RNS Number : 9009R
Strip Tinning Holdings PLC
06 March 2023
 

6 March 2023

Strip Tinning Holdings plc

("Strip Tinning" or the "Company")

Grant of Options under 2022 Performance Share Plan

Director/PDMR Dealing

Strip Tinning Holdings plc (AIM: STG), a leading supplier of specialist connection systems to the automotive sector, announces that, under the terms of the Company's 2022 Performance Share Plan (the "PSP")[1], the Board has granted nominal cost options (the "Options") over 960,908 ordinary shares of 1 pence each in the Company ("Ordinary Shares") to certain Directors and employees discharging managerial responsibilities ("PDMRs"), as set out below.

The Board believes it is key that the Company retains and incentivises its senior executive team to drive the business forward and align their interests with those of shareholders. This forms the basis for the grant of the Options.   

Richard Barton, Group CEO, has chosen not to accept any options under the PSP, due to his already significant shareholding.

The Options will vest subject to the Company achieving certain financial performance criteria for the financial year ending 31 December 2025. The financial performance criteria are based on the Group as a whole, with 50% of the Options awarded subject to achieving total shareholder return hurdles and 50% subject to achieving underlying operating profit hurdles. The Remuneration Committee of the Board has discretion to amend these terms to take account of, for example, corporate activities such as acquisitions, to ensure that the performance targets remain appropriate.

The Options will vest from 3 March 2026 (the "Vesting Period"), being three years from the grant date.

The Options awarded to PDMRs are set out in the table below. 

Director/ PDMR

Position

Options granted

Adam Robson

Executive Chair

413,636

Mark Perrins

Managing Director

203,636

Adam Le Van

Chief Financial Officer

171,818

Steve O'Connor

Group Sales Director

171,818

 

Enquiries:

Strip Tinning Holdings plc

Adam Robson, Exec Chair                                                                                                             Via Alma PR

Richard Barton, Chief Executive Officer                                                                                 

Adam Le Van, Chief Financial Officer

 

Singer Capital Markets (Nominated Adviser and Sole Broker)                    +44 (0) 20 7496 3000

Rick Thompson

Alex Bond

James Fischer

 

Alma PR (Financial PR)                                                                                                  striptinning@almapr.co.uk

Josh Royston                                                                                                                     +44 (0) 20 3405 0205       

Joe Pederzolli                                                                                   

 

About Strip Tinning:

Strip Tinning Holdings plc (AIM: STG), is a leading supplier of specialist connection systems to the automotive sector.

Founded in 1957 the Company has a rich history in providing components to a global Tier 1 OEM base for use in the world's most recognised car brands. In 2019, Strip Tinning adapted its expertise to create ST Flex, a growing range of flexible printed circuits for use in the fast growing EV market.  

Strip Tinning manufactures specialist flexible electrical connectors related primarily to heating and antennae systems embedded within automotive glazing and to the connection of the cells within electric vehicle (EV) battery packs, increasingly using flexible and lightweight printed circuit technology.

The Company is headquartered and operates from its site at Arden Business Park Birmingham with 95% of all sales exported worldwide to meet the needs of most of the world's leading automotive OEMs.

For additional information please visit  www.striptinning.com

 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

 

1.     Adam Robson

2.     Mark Perrins

3.     Adam Le Van

4.     Steve O'Connor

2

 

Reason for the notification

 

a)

 

Position/status

 

 

1.     Executive Chairman

2.     Managing Director

3.     Chief Financial Officer

4.     Group Sales Director

b)

 

Initial notification /Amendment

 

 

Initial notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

 

Name

 

 

Strip Tinning Holdings plc

b)

 

LEI

 

 

894500GS6N5D41R6H966

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

Ordinary Shares of 1 pence each

 



Identification code

ISIN: GB00BMHN9M05



b)

 

Nature of the transaction

 

 

Grant of options

c)

 

Price(s) and volume(s)







Price(s)

Volume(s)




1. £0.01

413,636




2. £0.01

203,636




3. £0.01

171,818




4. £0.01

171,818







d)

 

Aggregated information




- Aggregated volume

N/A - single transaction



- Price




e)

 

Date of the transaction

 

 

3 March 2023

f)

 

Place of the transaction

 

 

Outside a trading venue

 



[1] Details of the PSP are to be found in the Admission Document dated 10 February 2022 which is available on the company website.

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