RNS Number : 5440J
Midwich Group PLC
16 August 2023
 

16 August 2023 

 

Midwich Group plc

("Midwich", the "Company" or "the Group")

 

Grant of options

 

Midwich (AIM: MIDW), a global specialist audio visual distributor to the trade market, announces that, on 16 August 2023, it granted 128,889 nominal cost options over ordinary shares of £0.01 each in the Company under the Midwich Group plc 2016 Long Term Incentive Plan (the "LTIP Award") to Stephen Lamb, Group Finance Director.

 

Performance conditions and vesting

The LTIP Award is subject to challenging performance conditions linked to growth in the Group's profitability and earnings per share and will ordinarily vest in 2026. The award is exercisable for up to 10 years from the date of grant and part of the award subject to a two-year holding period from the date of vesting.

 

1.

Details of the person discharging managerial responsibilities/person closely associated

(a)

Name

Stephen Lamb

2.

Reason for the notification

(a)

Position/status

Group Finance Director

(b)

Initial notification/ Amendment

Initial notification

3.

Details of the issuer

(a)

Name

Midwich Group Plc

(b)

LEI

213800TUH2ZU68PZZN12

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 £0.01 each

(b)

Identification code of the Financial Instrument

GB00BYSXWW41

(c)

Nature of the transaction

Grant of options

(d)

Price(s) and volume(s)

Price(s)

Volume(s)



1p

 

128,889



 

(e)

Aggregated information

-  Aggregated volume

-   Price

 

n/a

(f)

Date of the transaction

16 August 2023

(g)

Place of the transaction

London Stock Exchange

 

For further information:

 

Midwich Group plc

Stephen Fenby, Managing Director

Stephen Lamb, Finance Director

 

 

Tel: +44 (0) 13 7964 9200

Investec Bank plc (NOMAD and Joint Broker to Midwich)

Carlton Nelson

Ben Griffiths

 

 

Tel: +44 (0) 20 7597 5970

Berenberg (Joint Broker to Midwich)

Ben Wright

Richard Andrews

 

Tel: +44 (0) 20 3207 7800

 

FTI Consulting

Alex Beagley

Tom Hufton

Rafaella de Freitas

Tel: +44 (0) 20 3727 1000

 

 

About Midwich Group

 

Midwich is a specialist AV distributor to the trade market, with operations in EMEA, the UK and Ireland, Asia Pacific and North America. The Group's long-standing relationships with over 600 vendors, including blue-chip organisations, support a comprehensive product portfolio across major audio visual categories such as large format displays, projectors, digital signage and professional audio. The Group operates as the sole or largest in-country distributor for a number of its vendors in their respective product sets.

 

The Directors attribute this position to the Group's technical expertise, extensive product knowledge and strong customer service offering built up over a number of years. The Group has a large and diverse base of over 20,000 customers, most of which are professional AV integrators and IT resellers serving sectors such as corporate, education, retail, residential and hospitality. Although the Group does not sell directly to end users, it believes that the majority of its products are used by commercial and educational establishments rather than consumers.

 

Initially a UK only distributor, the Group now has around 1,800 employees across the UK and Ireland, EMEA, Asia Pacific and North America. A core component of the Group's growth strategy is further expansion of its international operations and footprint into strategically targeted jurisdictions.

 

For further information, please visit www.midwichgroupplc.com

 

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