28 December 2022
UP Global Sourcing Holdings plc
"Ultimate Products", "Company" or "the Group"
Exercise of Options
PDMR dealing
and
EBT Shareholding
Further to its announcement on 13 March 2019, Ultimate Products, the owner of a number of leading homeware brands including Salter (the UK's oldest houseware brand, est.1760) and Beldray (est.1872), announces that under its UP Global Sourcing Performance Share Plan 2017 (the "Plan"), 66,311 share options have been exercised at a price of 0.25 pence per option and 104,691 share options have been exercised at a price of 59.17 pence per option and will be satisfied by the transfer of, in aggregate, 171,002 existing ordinary shares of 0.25 pence in the Company ("Shares") currently held by the UP Global Sourcing Employee Benefit Trust (the "EBT"). Of the, in aggregate, 171,002 Shares allocated from the EBT in satisfying the option exercises, 72,371 Shares have been sold back to the EBT at a price of 142 pence per Share to meet the tax and National Insurance liabilities arising from the exercises of options, with the balance of Shares from the exercises being retained by the participants in accordance with the terms of the Plan.
Craig Holden, a person discharging managerial responsibilities ("PDMR"), exercised options and sold shares to cover his tax and National Insurance liabilities as set out further below.
Following the above transactions, the EBT holds 3,083,289 Ordinary Shares, representing approximately 3.45% of the Company's issued share capital.
The current issued share capital of the Company remains 89,312,457 Ordinary Shares. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the Disclosure Guidance and Transparency Rules of the FCA.
For more information, please contact:
Ultimate Products +44 (0) 161 627 1400
Simon Showman, CEO
Andrew Gossage, Managing Director
Chris Dent, Chief Financial Officer
Shore Capital +44 (0) 20 7408 4090
Mark Percy
Malachy McEntyre
Powerscourt +44 (0) 207 250 1446
Rob Greening
Sam Austrums
Pursuant to the notification obligations in accordance with Article 19 of the Market Abuse Regulation (MAR)
| 1. | Details of PDMR / person closely associated with them ('PCA') | |||||||||||||
| a) | Name | Craig Holden | ||||||||||||
| 2. | Details of PDMR / person closely associated with them ('PCA') | |||||||||||||
| a) | Position / status | HR Director | ||||||||||||
| b) | Initial notification / amendment | Initial notification | ||||||||||||
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||||||
| a) | Name | UP Global Sourcing Holdings Plc | ||||||||||||
| b) | LEI | 213800Q5GWTVIW6KJW33 | ||||||||||||
| 4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; | |||||||||||||
| c) | Description of the financial instrument | Ordinary shares of 0.25p each in the capital of UP Global Sourcing Holdings plc ("Shares") ISIN: GB00BYX7MG58 | ||||||||||||
| d) | Nature of the transaction | Exercise of options over Shares pursuant to the Company's UP Global Sourcing Performance Share Plan 2017 Sale of Shares | ||||||||||||
| e) | Price and volume |
| ||||||||||||
| f) | Aggregated information
Aggregated volume
Price |
Option Shares: 39,795 Sale of Shares: 18,060
Option Shares: 41.93 pence Sale of Shares: 142 pence
| ||||||||||||
| g) | Date of the transaction | 22 December 2022 | ||||||||||||
| h) | Place of the transaction | Off-market | ||||||||||||
Notes to Editors
Ultimate Products is the owner of a number of leading homeware brands including Salter (the UK's oldest houseware brand, established in 1760) and Beldray (a laundry, floor care, heating and cooling brand that was established in 1872). According to its market research, nearly 80% of UK households own at least one of the Group's products.
Ultimate Products sells to over 300 retailers across 38 countries, and specialises in five product categories: Small Domestic Appliances; Housewares; Laundry; Audio; and Heating and Cooling. Other brands include Progress (cookware and bakeware), Kleeneze (laundry and floorcare), Petra (small domestic appliances) and Intempo (audio).
The Group's products are sold to a broad cross-section of both large national and international multi-channel retailers as well as smaller national retail chains, incorporating discount retailers, supermarkets, general retailers and online retailers.
Founded in 1997, Ultimate Products employs over 370 staff, a significant number of whom have joined via the Group's graduate development scheme, and is headquartered in Oldham, Greater Manchester, where it has design, sales, marketing, buying, quality assurance, support functions and warehouse facilities across two sites. Manor Mill, the Group's head office, includes a spectacular 20,000 sq ft showroom that showcases each of its brands. In addition, the Group has an office and showroom in Guangzhou, China and in Cologne, Germany.
Please note that Ultimate Products is not the owner of Russell Hobbs. The company currently has licence agreements in place granting it an exclusive licence to use the "Russell Hobbs" trademark for cookware and laundry (NB this does not include Russell Hobbs electrical appliances).
For further information, please visit www.upgs.com
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