19 April 2022
Safestay plc
("Safestay", the "Company" or the "Group")
Grant and Cancellation of Options
Safestay (AIM: SSTY), the owner and operator of a brand of contemporary hostels, announces that, following a review of director rewards and incentives, the Remuneration Committee of the Board of Directors ("Directors") has recommended that, given the reduction in the Company's share price, that the existing awards of share options are no longer a reasonable incentive for the Company's management team (the "Management Team") and Directors and should be replaced in order to re-align the option scheme with the current share price. The Board of Directors has approved this recommendation.
On 14 April 2022 the Company granted awards of options over a total of 4,020,121 ordinary shares of one (1) penny each in the Company ("Ordinary Shares") under the Company's existing share option scheme (the "New Options"). The New Options are exercisable at the prices set out below on or after 1 January 2024.
A portion of the New Options, as set out below, have been awarded to replace all existing awards of options previously granted in the same number (the "Old Options") to the current Management Team and Directors, which were cancelled on 14 April 2022. The holders of all of the Old Options have agreed to their termination with immediate effect. Old Options that were previously priced significantly above the current share price have effectively been reissued at the current share price, with Old Options previously priced below the current share price effectively reissued at their previous exercise price.
In addition to the replacement of the Old Options, the New Options also include new share options granted to Paul Hingston, Chief Financial Officer, as part of his employment package following his appointment in February 2022.
Details of the New Options are as follows:
| Date of Grant | Director/PDMR | Position | Number of New Options over Ordinary Shares granted (replacement) | Number of New Options over Ordinary Shares granted (new grant) | Total number of Ordinary Shares over which options held following notification |
| 14 April 2022 | Larry Lipman | Chairman | 1,471,221 at 15 pence per share | 0 | 1,583,621 |
| 23,900 at 14 pence per share | |||||
| 51,400 at 13 pence per share | |||||
| 37,100 at 9 pence per share | |||||
| 14 April 2022 | Maria Moreno | Area Manager | 100,000 at 15 pence per share | 0 | 100,000 |
| 14 April 2022 | Mario Di Candido | Head of Revenue | 287,200 at 15 pence per share | 0 | 365,900 |
| 16,700 at 14 pence per share | |||||
| 36,000 at 13 pence per share | |||||
| 26,000 at 9 pence per share | |||||
| 14 April 2022 | Michael Hirst | Non-Executive Director | 15,500 at 15 pence per share | 0 | 29,500 |
| 3,000 at 14 pence per share | |||||
| 6,400 at 13 pence per share | |||||
| 4,600 at 9 pence per share | |||||
| 14 April 2022 | Nuno Sacramento | Chief Operating Officer | 1,229,500 at 15 pence per share | 0 | 1,369,800 |
| 29,800 at 14 pence per share | |||||
| 64,200 at 13 pence per share | |||||
| 46,300 at 9 pence per share | |||||
| 14 April 2022 | Paul Hingston | Chief Financial Officer | 0 | 400,000 at 15 pence per share | 400,000 |
| 14 April 2022 | Stephen Moss | Non-Executive Director | 37,500 at 15 pence per share | 0 | 71,300 |
| 7,200 at 14 pence per share | |||||
| 15,400 at 13 pence per share | |||||
| 11,200 at 9 pence per share | |||||
| 14 April 2022 | Yogesh Ram | Head of Marketing | 100,000 at 15 pence per share | 0 | 100,000 |
Following the grant of the New Options, the total number of options outstanding over unissued Ordinary Shares is 4,937,389 representing approximately 8% of the Company's issued share capital.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.
The information set out below is provided in accordance with the requirements of Article 19(3) of the Market Abuse Regulation (EU) No 596/2014.
