26 April 2022
Portmeirion Group PLC
(the "Company")
Grant of Options
The Portmeirion 2012 Approved Share Option Plan and The Portmeirion 2012 Unapproved Share Option Plan (the "Option Plans") and The Portmeirion Group 2018 Deferred Incentive Share Option Plan (the "Deferred Plan")
As part of its long-term employee remuneration and retention incentives, the Company announces that, on 25 April 2022, the following transactions occurred for the persons discharging managerial responsibilities ("PDMRs") as shown below:
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| Option Plans number of options granted at an exercise price of 570 pence per Ordinary Share (A) | Deferred Plan number of options granted at an exercise price of £1.00 (B) |
| Company directors/officers: |
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| Michael Raybould | Chief Executive | 40,000 | 10,813 |
| Jacqui Gale | Chief Commercial Officer | 25,000 | 5,706 |
| Michael Knapper | Group Operations Director | 25,000 | 5,506 |
| William Robedee | President of North America | 25,000 | 7,051 |
| David Sproston | Group Finance Director | 25,000 | 4,279 |
| Moira MacDonald | Group Company Secretary | 11,000 | - |
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| Total: | 151,000 | 33,355 |
Note:
(A) Grant of options under Option Plans.
(B) Grant of new options under Deferred Plan against 2021 performance and incentive arrangements (further detail below).
The Company granted 151,000 options over Ordinary Shares to the PDMRs shown above and a further 144,500 options over Ordinary Shares to other senior managers pursuant to the Option Plans. The options are subject to the achievement of performance targets as determined by the Remuneration Committee, and as required under the Option Plans. The options granted on 25 April 2022 are normally only exercisable if the increase in the average of the Group's basic adjusted (for changes in accounting standards and exceptional items) earnings per share for each of the three years ending 31 December 2022, 31 December 2023 and 31 December 2024 is at least 20% higher than that for the year ended 31st December 2021. The calculation of basic adjusted earnings per share shall take account of the number of shares and effective tax rates at the date of grant.
In addition, the Company granted 33,355 options to Executive Directors shown above over Ordinary Shares pursuant to the Deferred Plan. In accordance with the rules of the Deferred Plan, the number of options granted is based on the gross incentive payment earned by the relevant Director in respect of the year ended 31 December 2021.
PDMR Shareholdings
The total number of Ordinary Shares over which each PDMR holds options and the total number of Ordinary Shares with voting rights held following this Admission is:
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| Total number of options over Ordinary Shares | Total number of Ordinary Shares with voting rights | Ordinary Shares percentage of Company's Ordinary Shares with voting rights
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| Michael Raybould | 145,171 | 5,548 | 0.04% | |
| Jacqui Gale | 70,706 | - | - | |
| Michael Knapper | 84,121 | 5,576 | 0.04% | |
| William Robedee | 77,051 | - | - | |
| David Sproston | 88,279 | 1,315 | 0.01% | |
| Moira MacDonald | 31,000 | 2,693 | 0.02% | |
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014 (MAR).
The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail.
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Notification and public disclosure of transactions by persons discharging managerial responsibilities / person closely associated with them.
| 1. | Details of the person discharging managerial responsibilities/person closely associated | |||||||||||||||||||||||||||
| a) | Name
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| 2. | Reason for the notification | |||||||||||||||||||||||||||
| a) | Position/status | See 1(a) above for all positions - all classified as PDMRs of the Company | ||||||||||||||||||||||||||
| b) | Initial notification/Amendment | Initial Notification | ||||||||||||||||||||||||||
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||||||||||||||||||||
| a) | Name | Portmeirion Group PLC | ||||||||||||||||||||||||||
| b) | LEI | 2138003QC9J6TLZJHO70 | ||||||||||||||||||||||||||
| 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 | Ordinary Shares of 5 pence each | ||||||||||||||||||||||||||
| b) | Identification code | GB0006957293 | ||||||||||||||||||||||||||
| c) | Nature of the transactions | (A) Performance related, Grant of options under Option Plans. Exercise period 26 April 2025 - 24 April 2032. (B) Grant of new options under The Portmeirion Group 2018 Deferred Incentive Share Option Plan (the "Deferred Plan"). | ||||||||||||||||||||||||||
| d) | Price(s) and volume(s)
| In respect of (A) Grant of options under Option Plans Price at grant: Nil
Exercise Price: £5.70 pence per Ordinary Share
Volume(s)
In respect of (B) Grant of options under Deferred Plan Price at grant: Nil Exercise Price (per PDMR in respect of all options granted): £1
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| e) | Aggregated information - Aggregated volume - Price | In respect of (A) Grant of options under Option Plans Nil, grant of options only In respect of (B) Grant of options under Deferred Plan Nil, grant of options only | ||||||||||||||||||||||||||
| f) | Date of the transactions |
In respect of (A) Grant of options under Option Plans - 25 April 2022
In respect of (B) Grant of options under Deferred Plan 25 April 2022
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| g) | Place of the transactions | In respect of (A) Grant of options under Option Plans - - Off-market In respect of (B) Grant of options under Deferred Plan - Off-market | ||||||||||||||||||||||||||
Name of authorised official of issuer responsible for making notification:
Moira MacDonald
Company Secretary to Portmeirion Group PLC
ENQUIRIES:
| Portmeirion Group PLC: | |||
| Mike Raybould, Chief Executive | +44 (0) 1782 743 443 | mraybould@portmeiriongroup.com | |
| David Sproston, Group Finance Director | +44 (0) 1782 743 443 | dsproston@portmeiriongroup.com | |
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| Hudson Sandler: | |||
| Dan de Belder | +44 (0) 207 796 4133 | ddebelder@hudsonsandler.com | |
| Nick Moore |
| nmoore@hudsonsandler.com | |
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| Panmure Gordon |
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| (Nominated Adviser and Broker): |
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| +44 (0) 207 886 2500 |
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| Freddy Crossley | |||
| Rupert Dearden | Corporate Broking |
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| Singer Capital Markets (Joint Broker): |
+44 (0) 207 496 3000 |
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| Peter Steel / Asha Chotai | Investment Banking |
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| Rachel Hayes |
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