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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August 24, 2020 02:00 ET (06:00 GMT)

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