REG - H&T Group PLC - 2023 PSP and Amendment to the 2021 PSP

H & TAnnouncement

15/05/2023 17:15

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RNS Number : 4727Z  H&T Group PLC  15 May 2023

15 May 2023

 

H&T Group plc

("H&T", the "Company" or the "Group")

(AIM: HAT)

 

Performance Share Plan ("PSP") 2023 and Amendment to the 2021 PSP

 

H&T Group plc announces the adoption of its 2023 Performance Share Plan
("PSP") which has been approved by the Remuneration Committee. Further details
on the scheme, which will apply to senior management and Executive Directors
of the Company, are set out below.

 

In accordance with the rules of the PSP, eligible employees will be entitled
to acquire a maximum number of Ordinary Shares ('Award Shares') on or after 31
December 2025 at nil price, subject to the Company achieving the minimum
reported performance criteria.

 

Summary details set out below:

 2023 Grant              The grants of shares are a proportion of salary as follows:

                         ·    Executive Directors -130% of base salary

                         ·   Christopher Gillespie, CEO: 93,816

                         ·   Diane Giddy, CFO: 68,092

                         ·    Senior management - 35% to 75% of base salary

 Performance period      The performance period for the 2023 grant is 1 January 2023 to

31 December 2025 (3 years).

 Vesting                 The scheme is planned to vest at the end of 2025.

 Performance conditions  The scheme is split equally based on targets for total shareholder return
                         (TSR) and growth in basic earnings per share (EPS) measured over the
                         three-year performance period.

                         The minimum, target and maximum thresholds, with reference to growth over 2022
                         or the share price as at 31 December 2022, are:

Measure     Minimum  Target  Maximum
                         TSR         38%      41%     50%
                         EPS growth  106%     114%    136%

 

                         For performance below the minimum no award will vest, at the minimum 30%
                         (2022: 30%) of the award will vest, at the target 50% (2022: 50%) of the award
                         will vest, and at or above the maximum 100% (2022: 100%) of the award will
                         vest.  A sliding scale of vesting, on a straight-line basis applies between
                         the minimum, target and maximum TSR and EPS targets.

 Share retention period  Executive directors are subject to a two-year share retention period for
                         shares awarded under the scheme.

 Further conditions      Award Shares will be released on 31 December 2025 subject to continued
                         employment and the satisfaction of certain specific performance conditions.
                         The awards are further subject to claw back and malus provisions.

 

 

For performance below the minimum no award will vest, at the minimum 30%
(2022: 30%) of the award will vest, at the target 50% (2022: 50%) of the award
will vest, and at or above the maximum 100% (2022: 100%) of the award will
vest.  A sliding scale of vesting, on a straight-line basis applies between
the minimum, target and maximum TSR and EPS targets.

 

 

Share retention period

Executive directors are subject to a two-year share retention period for
shares awarded under the scheme.

 

Further conditions

Award Shares will be released on 31 December 2025 subject to continued
employment and the satisfaction of certain specific performance conditions.
The awards are further subject to claw back and malus provisions.

 

 

 

2021 PSP Amendment

 

·    The Company previously notified that in relation to the 2021 PSP, a
total number of 366,053 shares would potentially be required. Having reviewed
the participants, the Remuneration Committee has decided to exercise its
discretion to better align the list of participants to the current senior
management team, to take account of a number of departures and to include
Diane Giddy, Chief Financial Officer, who joined the Company in November 2021.
Diane's award has been pro-rated to reflect the date of her appointment
partway through the performance period. The proposed amendments will increase
the total potential number of shares to 456,675.

 

The grant of shares is a proportion of salary as follows:

·    Executive Director -105% of base salary

·    Diane Giddy, CFO: 66,262

 

 

 Enquiries

 H&T Group plc                                                                              +44(0)20 8225 2700

 Chris Gillespie, Chief Executive Officer

 Diane Giddy, Chief Financial Officer

 Shore Capital Ltd (Nominated Advisor and Broker                                            +44(0)20 7408 4090

 Stephane Auton/Iain Sexton (Corporate Advisory)

 Guy Wiehahn/Isobel Jones (Corporate Broking)

 Alma PR (Public Relations)                                                                 +44(0)20 3405 0205

 Sam Modlin                                                                                 handt@almapr.co.uk

 Andy
 Bryant

 Pippa Crabtree

 

 

 

 

 1    Details of the person discharging managerial responsibilities / person closely

    associated

 a)   Name                                                         Chris Gillespie

 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                                                         H&T Group plc

 b)   LEI                                                          2138006N2X1XSBSDSU74

 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  H&T Group plc ordinary shares of 5 pence

      Identification code

                                                                   GB00B12RQD06
 b)   Nature of the transaction                                    Award of Options under Performance Share Plan

 c)   Price(s) and volume(s)

Price(s)  Volume(s)

                                                                   Nil       93,816

 d)   Aggregated information                                       N/A (single transaction)

      - Aggregated volume

      - Price

 e)   Date of the transaction                                      15 May 2023

 f)   Place of the transaction                                     London Stock Exchange, AIM Market (XLON)

d)

 

Aggregated information

 

- Aggregated volume

 

- Price

 

N/A (single transaction)

e)

 

Date of the transaction

 

 

15 May 2023

f)

 

Place of the transaction

 

 

London Stock Exchange, AIM Market (XLON)

 

 

 1    Details of the person discharging managerial responsibilities / person closely

    associated

 a)   Name                                                         Diane Giddy

 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                                                         H&T Group plc

 b)   LEI                                                          2138006N2X1XSBSDSU74

 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  H&T Group plc ordinary shares of 5 pence

      Identification code

                                                                   GB00B12RQD06
 b)   Nature of the transaction                                    Award of Options under Performance Share Plan

 c)   Price(s) and volume(s)

Price(s)  Volume(s)

                                                                   Nil       68,092

                                                                   Nil       66,262
 d)   Aggregated information

                                                                   Aggregated volume: 134,354

      - Aggregated volume

                                                                   Price: Nil

      - Price

 e)   Date of the transaction                                      15 May 2023

 f)   Place of the transaction                                     London Stock Exchange, AIM Market (XLON)

d)

 

Aggregated information

 

- Aggregated volume

 

- Price

 

 

Aggregated volume: 134,354

 

Price: Nil

e)

 

Date of the transaction

 

 

15 May 2023

f)

 

Place of the transaction

 

 

London Stock Exchange, AIM Market (XLON)

 

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