REG - Accrol Group Hldgs - Director/PDMR Shareholding
08/02/2024 07:15
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RNS Number : 4074C Accrol Group Holdings PLC 08 February 2024
8 February 2024
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
assuming all existing LTIP options are exercised.
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 5 February 2024, options over 2,594,718 shares in aggregate (the "2024
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 2024 Awards made
Dan Wright Executive Chairman 488,709
Gareth Jenkins Chief Executive Officer 1,055,065
Chris Welsh Chief Financial Officer 401,700
Graham Cox PDMR 506,417
The 2024 Awards are subject to the below Adjusted EBITDA targets measured over
the performance period ending on 30 April 2026 and are summarised below:
Adjusted EBITDA for FY2026 Percentage of the 2024 Award that may vest
Less than £21.0m 0%
Between £21.0m and £23.0m Between 25% and 100%
£23.0m or greater 100%
If the maximum targets are met in FY26, the total dilutive impact of the 2024
Awards will be 0.8%. The maximum aggregate dilutive effect of awards then
issued under the LTIP will stand at 4.94% of the fully diluted share capital
of the Company assuming all existing LTIP options are exercised.
For further information, please contact:
Accrol Group Holdings plc
Dan Wright, Executive Chairman Via Belvedere Communications
Gareth Jenkins, Chief Executive Officer
Christopher Welsh, Chief Financial Officer
Zeus (Nominated Adviser & Broker)
Dan Bate / Jordan Warburton Tel: +44 (0) 161 831 1512
Dominic King Tel: +44 (0) 203 829 5000
Shore Capital Stockbrokers (Joint Broker) Tel: +44 (0) 20 7408 4090
Malachy McEntyre/ Mark Percy / James Thomas / Isobel Jones
Belvedere Communications Limited
Cat Valentine Tel: +44 (0) 7715 769 078
Keeley Clarke Tel: +44 (0) 7967 816 525
accrolpr@belvederepr.com
(https://url.avanan.click/v2/___mailto:accrolpr@belvederepr.com___.YXAxZTpzaG9yZWNhcDphOm86M2MwYTQzNTFkNjBlNWI1NDY2ZDFlOGIzNGQ3MTQ2NTk6NjplZDQ5Ojk3ZmU0NGJlODE2ZDNiMDY2MTFjZmNmNjcyYWE3MDMwY2YzZWU3MGQxNjlkOGFkMzY3ZmE4NzA1ZGEyNWY4MmU6cDpU)
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. The Group now
operates from five manufacturing sites suppling the UK tissue wet wipes market
valued at c£3.0bn at retail sales value.
For more information, please visit www.accrol.co.uk
(https://url.avanan.click/v2/___http:/www.accrol.co.uk/___.YXAxZTpzaG9yZWNhcDphOm86M2MwYTQzNTFkNjBlNWI1NDY2ZDFlOGIzNGQ3MTQ2NTk6Njo0YzVkOmEwY2Q0OTZhMWE2YTM0NjE1YjlkMjAyNGQ1ZmI2M2FhNjlmZTFkZjE5Mzk5OTdiNjA3Zjk3MzBkMTBmOTU4ZWM6cDpU)
.
Link for Accrol Today video: https://www.accrol.co.uk/our-business/
(https://url.avanan.click/v2/___https:/www.accrol.co.uk/our-business/___.YXAxZTpzaG9yZWNhcDphOm86M2MwYTQzNTFkNjBlNWI1NDY2ZDFlOGIzNGQ3MTQ2NTk6NjoxZGMxOmJjYmM3OTRhZjZiZGRhOTUxZmJiZDU4YmUwYmMzYzgxOTBlZDlkMTVkMzkxMDIzMWI0NDNiMTEwZGExMTg1ZDg6cDpU)
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: 488,709
Price : £0.001
d) Aggregated information
- Aggregated volume a) Volume: 488,709
- Price Price : £0.001
e) Date of the transaction a) 5 February 2024
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: 1,055,065
Price : £0.001
d) Aggregated information
- Aggregated volume a) Volume: 1,055,065
- Price Price : £0.001
e) Date of the transaction a) 5 February 2024
f) Place of the transaction a) Off market transaction
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Chris Welsh
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: 401,700
Price : £0.001
d) Aggregated information
- Aggregated volume a) Volume: 401,700
- Price Price : £0.001
e) Date of the transaction a) 5 February 2024
f) Place of the transaction a) Off market transaction
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Graham Cox
2 Reason for the notification
a) Position/status Chief Operating 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: 506,417
Price : £0.001
d) Aggregated information
- Aggregated volume a) Volume: 506,417
- Price Price : £0.001
e) Date of the transaction a) 5 February 2024
f) Place of the transaction a) Off market transaction
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