REG - B.P. Marsh &Partners - Further Information re Share Option Plan

B.P. Marsh & PartnersAnnouncement

20/11/2023 12:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231120:nRST0183Ua&default-theme=true

RNS Number : 0183U  B.P. Marsh & Partners PLC  20 November 2023

20 November 2023

 

B.P. Marsh & Partners Plc

("B.P. Marsh" or the "Company")

 

Further information regarding Share Option Plan

 

Further to its announcement on 15 November 2023 and the details contained in
its half year results released on 17 October 2023, B.P. Marsh, the specialist
investor in early-stage financial services businesses, announces further
detail regarding the Share Option Plan (the "Plan") and the recent granting of
Share Options ("Options") over 1,682,500 ordinary shares of 10p each in the
Company, in aggregate, to 12 employees, including to Directors of the Company.
These awards recognise the roles and responsibilities of key staff in
implementing the Company's strategy and are designed to appropriately
incentivise these individuals.

 

Each of the Options will vest, on a ratchet basis, subject to certain Net
Asset Value ("NAV") growth targets being achieved for the three consecutive
financial years ending 31 January 2026 (together, the "Performance Period").
The first exercise date is 6 September 2026 whereby 50% of vested Options will
be exercisable at 10p per share, with the remaining 50% exercisable at 10p per
share from 6 September 2027.

 

The number of Options which vest will vary depending on the level of NAV
growth achieved, subject to the growth performance criteria as set out below,
alongside the percentage of options that will vest at each value:

 

 NAV growth                                                    % vesting of Options
 < 8.5% Compound annual Growth over the Performance Period     0%
 8.5% Compound annual Growth over the Performance Period       25%
 9.25% Compound annual Growth over the Performance Period      50%
 10% Compound annual Growth over Performance Period            100%

For these purposes, NAV is defined as "audited Total Assets less Total
Liabilities for the consolidated Group plus any dividends or other form of
shareholder return that are paid in the relevant Financial Year".

Therefore, for all Options to vest, the Net Asset Value (as defined above)
would need to exceed £252.2m.

 

The total number of Options granted under the Plan represents approximately
4.26% of the fully diluted shares outstanding.

 

 For further information:

 B.P. Marsh & Partners Plc                                            www.bpmarsh.co.uk (http://www.bpmarsh.co.uk)

 Brian Marsh OBE                                                      +44 (0)20 7233 3112

 Panmure Gordon (UK) Limited                                          +44 (0)20 7886 2500

 Atholl Tweedie / Stephen Jones / Amrit Mahbubani / Ailsa MacMaster

 Tavistock Communications Limited                                     bpmarsh@tavistock.co.uk (mailto:bpmarsh@tavistock.co.uk)

 Simon Hudson / Tim Pearson / Katie Hopkins                           +44 (0)20 7920 3150

 

 

Notes to Editors:

B.P. Marsh's current portfolio contains fourteen companies. More detailed
descriptions of the portfolio can be found at www.bpmarsh.co.uk
(http://www.bpmarsh.co.uk/) .

 

Since formation over 30 years ago, the Company has assembled a management team
with considerable experience both in the financial services sector and in
managing private equity investments. Many of the directors have worked with
each other in previous roles, and all have worked with each other for
approaching ten years.

- Ends -

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  FURBMBTTMTJTBBJ