4 July 2024
BRAEMAR PLC
("Braemar" or the "Company")
Grant of Share Incentives to PDMRs
Braemar Plc (LSE: BMS), a leading international shipbroker and provider of expert investment, chartering, and risk management advice to the shipping and energy markets, announces that the following grants of nil-cost options were made under the Braemar Long-Term Incentive Plan (the "LTIP") over the Company's ordinary shares of 10p to the following Persons Discharging Managerial Responsibility ("PDMRs") on 3 July 2024:
| PDMR | Number of ordinary shares over which options were granted |
| James Gundy - Group Chief Executive Officer | 159,503 |
| Tris Simmonds - Group Chief Operations Officer | 125,923 |
| Grant Foley - Group Chief Financial Officer | 109,134 |
In all cases, there is no consideration for the grant of the awards and the exercise price is nil. The awards will vest in three years' time, subject to the rules of the LTIP and the performance criteria being satisfied. The performance criteria is based on the Company's growth in underlying Earnings Per Share ("EPS") measured over a three-year performance period ending on 28 February 2027. The EPS measure will be adjusted to eliminate 50% of the impact of changes in the USD foreign exchange rate over the three-year performance period. Any shares acquired under such LTIP awards are subject to a further two-year holding period.
In addition, the Company granted the following awards over ordinary shares of 10p each under the Company's Deferred Bonus Plan (the "DBP") on 3 July 2024 to the following PDMRs in relation to the individuals' annual bonuses in respect of the financial year ended 29 February 2024:
| PDMR | Number of ordinary shares of 10p each over which awards were granted |
| James Gundy - Group Chief Executive Officer | 78,912 |
| Tris Simmonds - Group Chief Operations Officer | 37,777 |
| Grant Foley - Group Chief Financial Officer | 6,347 |
In all cases, there was no consideration for the grant of the DBP awards, which will ordinarily vest on 3 July 2027.
James Gundy, Tris Simmonds and Grant Foley have also been given corresponding options under the Company Share Option Plan ("CSOP") as set out below, which will vest on the same date as the DBP awards above. The exercise price of the CSOP options is £2.978 per share, which is the average of the middle market quotations on the three days immediately preceding the grant date. The number of shares in respect of which a DBP award will vest will be reduced to take account of any gain in value, as at exercise, of the related CSOP option.
| PDMR | Number of ordinary shares of 10p each over which CSOP options were granted |
| James Gundy - Group Chief Executive Officer | 20,147 |
| Tris Simmonds - Group Chief Operations Officer | 16,510 |
| Grant Foley - Group Chief Financial Officer | 6,347 |
The notifications set out below are provided in accordance with the requirements of the EU Market Abuse Regulation, which is part of UK law by virtue of the European Union (Withdrawal) Act 2018.
Further information on the LTIP and DBP is contained in the Company's 2024 Annual Report, published on 23 May 2024.
ENDS
For further information, contact:
| Braemar Plc |
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| James Gundy, Group Chief Executive Officer | Tel +44 (0) 20 3142 4100 |
| Grant Foley, Group Chief Financial Officer |
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| Rebecca-Joy Wekwete, Company Secretary |
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| Burson Buchanan |
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| Charles Ryland / Stephanie Whitmore / Jack Devoy / Abby Gilchrist | Tel +44 (0) 20 7466 5000 |
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| Investec Bank plc |
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| Gary Clarence / Alice King | Tel +44 (0) 20 7597 5970 |
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| Cavendish Capital Markets Limited Ben Jeynes / Matt Lewis (Corporate Finance) Leif Powis / Dale Bellis / Charlie Combe (Sales & ECM) | Tel +44 (0) 20 7220 0500 |
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Notes to Editors:
About Braemar Plc
Braemar provides expert investment, chartering, and risk management advice that enable its clients to secure sustainable returns and mitigate risk in the volatile world of shipping and energy. Our experienced brokers work in tandem with specialist professionals to form teams tailored to our customers' needs, and provide an integrated service supported by a collaborative culture.
Braemar joined the Official List of the London Stock Exchange in November 1997 and trades under the symbol BMS.
