Awards under LTIP and PDMR dealing
18/11/2022 07:00
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RNS Number : 8297G Accrol Group Holdings PLC 18 November 2022
18 November 2022
Accrol Group Holdings plc
("Accrol", the "Group" or the "Company")
Awards under Long Term Incentive Plan and PDMR dealing
Accrol (AIM: ACRL), the UK's leading independent tissue converter, announces
the second grant of options to executive Directors and certain senior
management under the Long-Term Incentive Plan ("LTIP") announced on 5 March
2021.
The LTIP was established to incentivise management to deliver long-term value
creation for shareholders and ensure alignment with shareholder interests.
Background
The LTIP is based on market standard annual awards and is limited to a maximum
of 5% of the issued share capital of the Company over its five year life.
All awards made under the LTIP will be made by the granting of nil-cost
options established in accordance with the rules of the LTIP and vesting is
subject to adjusted EBITDA targets in line with the LTIP rules.
The Remuneration Committee 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. Malus and clawback provisions are also
in place to reduce or recover any awards for criteria such as any material
misstatement of the financial statements, a serious breach of the Company's
code of ethics or a serious health and safety issue.
Award size, performance conditions and dilution
On 17 November 2022, options over 7,387,875 shares in aggregate (the "2023
Awards") were granted under the LTIP, including those set out below which were
granted to directors:
Director / PDMR Role Number of shares over which 2022 Awards made
Dan Wright Executive Chairman 1,153,098
Gareth Jenkins Chief Executive Officer 2,402,287
Richard Newman Chief Financial Officer 650,407
The 2023 Awards are subject to the below Adjusted EBITDA targets measured over
the performance period ending on 30 April 2025 and are summarised below:
Adjusted EBITDA for FY2025 Percentage of the 2023 Award that may vest
Less than £19.0m 0%
Between £19.0m and £21.0m between 25% and 100%
£21.0m or greater 100%
If the maximum targets are met in FY25, the total dilutive impact of the 2023
Awards will be c.2.3%. The maximum aggregate dilutive effect of awards
currently in issue that can be exercised under the LTIP remains below 5% of
issued share capital.
For further information, please contact:
Accrol Group Holdings plc
Dan Wright, Executive Chairman Via Belvedere Communications
Gareth Jenkins, Chief Executive Officer
Richard Newman, Chief Financial Officer
Zeus (Nominated Adviser & Broker)
Dan Bate / Jordan Warburton (Investment Banking) Tel: +44 (0) 161 831 1512
Dominic King (Corporate Broking) Tel: +44 (0) 203 829 5000
Liberum Capital Limited (Joint Broker) Tel: +44 (0) 20 3100 2222
Clayton Bush / Edward Thomas
Belvedere Communications Limited
Cat Valentine Tel: +44 (0) 7715 769 078
Keeley Clarke Tel: +44 (0) 7967 816 525
accrolpr@belvederepr.com (mailto:accrolpr@belvederepr.com)
Overview of Accrol
Accrol Group Holdings plc is a leading tissue converter and supplier of toilet
tissues, kitchen rolls, facial tissues, and wet wipes to many of the UK's
leading discounters and grocery retailers across the UK. Following the recent
acquisitions of LTC in Leicester and JD in Flint, North Wales, the Group now
operates from six manufacturing sites, including four in Lancashire, which
generate revenues totalling c.16% of the £2.1bn UK retail tissue market.
The below information and notification is made in accordance with the EU
Market Abuse Regulation.
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 Dan Wright
2 Reason for the notification
a) Position/status Executive Chairman
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Accrol Group Holdings plc
b) LEI 213800MC56M5G69RJ226
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 £0.001 each
Identification code
ISIN: GB00BZ6VT592
b) Nature of the transaction Grant of options over ordinary shares under the Company's new LTIP
c) Price(s) and volume(s) Volume: 1,153,098
Price : £0.001
d) Aggregated information
- Aggregated volume n/a
- Price
e) Date of the transaction 17 November 2022
f) Place of the transaction Off market transaction
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Gareth Jenkins
2 Reason for the notification
a) Position/status Chief Executive Officer
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Accrol Group Holdings plc
b) LEI 213800MC56M5G69RJ226
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 £0.001 each
Identification code
ISIN: GB00BZ6VT592
b) Nature of the transaction Grant of options over ordinary shares under the Company's new LTIP
c) Price(s) and volume(s) Volume: 2,402,287
Price : £0.001
d) Aggregated information
- Aggregated volume n/a
- Price
e) Date of the transaction 17 November 2022
f) Place of the transaction Off market transaction
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Richard Newman
2 Reason for the notification
a) Position/status Chief Financial Officer
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Accrol Group Holdings plc
b) LEI 213800MC56M5G69RJ226
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 £0.001 each
Identification code
ISIN: GB00BZ6VT592
b) Nature of the transaction Grant of options over ordinary shares under the Company's new LTIP
c) Price(s) and volume(s) Volume: 650,407
Price : £0.001
d) Aggregated information
- Aggregated volume n/a
- Price
e) Date of the transaction 17 November 2022
f) Place of the transaction Off market transaction
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