REG - Accrol Group Hldgs - Awards under LTIP and PDMR dealing

Accrol groupAnnouncement

24/02/2022 07:18

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RNS Number : 6341C  Accrol Group Holdings PLC  24 February 2022

 

24 February 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 23 February 2022, options over 7,967,183 shares in aggregate (the "2022
Awards") were granted under the LTIP, including those set out below which were
granted to directors and other persons discharging managerial responsibility:

 

 Director / PDMR  Role                     Number of shares over which 2022 Awards made
 Dan Wright       Executive Chairman       1,197,391
 Gareth Jenkins   Chief Executive Officer  2,494,565
 Richard Newman   Chief Financial Officer  1,341,522

 

The 2022 Awards are subject to the below Adjusted EBITDA targets measured over
the performance period ending on 30 April 2024 and are summarised below:

 

 Adjusted EBITDA for FY2024   Percentage of the 2022 Award that may vest
 Less than £18.0m             0%
 Between £18.0m and £20.0m    between 25% and 100%
 £20.0m or greater            100%

 

If the maximum targets are met in FY24, the total dilutive impact of the 2022
Awards will be c.2.5%. The maximum aggregate dilutive effect of awards then
issued under the LTIP will stand at 3.5% 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

 Zeus Capital Limited (Nominated Adviser & Broker)
 Dan Bate / Jordan Warburton                              Tel: +44 (0) 161 831 1512
 Dominic King                                             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
 Llew Angus                                               Tel:  +44 (0) 7407 023 147
                                                          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 and facial tissues to many of the UK's leading
discounters and grocery retailers across the UK. Following the recent
acquisition of a state-of-the-art tissue converter based in Leicester, the
Group now operates from six sites, including four in Lancashire, which
generate revenues totalling c.16% of the £2.0bn 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)                                       a)     Volume: 1,197,391

Price :  £0.001
 d)   Aggregated information

      - Aggregated volume                                          a)     Price :  £0.001

Volume: 1,197,391
      - Price
 e)   Date of the transaction                                      a)     23 Feb 2022
 f)   Place of the transaction                                     a)     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)                                       a)     Volume: 2,494,565

Price :  £0.001
 d)   Aggregated information

      - Aggregated volume                                          a)     Price :  £0.001

Volume: 2,494,565
      - Price
 e)   Date of the transaction                                      a)     23 Feb 2022
 f)   Place of the transaction                                     a)     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)                                       a)     Volume: 1,341,522

Price :  £0.001
 d)   Aggregated information

      - Aggregated volume                                          a)     Price :  £0.001

Volume: 1,341,522
      - Price
 e)   Date of the transaction                                      a)     23 Feb 2022
 f)   Place of the transaction                                     a)     Off market transaction

 

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