For more information, including our investor presentation, visit www.braemar.com and follow Braemar on LinkedIn.
| Details of the person discharging managerial responsibilities / person closely associated | | Name | James Gundy | | Reason for the notification Position/status | Group Chief Executive Officer | | Initial notification /Amendment | Initial | | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | | Name | Braemar Plc | | LEI | 213800EV6IKTTHJ83C19 | | 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 | | Description of the financial instrument, type of instrument | Ordinary shares of 10p each | | Identification code | GB0000600931 | | Nature of the transaction | Grant of LTIP awards as nil cost options over ordinary shares of 10p each. | | Price(s) and volume(s) | Price: Nil Volume: 159,503 | | Aggregated information - Aggregated volume - Price | 159,503 Nil | | Date of the transaction | 3 July 2024 | | Place of the transaction | Grant of awards occurred outside a trading venue. | | 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 | | Description of the financial instrument, type of instrument | Ordinary shares of 10p each | | Identification code | GB0000600931 | | Nature of the transaction | Grant of deferred share awards over ordinary shares of 10p each pursuant to the Company's Deferred Bonus Plan. | | Price(s) and volume(s) | Price: Nil Volume: 78,912 | | Aggregated information - Aggregated volume - Price | 78,912 Nil | | Date of the transaction | 3 July 2024 | | Place of the transaction | Grant of awards occurred outside a trading venue. | | 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 | | Description of the financial instrument, type of instrument | Ordinary shares of 10p each | | Identification code | GB0000600931 | | Nature of the transaction | Grant of options over ordinary shares of 10p each with an associated exercise price per share of £2.978 pursuant to the Company Share Option Plan. | | Price(s) and volume(s) | Price: Nil Volume: 20,147 | | Aggregated information - Aggregated volume - Price | 20,147 Nil | | Date of the transaction | 3 July 2024 | | Place of the transaction | Grant of awards occurred outside a trading venue. | | Details of the person discharging managerial responsibilities / person closely associated | | Name | Tris Simmonds | | Reason for the notification Position/status | Group Chief Operations Officer | | Initial notification /Amendment | Initial | | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | | Name | Braemar Plc | | LEI | 213800EV6IKTTHJ83C19 | | 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 | | Description of the financial instrument, type of instrument | Ordinary shares of 10p each | | Identification code | GB0000600931 | | Nature of the transaction | Grant of LTIP awards as nil cost options over ordinary shares of 10p each. | | Price(s) and volume(s) | Price: Nil Volume: 125,923 | | Aggregated information - Aggregated volume - Price | 125,923 Nil | | Date of the transaction | 3 July 2024 | | Place of the transaction | Grant of awards occurred outside a trading venue. | | 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 | | Description of the financial instrument, type of instrument | Ordinary shares of 10p each | | Identification code | GB0000600931 | | Nature of the transaction | Grant of deferred share awards over ordinary shares of 10p each pursuant to the Company's Deferred Bonus Plan. | | Price(s) and volume(s) | Price: Nil Volume: 37,777 | | Aggregated information - Aggregated volume - Price | 37,777 Nil | | Date of the transaction | 3 July 2024 | | Place of the transaction | Grant of awards occurred outside a trading venue. | | 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 | | Description of the financial instrument, type of instrument | Ordinary shares of 10p each | | Identification code | GB0000600931 | | Nature of the transaction | Grant of options over ordinary shares of 10p each with an associated exercise price per share of £2.978 pursuant to the Company Share Option Plan . | | Price(s) and volume(s) | Price: Nil Volume: 16,510 | | Aggregated information - Aggregated volume - Price | 16,510 Nil | | Date of the transaction | 3 July 2024 | | Place of the transaction | Grant of awards occurred outside a trading venue. | | Details of the person discharging managerial responsibilities / person closely associated | | Name | Grant Foley | | Reason for the notification Position/status | Group Chief Financial Officer | | Initial notification /Amendment | Initial | | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | | Name | Braemar Plc | | LEI | 213800EV6IKTTHJ83C19 | | 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 | | Description of the financial instrument, type of instrument | Ordinary shares of 10p each | | Identification code | GB0000600931 | | Nature of the transaction | Grant of LTIP awards as nil cost options over ordinary shares of 10p each. | | Price(s) and volume(s) | Price: Nil Volume: 109,134 | | Aggregated information - Aggregated volume - Price | 109,134 Nil | | Date of the transaction | 3 July 2024 | | Place of the transaction | Grant of awards occurred outside a trading venue. | | 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 | | Description of the financial instrument, type of instrument | Ordinary shares of 10p each | | Identification code | GB0000600931 | | Nature of the transaction | Grant of deferred share awards over ordinary shares of 10p each pursuant to the Company's Deferred Bonus Plan. | | Price(s) and volume(s) | Price: Nil Volume: 6,347 | | Aggregated information - Aggregated volume - Price | 6,347 Nil | | Date of the transaction | 3 July 2024 | | Place of the transaction | Grant of awards occurred outside a trading venue. | | 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 | | Description of the financial instrument, type of instrument | Ordinary shares of 10p each | | Identification code | GB0000600931 | | Nature of the transaction | Grant of options over ordinary shares of 10p each with an associated exercise price per share of £2.978 pursuant to the Company Share Option Plan. | | Price(s) and volume(s) | Price: Nil Volume: 6,347 | | Aggregated information - Aggregated volume - Price | 6,347 Nil | | Date of the transaction | 3 July 2024 | | Place of the transaction | Grant of awards occurred outside a trading venue. | |
