4 October 2021
Parity Group plc
Grant of Warrants and Options to Directors/PDMRs
Grant of Warrants
Parity Group plc ("Company"), the data and technology-focussed recruitment and professional services company, announces that, in support of its objective to focus on core recruitment solutions and build long term value, it has awarded Mark Braund, Executive Chairman, warrants ("Warrants") over 3,500,000 ordinary shares of 2 pence each in the capital of the Company ("Ordinary Shares"). The Warrants were granted on 01 October 2021 and represent approximately 3.4% of the Company's current issued share capital.
The Warrants have been awarded on the recommendation of the Company's Remuneration Committee to reward and incentivise Mark Braund in his capacity as Executive Chairman over the medium term and to retain him as a key director as the Company grows its core recruitments services to create long term value for shareholders.
The Warrants have an exercise price of 6.25 pence per Warrant, being the closing mid-market price per Ordinary Share on 30 September 2021 and are exercisable for five years from the date of grant.
The Warrants are also subject to performance conditions:
· One quarter of the total grant of Warrants will be exercisable if the mid-market price per Ordinary Share equals or exceeds 15.0 pence for a period of at least 30 consecutive calendar days at any time during the exercise period; and
· One quarter of the total grant of Warrants will be exercisable if the mid-market price per Ordinary Share equals or exceeds each of 20.0 pence, 25.0 pence and 30.0 pence, in each case, for a period of at least 30 consecutive calendar days at any time during the exercise period.
Grant of Options
The Company further announces that, as part of its focus on growing its core recruitment solutions, it has awarded Isobel Brown, Director, Recruitment Business and a person discharging managerial responsibility ("PDMR"), options ("Options") over 500,000 ordinary shares of 2 pence each in the capital of the Company ("Ordinary Shares"). The Options were granted on 01 October 2021 and represent approximately 0.49% of the Company's current issued share capital.
The purpose of the Options is to retain, reward and incentivise Isobel Brown as a key employee of the Company, on the recommendation of the Company's Remuneration Committee.
The Options each have an exercise price, calculated in accordance with the rules of the Parity Group 2019 EMI Options Plan, of 6.25 pence per Option, being the closing mid-market price per Ordinary Share on 30 September 2021 and will vest after three years.
The Options are subject to the following performance conditions:
• One quarter of the total grant of Options will be exercisable if the mid-market price per Ordinary Share equals or exceeds 15.0 pence for a period of at least 30 consecutive calendar days at any time during the vesting period; and
• One quarter of the total grant of Options will be exercisable if the mid-market price per Ordinary Share equals or exceeds each of 20.0 pence, 25.0 pence and 30.0 pence, in each case, for a period of at least 30 consecutive calendar days at any time during the exercise period.
| Contacts |
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| Parity Group PLC | |
| Mark Braund, Executive Chairman | + 44 (0) 208 543 5353 |
| Mike Johns, CFO |
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| finnCap Ltd |
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| Jonny Franklin-Adams / Simon Hicks / Fergus Sullivan/ | +44 (0) 20 7220 0500 |
| Tim Redfern / Charlotte Sutcliffe |
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The Notification of Dealing Forms set out below are provided in accordance with the requirements of the EU Market Abuse Regulations:
| 1
| Details of the person discharging managerial responsibilities / person closely associated | |||||
| a)
| Name | Mark Braund | ||||
| 2
| Reason for the notification | |||||
| a)
| Position/status
| Executive Chairman | ||||
| b)
| Initial notification /Amendment
| Initial Notification | ||||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a)
| Name
| Parity Group plc | ||||
| b)
| LEI | 213800YEHAYBJ63OHB38 | ||||
| 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 instrument, type of instrument
Identification code
|
Warrants over Ordinary Shares of 2p each
GB00B1235860 | ||||
| b)
| Nature of the transaction
| Grant of Warrants to subscribe for new Ordinary Shares | ||||
| c)
| Price(s) and volume(s) |
| ||||
| d)
| Aggregated information
- Aggregated volume
- Price |
3,500,000
£218,750
| ||||
| e)
| Date of the transaction | 01 October 2021 | ||||
| f)
| Place of the transaction | Outside a trading venue | ||||
| 1
| Details of the person discharging managerial responsibilities / person closely associated | |||||
| a)
| Name | Isobel Brown | ||||
| 2
| Reason for the notification | |||||
| a)
| Position/status
| Director, Recruitment Business | ||||
| b)
| Initial notification /Amendment
| Initial Notification | ||||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a)
| Name
| Parity Group plc | ||||
| b)
| LEI | 213800YEHAYBJ63OHB38 | ||||
| 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 instrument, type of instrument
Identification code
|
Options over Ordinary shares of 2p each
GB00B1235860 | ||||
| b)
| Nature of the transaction
| Grant of options to subscribe for new Ordinary Shares under the Company's 2019 EMI Option Plan. | ||||
| c)
| Price(s) and volume(s) |
| ||||
| d)
| Aggregated information
- Aggregated volume
- Price |
500,000
£31,250
| ||||
| e)
| Date of the transaction | 01 October 2021 | ||||
| f)
| Place of the transaction | Outside a trading venue | ||||
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