TIDMMERC
RNS Number : 8826W
Mercia Asset Management PLC
24 August 2020
RNS 24 August 2020
Mercia Asset Management PLC
("Mercia", the "Group" or the "Company")
Grant of Options
Mercia Asset Management PLC (AIM: MERC), the proactive,
regionally focused specialist asset manager, announces that options
(the "Options") over a total of 9,497,000 new Ordinary shares with
a nominal value of GBP0.00001 each in the capital of the Company
("Ordinary Shares") were granted after the market closed on 21
August 2020, pursuant to the 2014 Mercia Company Share Option Plan,
at an exercise price of 21.50p per Ordinary Share (being the
closing mid-market price of an Ordinary Share on 21 August 2020).
The Options will, subject to the satisfaction of the performance
condition, vest in three equal tranches on the third, fourth and
fifth anniversary of the date of grant of the Options.
The performance condition shall be satisfied if the total
shareholder return (being the increase in the price of an Ordinary
Share from a 21.50p base value added to dividend yield) from the
date of grant to the third anniversary of the date of grant is not
less than 8.0% (compound) per annum, using a volume-weighted
average share price for the 90 days prior to the third anniversary
of the date of grant. All previous grants have had a 6.0%
performance condition.
The Options represent, in aggregate, 2.16% of the existing
issued share capital of the Company and have been awarded to a
number of employees of the Company, including the three Executive
Directors and two further persons discharging managerial
responsibilities ("PDMRs").
Following these grants, the Company has a total of 21,672,140
unvested options pursuant to the 2014 Mercia Company Share Option
Plan, equating to approximately 4.92% of the existing issued share
capital of the Company.
Following this grant of Options, the Executive Directors and
PDMRs hold the following Ordinary Shares and Options:
Name Role Grant of Total number Interest
Options over of Options in existing
Ordinary over Ordinary issued Ordinary
Shares Shares Shares
Dr. Mark Payton Chief Executive Officer 1,880,000 3,226,502 6,851,366
------------------------ -------------- --------------- -----------------
Martin Glanfield Chief Financial Officer 1,600,000 2,823,045 872,810
------------------------ -------------- --------------- -----------------
Chief Investment
Julian Viggars Officer 1,600,000 3,623,045 633,475*
------------------------ -------------- --------------- -----------------
Peter Dines PDMR 1,500,000 2,869,547 238,499
------------------------ -------------- --------------- -----------------
Ceri Bailey PDMR 50,000 200,000 21,739
------------------------ -------------- --------------- -----------------
*Including 75,000 Ordinary Shares held by Mrs Emma Viggars.
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 person
discharging managerial responsibilities.
1 Details of the persons discharging managerial responsibilities/person
closely associated
a) Name (i) Dr. Mark Payton - Chief Executive Officer
(ii) Martin Glanfield - Chief Financial
Officer
(iii) Julian Viggars - Chief Investment
Officer
(iv) Peter Dines - PDMR
(v) Ceri Bailey - PDMR
------------------------------------ ------------------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------------------
a) Position/status Executive Directors and PDMRs of the Company
------------------------------------ ------------------------------------------------
b) Initial Notification Initial Notification
/Amendment
------------------------------------ ------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------------------
a) Name Mercia Asset Management PLC
------------------------------------ ------------------------------------------------
b) Legal Entity Identifier 213800A1Q4CF57NECG66
------------------------------------ ------------------------------------------------
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 Ordinary shares of GBP0.00001 each
the financial instrument,
type of instrument
Identification ISIN: GB00BSL71W47
code
------------------------------------ ------------------------------------------------
b) Nature of the transaction Grant of options
------------------------------------ ------------------------------------------------
c) Currency GBP
------------------------------------ ------------------------------------------------
d) Price(s) and volume(s) Exercise No. of shares
Price
------------------------------------ ------------------ ----------------------------
GBP0.2150 (i) 1,880,000
------------------------------------ ------------------ ----------------------------
GBP0.2150 (ii) 1,600,000
------------------ ----------------------------
GBP0.2150 (iii) 1,600,000
------------------ ----------------------------
GBP0.2150 (iv) 1,500,000
------------------ ----------------------------
GBP0.2150 (v) 50,000
------------------ ----------------------------
e) Aggregated information N/A - single transactions
- Aggregated volume
- Price
- Aggregated total
------------------------------------ ------------------------------------------------
f) Date of the transaction 21 August 2020
------------------------------------ ------------------------------------------------
g) Place of the transaction Outside a trading venue
------------------------------------ ------------------------------------------------
For further information, please contact:
Mercia Asset Management PLC
Mark Payton, Chief Executive Officer
Martin Glanfield, Chief Financial Officer +44 (0)330 223
www.mercia.co.uk 1430
Canaccord Genuity Limited (NOMAD and Joint +44 (0)20 7523
Broker) 8000
Simon Bridges, Richard Andrews
N+1 Singer (Joint Broker)
+44 (0)20 7496
Harry Gooden, James Moat 3000
+ 44 (0)20 3727
FTI Consulting 1051
Tom Blackwell, Louisa Feltes, Shiv Talwar
mercia@fticonsulting.com
About Mercia Asset Management PLC:
Mercia is a proactive, specialist asset manager focused on
supporting regional SMEs to achieve their growth aspirations.
Mercia provides capital across its four asset classes of balance
sheet, venture, private equity and debt capital: the Group's
'Complete Connected Capital'. The Group initially nurtures
businesses via its third-party funds under management, then over
time Mercia can provide further funding to the most promising
companies, by deploying direct investment follow-on capital from
its own balance sheet.
The Group has a strong UK footprint through its regional
offices, 19 university partnerships and extensive personal
networks, providing it with access to high-quality deal flow.
Mercia currently has c.GBP800million of assets under management
and, since its IPO in December 2014, has invested over GBP96million
into its direct investment portfolio.
Mercia Asset Management PLC is quoted on AIM with the epic
"MERC".
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END
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