trading venue
Transaction
-------------------------------- ---------------------------------- ---------------------------------
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
Gareth Samples, Chief Executive Officer
David Raggett, Chief Financial Officer 01202 405549
Cenkos Securities plc (Nominated Adviser and Broker)
Max Hartley, Callum Davidson
Julian Morse, Alex Pollen, Dale Bellis (Sales) 0207 397 8900
Alma PR
Susie Hudson
Justine James
Harriet Jackson 0203 405 0209
About The Property Franchise Group PLC:
The Property Franchise Group PLC (AIM: TPFG) is the largest
property franchisor in the UK and manages the second largest estate
agency network and portfolio of lettings properties in the UK.
The Company was founded in 1986 and has since grown to a diverse
portfolio of nine brands operating throughout the UK, comprising
longstanding high-street focused brands and a hybrid, no sale no
fee agency.
The Property Franchise Group's brands are Martin & Co,
EweMove, Hunters, CJ Hole, Ellis & Co, Parkers, Whitegates,
Mullucks & Country Properties.
Headquartered in Bournemouth, UK, the Company was listed on AIM
on the London Stock Exchange in 2013. More information is available
at www.propertyfranchise.co.uk
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END
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