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name | Larry Lipman | ||||
| 2 | Reason for the notification | |||||
|
|
| Chairman | ||||
| b) | Initial notification/Amendment
| Initial notification | ||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Safestay plc | ||||
| b) | LEI | 213800H1MT2FZDI3HK90 | ||||
| 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 Identification code | Share options over ordinary shares of £0.01p par value GB00BKT0J702 | ||||
| b) | Nature of the transaction | Grant of options | ||||
| c) | Price(s) and volume(s)
|
| ||||
| d) | Aggregated information - Aggregated volume
| N/A single transaction | ||||
| e) | Date of the transaction | 14 April 2022 | ||||
| f) | Place of the transaction | Outside a trading venue | ||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name | Maria Moreno | ||||
| 2 | Reason for the notification | |||||
|
|
|
| ||||
| b) | Initial notification/Amendment
| Initial notification | ||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Safestay plc | ||||
| b) | LEI | 213800H1MT2FZDI3HK90 | ||||
| 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 Identification code | Share options over ordinary shares of £0.01p par value GB00BKT0J702 | ||||
| b) | Nature of the transaction | Grant of options | ||||
| c) | Price(s) and volume(s)
|
| ||||
| d) | Aggregated information - Aggregated volume
| N/A single transaction | ||||
| e) | Date of the transaction | 14 April 2022 | ||||
| f) | Place of the transaction | Outside a trading venue | ||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name | Mario Di Candido | ||||
| 2 | Reason for the notification | |||||
|
|
| Head of Revenue | ||||
| b) | Initial notification/Amendment
| Initial notification | ||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Safestay plc | ||||
| b) | LEI | 213800H1MT2FZDI3HK90 | ||||
| 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 Identification code | Share options over ordinary shares of £0.01p par value GB00BKT0J702 | ||||
| b) | Nature of the transaction | Grant of options | ||||
| c) | Price(s) and volume(s)
|
| ||||
| d) | Aggregated information - Aggregated volume
| N/A single transaction | ||||
| e) | Date of the transaction | 14 April 2022 | ||||
| f) | Place of the transaction | Outside a trading venue | ||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name | Michael Hirst | ||||
| 2 | Reason for the notification | |||||
|
|
| Non-Executive Director | ||||
| b) | Initial notification/Amendment
| Initial notification | ||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Safestay plc | ||||
| b) | LEI | 213800H1MT2FZDI3HK90 | ||||
| 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 Identification code | Share options over ordinary shares of £0.01p par value GB00BKT0J702 | ||||
| b) | Nature of the transaction | Grant of options | ||||
| c) | Price(s) and volume(s)
|
| ||||
| d) | Aggregated information - Aggregated volume
| N/A single transaction | ||||
| e) | Date of the transaction | 14 April 2022 | ||||
| f) | Place of the transaction | Outside a trading venue | ||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name | Nuno Sacramento | ||||
| 2 | Reason for the notification | |||||
|
|
| Chief Operating Officer | ||||
| b) | Initial notification/Amendment
| Initial notification | ||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Safestay plc | ||||
| b) | LEI | 213800H1MT2FZDI3HK90 | ||||
| 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 Identification code | Share options over ordinary shares of £0.01p par value GB00BKT0J702 | ||||
| b) | Nature of the transaction | Grant of options | ||||
| c) | Price(s) and volume(s)
|
| ||||
| d) | Aggregated information - Aggregated volume
| N/A single transaction | ||||
| e) | Date of the transaction | 14 April 2022 | ||||
| f) | Place of the transaction | Outside a trading venue | ||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name | Paul Hingston | ||||
| 2 | Reason for the notification | |||||
|
|
|
| ||||
| b) | Initial notification/Amendment
| Initial notification | ||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Safestay plc | ||||
| b) | LEI | 213800H1MT2FZDI3HK90 | ||||
| 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 Identification code | Share options over ordinary shares of £0.01p par value GB00BKT0J702 | ||||
| b) | Nature of the transaction | Grant of options | ||||
| c) | Price(s) and volume(s)
|
| ||||
| d) | Aggregated information - Aggregated volume
| N/A single transaction | ||||
| e) | Date of the transaction | 14 April 2022 | ||||
| f) | Place of the transaction | Outside a trading venue | ||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name | Stephen Moss | ||||
| 2 | Reason for the notification | |||||
|
|
|
| ||||
| b) | Initial notification/Amendment
| Initial notification | ||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Safestay plc | ||||
| b) | LEI | 213800H1MT2FZDI3HK90 | ||||
| 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 Identification code | Share options over ordinary shares of £0.01p par value GB00BKT0J702 | ||||
| b) | Nature of the transaction | Grant of options | ||||
| c) | Price(s) and volume(s)
|
| ||||
| d) | Aggregated information - Aggregated volume
| N/A single transaction | ||||
| e) | Date of the transaction | 14 April 2022 | ||||
| f) | Place of the transaction | Outside a trading venue | ||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name | Yogesh Ram | ||||
| 2 | Reason for the notification | |||||
|
|
|
| ||||
| b) | Initial notification/Amendment
| Initial notification | ||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Safestay plc | ||||
| b) | LEI | 213800H1MT2FZDI3HK90 | ||||
| 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 Identification code | Share options over ordinary shares of £0.01p par value GB00BKT0J702 | ||||
| b) | Nature of the transaction | Grant of options | ||||
| c) | Price(s) and volume(s)
|
| ||||
| d) | Aggregated information - Aggregated volume
| N/A single transaction | ||||
| e) | Date of the transaction | 14 April 2022 | ||||
| f) | Place of the transaction | Outside a trading venue | ||||
Enquiries:
Safestay plc +44 (0) 20 8815 1600
Larry Lipman
Liberum Capital Limited
(Nominated Adviser and Broker) +44 (0) 20 3100 2000 Andrew Godber/Edward Thomas/Miquela Bezuidenhoudt
Novella
Tim Robertson +44 (0) 20 3151 7008
Fergus Young
For more information visit our:
Website www.safestay.com
Vox Markets page https://www.voxmarkets.co.uk/company/SSTY/news/
Instagram page www.instagram.com/safestayhostel
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